ICAP Appoints Patrick Birley as CEO of Its ISDX Exchange

Mr Birley comes with a substantial set of exchange executive roles, including in NYSE Clearing, the London Stock Exchange, the

ICAP Publicly listed inter-dealer broker ICAP plc has issued a press release announcing an executive shakeup in the company’s ICAP Securities and Derivatives Exchange (ISDX). The new CEO of the unit will be Patrick Birley – a long-time industry veteran with a substantial amount of executive experience, who ran LCH.Clearnet before becoming CEO of the European Climate Exchange back in 2007.

Mr. Birley’s career started at the South African Futures Exchange (SAFEX), where he was the second employee. After spending 13 years as CEO, building it into one of the most active derivatives exchanges in the world, he led the sale of SAFEX to the Johannesburg Stock Exchange. He later became CEO and Risk Management director at LCH.Clearnet where he spent just over a year before joining the European Climate Exchange.

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He was indignant to environmentalists’ charges that ‘dirty capitalists’ should not be able to profit from trading carbon emissions throughout his three year position, moving on to his next role as senior adviser at the London Stock Exchange.

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Mr. Birley will take over his next role at ICAP from Seth Johnson, who will be solely focusing on ICAP’s fixed income electronic trading platform – BrokerTec. Mr. Johnson commented on the new appointment, “ISDX has developed as a business since ICAP acquired the company in 2012. Having implemented robust new admissions criteria for ISDX last year, we are wholly focused on leveraging ICAP’s extensive expertise to build liquidity and deliver value for clients and investors. Patrick has an impressive track record working across a range of exchanges and clearing houses and his experience will prove invaluable in taking ISDX forward.”

Patrick Birley - CEO, ICAP ISDX
Patrick Birley – CEO, ICAP ISDX

After taking a break from big business on the Isle of Wight, where he ran a craft brewery for about 8 months, according to his LinkedIn profile, Mr Birley will be returning to his familiar role of financial exchange executive starting from the 1st of April. He commented in the press release, “ISDX has great potential to play a key role in the evolving capital markets landscape. I am looking forward to working with the key stakeholders to continue to develop the ISDX strategy and to ensure we offer a credible environment for the successful listing and trading of equities and, potentially, other financial products.”

ICAP’s Securities & Derivatives Exchange has been providing markets for UK and international companies by granting them access to capital through its fully-listed and growth markets. Its division, dubbed ISDX Growth Market, has been the place to go for small and medium sized companies seeking to raise growth capital between £150,000 and £5 million.

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