People moves: CRO role for SG’s Ricke, Barclays continues hiring spree, new SwapClear head, and more

Latest job changes across the industry

Societe Generale building

Societe Generale is making two new senior appointments. Sadia Ricke will become deputy chief risk officer (CRO) in September. Ricke, who has worked at the firm for 25 years, most recently served as chief country officer for the UK and Ireland. She will keep her seat on the group management committee and report to CRO Sylvie Rémond.

Sadia Ricke
Sadia Ricke

Christophe Lattuada takes on the role of group country head of the UK and Ireland on September 1, and, if granted regulatory approval, will serve as chief executive officer (CEO) of SG’s London branch, a position Ricke used to hold. During his 10 years at the bank, he has been head of strategy and corporate development, and co-head of prime services for the firm’s corporate and investment banking arm. Based in London, Lattuada will report to deputy CEO Séverin Cabannes.


Arie Boleslawski, Societe Generale’s long-serving head of trading, is set to depart the bank. His role is understood to have been eliminated as part of a round of job cuts unveiled in April.

Boleslawski had been with the bank for two decades, aside from an 18-month stint at Deutsche Bank between 2006 and 2008. He rejoined SG in June 2008 in the newly created role of head of exotics trading for equities, indexes and funds in Europe, going on to become deputy head of trading before assuming his current role. Boleslawski also served as a director of SG’s proprietary trading unit, Descartes Trading, which it has announced plans to shutter by October.

The change marks 18 months of significant departures from the French derivatives powerhouse, including head of global markets, Frank Drouet, and head of sales, Marc El Asmar, along with several lieutenants.

Meanwhile, Thorsten Heidt, previously divisional head of corporate and institutional sales within Commerzbank’s equity markets and commodities division, has joined SG in Frankfurt following its purchase of that unit from the German lender. He will serve as a managing director, based in Frankfurt.


As part of a run of recent hires in equities, Barclays has appointed Fater Belbachir as global head of equities. Belbachir, who last served as global head of volatility trading at JP Morgan, will supervise Barclays’ cash, derivatives, prime and syndicate equities businesses.

Prior to his role at JP Morgan, Belbachir traded equity derivatives at Credit Suisse. He is now based in London, and reports to Barclays’ head of markets, Stephen Dainton, who joined the bank from Credit Suisse in 2017 as global head of equities, and took up his role on a permanent basis last month.

Walid Maaouni has been appointed as global head of equity derivatives hedge fund sales at BNP Paribas, starting on June 26. He has worked at the firm since 2009, most recently as head of equity derivatives hedge fund sales for Europe, the Middle East and Africa (Emea). London-based Maaouni has also held positions at Barclays Capital and Goldman Sachs. In his new role, he reports to Emmanuel Dray, global head of equity derivatives institutional sales and UK head of equity derivatives.


LCH has appointed Susi de Verdelon as the head of its SwapClear service and listed rates, beginning work on July 1. The new role was created following the announcement that Michael Davie, LCH’s long-serving head of rates, would depart the clearing house in September. De Verdelon, who joined LCH in 2017 as chief operating officer (COO) for rates, will report to Davie’s replacement, Bruce Kellaway, head of rates, securities and collateral. Before LCH, de Verdelon held a number of positions at Goldman Sachs. Her last post at the bank was as global COO for global sales and structuring strategies.


Behnouche Mostachfi
Behnouche Mostachfi

Behnouche Mostachfi has been appointed as acting head of global foreign exchange options at Crédit Agricole’s corporate and investment bank, following the departure of Andrew Soper. Soper, who joined from Nomura two years ago, has quit Crédit Agricole to focus on private enterprise. He previously held roles at Barclays, Goldman Sachs and JP Morgan. London-based Mostachfi’s most recent position at the bank was chief business officer in its global trading arm. He also spent six years at Standard Chartered, where he was global head of forex options trading.


Stamos Fokianos, former head of global e-business at Crédit Agricole, has joined ICBC Standard Securities to work in electronic strategy for global markets. His LinkedIn page shows that Fokianos joined the firm in May. Previously, he was global head of fixed income instruments, clearing and commodities e-commerce at RBC Capital Markets, and also worked for Royal Bank of Canada as global head of e-forex trading.


Stephane Targui has been appointed as co-head of forex, rates and credit sales for banks and corporates in Asia at UBS, where he has worked since 2015. He previously served as head of Asia-Pacific forex sales at Jefferies, a forex options trader for BNP Paribas, and in fixed income, currencies and commodities sales at Goldman Sachs.


Craig Butterworth has quit his position as global head of client ecosystem at Nomura. A LinkedIn post shows he has joined fintech firm Symphony in London as head of global account management. Butterworth said in the post that his new job would involve helping clients to get to grips with the firm’s cloud-based chat platform.

Before Nomura, Butterworth worked at RBC Capital Markets as head of European fixed income sales, at State Street as head of fixed income sales for Emea, and at RBS as head of flow rates sales for UK funds and hedge funds.


NatWest Markets has appointed a new head of financing and risk solutions technology. Based in London, Kirk Wylie will oversee the continued digitisation of the business, as well as leading NatWest Markets Technology’s ‘agile adoption’ practice. He will report to chief information officer John Smith. Wylie previously worked for State Street, where he was head of architecture for Emea, and global head of application platform services. He also founded fintech firm OpenGamma.


