2012 was certainly a year of top-end reshuffles within some of the major organizations within the forex industry. Back in May, K Duker was appointed CEO of Oanda following Michael Stumm’s departure, along with Jasper Bruun Olsen’s arrival as Managing Director of Northeast Asia and Head of OANDA Japan.
In December, Joseph Wald made the move from Knight Capital Group to join GAIN Capital to lead their institutional business.
This year it seems is bearing witness to further recruitment of new blood at senior executive level.
David Weisbrod arrives at LCH.Clearnet following a distinguished 40 year career at JPMorgan Chase, where his most recent position was Vice Chairman of Risk Management. He also sat on the firm’s Corporate Risk Policy Group and chaired its Exchange & Clearinghouse Steering Committee which coordinates its clearing house and exchange risk management approach.
In addition, he was an active member of a number of key committees of the New York Federal Reserve. He served for many years on the board of the Depository Trust & Clearing Corp. (“DTCC”) and is currently a member of the board of directors of CLS Group Holdings AG, a firm that plays a fundamental role in the settlement of foreign exchange transactions.
LCH.Clearnet Group Chief Executive Ian Axe will be a close colleague of Mr Weisbrod, where they will work along with the board of directors to establish and execute the company’s US strategy.
In collaboration with the current US management team, regulators, members and clients in the US to ensure the world’s leading independent CCP meets the market’s needs and requirements, Weisbrod’s core mission will be to expand global capabilities to US clients in both OTC and exchange traded instruments, leveraging SwapClear’s experience and strong penetration in the US market.
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Ian Axe, LCH.Clearnet Group Chief Executive, said: “I am delighted David is joining our team. He has vast risk management expertise, clearing knowledge and experience working with US regulators, and he joins the Group at a critical stage of our US growth.”
“LCH.Clearnet’s horizontal, multi-asset, domestic as well as international offerings, coupled with our unique risk management expertise, give us a strong platform for growth in the US.”
Commenting on his appointment, David Weisbrod said: “LCH.Clearnet is at the forefront of counterparty risk management for its users and has a great platform to build on for growth in the US, particularly with the success of SwapClear. I am excited to work for an industry leading CCP, which is well placed for the new regulatory and competitive world in which it operates.”
A notable achievement in Mr Weisbrod’s career was marked by his penultimate role at J.P. Morgan, where he was Chief Risk Officer for J.P. Morgan’s Treasury and Securities Services division for 10 years, having guided the payments and custody business through the September 11th attacks and the 2008 financial crisis.
ICAP’s electronic FX business EBS is another company to announce the election of a senior executive, this time in the capacity of Chief Corporate Development Officer.
Ex-CLS Executive Vice President and Chief Corporate Development Officer Richard Kerschner will assume his new position forthwith.
Reporting to EBS CEO Gil Mandelzis, Richard Kerschner will be based in New York and will be responsible for leading the company’s new business initiatives, its strategic direction with regards to new regulatory reforms and the company’s alliances, partnerships and business development efforts.
Bringing with him substantial experience in strategic planning and analysis, strategic initiatives, relationship management and communications, Mr Kerschner held several roles as part of the senior management team of the New York Mercantile Exchange through its IPO and ultimate acquisition by the CME, including Head of Strategic Initiatives, General Counsel, and Head of Corporate Governance at NYMEX before joining CLS.
Richard Kerschner spoke on his appointment: “EBS is a global market leader, with a proven track record in partnering with the industry and a commitment to thought leadership and innovation. I am thrilled to join EBS during these exciting times and I am looking forward to working closely with EBS’s customers and partners on new strategic initiatives.”
Gil Mandelzis said: “Richard brings outstanding capabilities to EBS including a track record of strategic thinking and leadership of new initiatives from inception to execution in FX as well as other markets. Richard will play a key role in ensuring EBS continues to deliver on its commitment to innovation, thought leadership and partnership with the industry in the years to come.”