Interactive Brokers Group, a securities firms with over $6 billion in equity capital, announced on Monday via a regulatory filing that it has appointed John Damgard to serve as a director of the firm, effective from the beginning of this month.
The original appointment was made on November 30, 2018, and he joins Interactive Brokers as an independent director, under the rules of the United States Securities and Exchange Commission (SEC).
Before joining Interactive Brokers, Damgard led the Futures Industry Association as the president, an organization he was apart of since 1982. He was also the founder, past president and a member of the Institute for Financial Markets.
In the regulatory filing with the SEC, Interactive Brokers highlights that Damgard has no familial connects with any other members of the board, and he will receive the same compensation as the firm’s other non-employee directors.
How the FX Industry Can Benefit from Outsourced ITGo to article >>
John Damgard Joins Interactive Brokers to Fills Kenneth Winston’s Seat
Damgard joins the firm to fill the vacancy left by Kenneth Winston, whose resignation was made public via a regulatory filing towards the end of October. According to the document, Winston originally notified the firm of his resignation on October 17, 2018, with it being effective from December 31, 2018.
At present, Winston is a Senior Risk Officer at Western Asset Management Company, a company based in California. Since 2011, he was a lecturer in economics at the California Institute of Technology.
Interactive Brokers isn’t the only firm where Winston is a director. In fact, according to his LinkedIn, he is also a director at the Society of Quantitative Analysts (SQA). Here he has worked for more than two decades, starting in January 1998.
Also in October, the global electronic multi-asset broker and market-maker listed on Nasdaq disclosed its third-quarter financial results for 2018. According to the report, the firm managed to slightly improve year-on-year.
Specifically, net revenues for the third quarter came in at $439 million. This is up by 3.5 percent when compared to the $426 million achieved in the same period last year. Income before tax totaled $276 million, up 2.9 percent year-over-year (from $268 million).