PEOPLE MOVES
NEWS UPDATE
DERIVATIVES
Barclays’ former global head of markets has
departed the investment bank for a newly-
created role at Citadel Securities.
Joe Corcoran has been appointed head
ofmarkets at the institution, based in New
York. He will oversee sales and trading
for equities and FICC, including Citadel
Execution Services, NYSE Designated Market
Maker, and the Citadel Securities FICC
divisions.
The chief executive of the e-insurance
business at AXA, has been appointed
chief operating officer of AXA Investment
Managers.
Godefroy de Colombe began his new role
16 January based in Paris, and reporting
to executive chairman of the firm, Gérald
Harlin. He will be responsible for the
operations, IT, data, digital, innovation,
security and risk, compliance, and trading
operations, AXA added.
Liquidnet founder and chief executive
officer, Seth Merrin, will step down from the
role after almost two decades.
The industry veteran will maintain his role as
chairman but pass the reins of the company
to Brian Conroy, who joined just a year
ago from Fidelity Investments. Currently
operating as president, Conroy takes over
the company as it accelerates the launch of
several new initiatives including its new data
and analytics business.
India’s NSE overtakes CME
Group as largest derivatives
exchange globally
The NSE of India traded 6 billion contracts in
2019, up 58% from the year prior, compared to
4.83 billion contracts traded at CME Group.
The National Stock Exchange of India (NSE) has surpassed
US exchange group CME to become the largest derivatives
exchange globally by trading volume, statistics from the
Futures Industry Association (FIA) have revealed.
According to the trade body, 2019 was a record year of
activity as trading in global exchange-traded derivatives
markets surged 13.7% to a record 34.47 billion contracts.
Futures volumes increased 12% year-on-year to 19.24 billion
contracts, while options contracts rose 16% to 15.23 billion.
India’s NSE traded 6 billion contracts in 2019, up a signifi-
cant 58% from the year prior, making it the largest exchange
operator. CME Group fell behind NSE with volume in 2019
after reaching 4.83 billion, around the same amount as last
year, FIA said.
Elsewhere, Intercontinental Exchange (ICE) ranked as
the fourth largest exchange behind Brazil’s B3, after it saw
trading volume fall 9% in 2019 to 2.26 billion contracts, due
to lower activity across its exchanges in Europe, the US and
Asia-Pacific. Eurex Exchange was listed as the fifth largest
exchange by volume, after trading 1.96 billion contracts in
2019, around the same as the year prior.
A senior equity sales trading head for
Germany and Switzerland at Morgan
Stanley is set to depart for a more senior
trading role at rival investment bank
Goldman Sachs.
Sara Woerner will join Goldman Sachs in
September as managing director to head up
the equities execution business for Germany
and Austria. She will report to Michael
Schmitz, co-head of the bank’s securities
division in Germany and Austria, and Daniel
Mallinson, head of EMEA execution services.
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