People: Tomczyk in, Tilly out at Cboe, Sibbern moves to Six, and more

Chicago Board Options Exchange (Cboe) has replaced outgoing chairman and chief executive officer Edward Tilly, who resigned after an investigation concluded he had failed to disclose personal relationships with colleagues. He had been CEO since 2013.

The exchange launched its investigation, involving the board of directors and outside legal counsel, in late August, concluding Tilly had violated Cboe’s policies.

Fredric Tomczyk, a member of Cboe’s board of directors, has succeeded Tilly as CEO. Tomczyk has been a board member since 2019. He was also CEO of TD Ameritrade between 2008 and 2016.

William Farrow has taken over as non-executive chairman of the board. Farrow was previously lead director and has served on the board since 2016.

Tilly’s resignation on September 19 coincides with the conclusion of his two-year term as chair of the World Federation of Exchanges, a global industry body for exchanges and clearing houses. Boon Chye Loh, CEO of Singapore Exchange and the WFE’s vice-chair, was elected chair for a two-year term. Six Group CEO Jos Dijsselhof was elected vice-chair.

In 2024, Dijsselhof will welcome Bjørn Sibbern to Six as global head of exchanges. Sibbern takes over from Christoph Landis, who has held the role on an interim basis since February. Landis will return to his previous role as head of IT. Sibbern will oversee the Swiss and Spanish exchanges, as well as the digital exchange SDX. He will be based in Zurich, reporting to Dijsselhof.

Sibbern will leave his role as president of European Markets at Nasdaq after over a decade at the exchange. He is succeeded by Roland Chai, who currently leads Nasdaq’s marketplace technology business. Chai will report to president of market platforms Tal Cohen.

James Mortimore returns to Citi to lead a newly created global rates algo trading team. Most recently, Mortimore led the global rates automated trading team at JP Morgan. In his previous stint at Citi, from 2001–2016, he worked on the first iteration of the bank’s rates algo trading in North America and Emea (Europe, Middle East and Africa). Mortimore will report to Geoff Weber, North America head of G10 linear rates trading, based in New York.

Citi has also appointed Sam Hewson, who takes on the new role of global head of foreign exchange (FX) sales. Hewson has been with the firm since 2003, most recently as head of Emea corporate sales and solutions. From 2018 to 2021, he was global leader of digital FX solutions. Hewson reports to Conor Davis, global head of financial institutions sales and solutions, based in London.

In September, the Credit Suisse diaspora continued to spread; among other institutions, alumni joined HSBC’s Swiss private banking subsidiary, the BlackRock Investment Institute and Julius Baer. One notable mover was Robert Sowler, who has taken on an additional role as co-head of global corporate derivatives at UBS, alongside his role as co-head of strategic energy solutions group trading. Sowler was previously global head of flow and corporate equity derivatives at Credit Suisse and had worked at the bank since 1997. He now reports to Dushyant Chadha and Remi Mennesson.

Kilian Frensch has joined Nomura as head of European interest rate swap trading. Frensch will be based in London and report to Olek Gajowniczek. Prior to taking up the new role, Frensch was head of IRS trading and G3 Electronic IRS trading at Deutsche Bank, where he has worked since 2015.

BNP Paribas has appointed Scott Carter as global head of investor coverage, in which role he is responsible for client relationship management, research and business management. Carter joins from AQR Capital Management, where he led the global trading team as head of trading and portfolio financing. Carter previously spent 20 years at Deutsche Bank, where roles included North American co-head of prime finance. At BNP, he is based in New York, reporting locally to José Placido, CEO of BNP Paribas USA, and to global head of financial institutions coverage Sandrine Ferdane on a global basis.

PGIM Investments, part of the global investment management arm of Prudential Financial, has hired Dominick Carlino for the new role of global head of alternative investments. He leaves Merrill Lynch, where he spent 10 years, most recently as head of alternative investments distribution. Carlino will report to PGIM Investments CEO Stuart Parker.

Kenneth C Montgomery will retire from his roles as first vice-president and chief operating officer at the Federal Reserve Bank of Boston in Spring 2024. He has held his current roles since 2011 and has worked at the Federal Reserve since 1983. Montgomery served as interim president and CEO from October 2021 to June 2022. Montgomery’s retirement follows the Fed’s mandatory retirement rules for presidents and first vice-presidents.

The Boston Fed’s board of directors has launched a national search to find a successor, who will report to CEO Susan Collins.

Brian Steele has been appointed president of clearing and securities services at the Depository Trust and Clearing Corporation. He will be responsible for equity clearing and settlement, fixed income clearing, wealth management services, asset services and institutional trade processing. He reports to DTCC CEO Francis La Salla and is based in DTCC’s Jersey City office.

Steele has spent almost 20 years at Goldman Sachs, where he was most recently managing director for its Americas client coverage group and global head of client and market solutions. He succeeds Susan Cosgrove, who spent 24 years at DTCC, and now leaves for a new opportunity.

Ice Futures Europe has appointed Stelios Tselikas as head of interest rate derivatives, where he will be responsible for Ice’s interest rate futures and options markets. Tselikas was previously head of corporate development at Ice Clear Europe. He will be based in London and will report to Caterina Caramaschi, vice-president, financial derivatives.

At the Federal Deposit Insurance Corporation (FDIC), Arthur J Murton is replacing James McGraw as director of the division of complex institution supervision and resolution (CISR), which is responsible for supervising banks with assets greater than $100 billion and for which the FDIC is not the primary regulator. Its primary obligations include planning for and executing resolution mandates for these large banks.

Murton will retain his role as deputy to the chairman for financial stability, which he has held since 2018, and will remain based in DC and continue reporting to chairman Martin Gruenberg.

Paul Worthing is another mover at the FDIC, becoming regional director at the regulator’s San Francisco branch. He previously served as deputy regional director for six years and assistant regional director for seven. He replaces Kathy Moe, who retired in August. Worthing will report to Gruenberg after reporting to Moe when Deputy.

Chatham Financial has hired Sam Graziano as a managing director in the financial institutions practice, a newly created role where he will initially focus on technology and tech-enabled services as well as data solutions. Graziano was previously chief commercial officer at Amount, a software company providing digital loan and account origination technology to banks and other financial companies. Graziano will report to global head of financial institutions business Matthew Tevis and be based at Chatham’s Kennett Square headquarters in Pennsylvania.

Infrastructure provider Clear Street has made two more senior hires as part of its expansion plans. Steve Bisgay joins as CFO, succeeding Jacob Asbury, while Jon Daplyn becomes Clear Street’s first chief information officer. Bisgay was previously CFO at Cantor Fitzgerald and Daplyn arrives from Morgan Stanley, where he was head of prime brokerage technology. Both will report to CEO Chris Pento and be based in New York.