News & Views
News & Views
2015 marks the 25th anniversary of the creation of the world's first Exchange Traded Fund (ETF). To celebrate this milestone, as well as the rapid growth of the Canadian and global ETF markets, Atul Tiwari, Managing Director, Vanguard Investments Canada Inc. & Vice Chair, Canadian ETF Association (CETFA), members of CETFA and ETF providers joined Ungad Chadda, Senior Vice President, Toronto Stock Exchange (TSX) to open the market on TSX today.
"The ETF is a made-in-Canada financial innovation. We are proud to have led the world in the creation of this revolutionary investment product," says Mr. Chadda. "The ETF industry in Canada and globally has been a phenomenal growth story and TSX is committed to supporting the Canadian ETF market as it further grows and evolves."
Nasdaq (Nasdaq:NDAQ) today announced that Thomas A. Kloet, former Chief Executive Officer of TMX Group Limited, the Toronto-based stock exchange owner and operator, was elected to Nasdaq's Board of Directors as a non-executive director. Mr Kloet was CEO of TMX from 2008 until his retirement in October 2014.
Mr Kloet previously served on a number of boards, including: TMX Group, Bermuda Stock Exchange, Chicago Mercantile Exchange, CBOE Futures Exchange, Chicago Stock Exchange, World Federation of Exchanges, National Futures Association, and the Investment Industry Regulatory Organization of Canada (IIROC). He also recently served as Chairman of the Board for the BOX Options Exchange. He is currently a member of the Commodity Futures Trading Commission's (CFTC) Market Risk Advisory Committee.
BATS Global Markets (BATS), a leading operator of U.S. and European markets, today announced that President Chris Concannon will be appointed to the additional role of chief executive officer, effective March 31, 2015.
Mr. Concannon arrived at BATS as president in December 2014 with nearly 20 years of experience as an exchange executive, regulator and industry participant, and played a major role in the Hotspot FX acquisition announced January 16, 2015.
Joe Ratterman will now assume the role of chairman of the BATS board, replacing Paul Atkins. Mr. Ratterman, who led BATS as CEO for the past eight years, will remain closely involved at the company going forward, while also facilitating Mr. Concannon’s leadership transition. A respected industry expert, Mr. Ratterman will continue to represent BATS, and the industry’s diverse participants broadly, as a member of the SEC Equity Market Structure Advisory Committee.
Under Mr. Ratterman’s leadership, BATS has transformed into the world’s second-largest stock exchange operator. A company founder in June 2005, he became CEO in July 2007 when the firm – then known as BATS Trading – was a growing startup alternative trading system with 25 employees, operating from a single office in Kansas City.
The SGX Board of Directors wishes to announce that Mr Magnus Bocker, the CEO, has notified that he is not seeking extension of his appointment beyond his current contract, which will be completed on 30 June 2015. He has been the CEO of SGX since 1 December 2009.
The Board is moving forward with its CEO succession plan and is assessing internal and external candidates on a short list. The Board has engaged the global executive search and leadership advisory firm Spencer Stuart to facilitate the process.
Mr Bocker said, “It has been an honour to lead the extraordinary people at SGX for more than half a decade. I am proud of our accomplishments in expanding SGX both in Singapore and internationally, especially for Asian equity index derivatives. But there is a time and season for everything, and it is now time for me to take on new challenges. I am confident that what we have built at SGX will endure and continue to serve the market well.”
SGX Chairman Mr Chew Choon Seng said, “The Board understands Magnus’ considerations and respects his decision. We appreciate and thank Magnus for his contributions and leadership over an eventful and rapidly changing period, and wish him the best in his future endeavours. We will work towards a smooth leadership transition.”
CHICAGO, January 20, 2015 – CME Group, the world’s leading and most diverse derivatives marketplace, today published a white paper detailing the company’s position on a variety of issues facing central counterparty clearing houses (CCPs) in today’s financial markets, particularly the question of how much “skin in the game” clearing houses should contribute to a market’s financial safeguards.
The paper, “Clearing – Balancing CCP and Member Contributions with Exposures,” is available online at http://www.cmegroup.com/skininthegame
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