New president for Nybot

The New York Board of Trade, a subsidiary of the Intercontinental Exchange (ICE), has appointed Thomas Farley as president and chief operating officer.

Farley succeeds Harry Falk, who died earlier this month, as president. He also takes up the role of chief operating officer, a new post. ICE said that Falk would not be replaced as chief executive officer.

Farley was previously president of Kiodex, the commodity trading software division of SunGard, where he worked as chief operating officer and chief financial officer (CFO).

Nybot also named its new board of directors. Of the exchange's 25-strong board of governors, which governed its operations before the ICE takeover, four will serve as directors: Terrence Martell, the vice-chairman and a professor of finance at New York's Baruch College; Maxine Champion, founder of the lobbying firm Champion Strategies; Christopher Dunn, a partner at Washington international law firm Vinson & Elkins; and Hugh Lamle, president of the investment management firm MD Sass.

Also on the board are Farley, Nybot chairman Fred Schoenhut, ICE CFO Richard Spencer, ICE chairman and CEO Jeffrey Sprecher, and Fred Hatfield, formerly a commissioner at the Commodity Futures Trading Commission, and now a senior adviser at the lobbyist Patton Boggs.