CME Group is making several personnel changes in the businesses of Nex, which the former purchased last year for £3.9 billion ($4.9 billion). John Edwards has been promoted to global head of BrokerTec from his position as managing director of BrokerTec Emea. Still based in London, he will report to CEO of cash markets Seth Johnson.

Jeff Ward
Jeff Ward

Guy Rowcliffe has been appointed as CME’s global head of optimisation services. He will supervise CME’s trade optimisation portfolio, and serve as head of both TriOptima and Reset. He replaces Peter Weibel, who will remain with the firm for a transition period. Rowcliffe will report to Ken Pigaga, former CEO of optimisation services. Pigaga stays with the firm in a transition role. Joanna Davies becomes global head of regulatory reporting at CME and of infrastructure provider Traiana, reporting to Rowcliffe.

Jeff Ward has been appointed as head of forex electronic trading platform EBS, from his previous position as head of EBS Asia and global head of NDFs and forwards. Now based in London, he will report to Johnson. Tim Cartledge, head of FX for NEX Markets, left in May.


Currency settlement provider CLS has named Marc Bayle de Jessé as its new CEO, starting in December. He will replace former head David Puth and take over from interim CEO Kenneth Harvey. Bayle de Jessé currently works for the European Central Bank as director-general of market infrastructure and payments. He has previously worked as chairman of the market infrastructure and payments committee at the European System of Central Banks, and for settlements firm Sicovam.


Former TriOptima CEO Stuart Connolly is the new CEO of collateral management firm CloudMargin. London-based Connolly, who is also a former managing director of Goldman Sachs, replaces Steve Husk. Connolly’s tenure at TriOptima lasted from February 2017 to January this year. In his previous position at Goldman Sachs, he oversaw derivatives clearing services for Emea.


Equity derivatives clearer the Options Clearing Corporation has chosen four new senior staff. Janet Angstadt has been selected as executive vice-president and general counsel, in which role she will oversee the corporation’s legal programmes and join the management committee. She will report to CEO John Davidson. Angstadt’s last position was at law firm Katten Muchin Rosenman.

Saqib Jamshed has been named senior vice-president of model risk governance, reporting to executive vice-president and CRO John Fennell. Jamshed will be involved with the corporation’s model risk management programme and work with the relevant regulators. His most recent position was at State Street, where he also oversaw model risk governance.

The firm has chosen Pat Hickey as senior vice-president of product and business development, reporting to COO Scot Warren. Previously, he worked at proprietary trading firm Optiver.

Finally, OCC has selected Sandeep Maira as first vice-president of head of risk solution delivery and support, overseeing the corporation’s adoption of cloud computing. He will report to Tim Dwyer, senior vice-president of strategic systems. Maira has previously worked for BNY Mellon and JP Morgan.


The Bank of England has reappointed Ben Broadbent as deputy governor for monetary policy. His second term began on July 1 and lasts until June 30, 2024. Broadbent also sits on the central bank’s monetary policy, financial policy and prudential regulation committees, as well as being a member of its court of directors. Three new non-executive directors will join the latter group: Rohinton Kalifa, CEO of Worldpay; Frances O’Grady, general secretary of the Trades Union Congress; and Hanneke Smits, CEO of Newton Investment Management.


Heath Tarbert
Heath Tarbert

Heath Tarbert has been confirmed by the US Senate as chairman of the Commodity Futures Trading Commission. He is currently the acting undersecretary of the Treasury for international affairs, and replaced Christopher Giancarlo on June 15.


Futures brokerage and clearing provider RJ O’Brien has appointed William Harrington in the newly created post of managing director, global head of internal audit. As well as being responsible for the firm’s new dedicated internal audit function, Harrington will join the corporate risk committee. He will report to the audit committee of the board of directors and CRO Brad Giemza. Previously, Harrington worked for FGMK, based in Chicago, and PwC.


Wells Fargo Asset Management has appointed Nico Marais as CEO and head in a promotion from his prior role of co-CEO. He had served as president and head of multi-asset solutions. He replaces Kristi Mitchem, who left the firm in January. WFAM’s chief investment officer, Kirk Hartman, is taking over as president. Before Marais joined the firm in 2017, he held positions at Schroders, BlackRock and Barclays.


Independent prime broker Global Prime Partners has appointed Margaret Ammon as a non-executive director who will sit on the board. She has worked for Schroders and KPMG, and is currently CRO at asset manager M&G Investments.


Payments firm Paysafe has chosen a new CEO. Philip McHugh took the reins on June 24 and sits on the board. He replaces company founder Joel Leonoff, who will stay on at the company as vice-chairman of its board of directors. McHugh previously worked at payments provider TSYS as head of its merchant solutions arm and as global chief finance officer of Barclaycard. He also served as CEO of Barclaycard Business Solutions and spent 10 years working for Citi.


Forex tech provider Integral has hired Sanjay Madgavkar as chief strategy officer and head of business development. Based in New York, he will oversee business strategy and client management, and report to CEO Harpal Sandhu. Previously, Madgavkar held various forex positions at Citi, most recently as managing director of forex prime brokerage since 2012.


Trading platform provider GLMX has appointed Andy Wiblin as chief product officer, based in London. He will oversee the firm’s global product offerings and report to CEO Glenn Havlicek. Previously, Wiblin worked as an independent consultant and in business development for Dublin-based fintech firm Ion.

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