NYSE Liffe Organizational Changes, Effective May 1, 2009
by NYSE Euronext 26 Feb 15:27
— Hugh Freedberg to Succeed Andre Villeneuve as Chairman
- Garry Jones to become Head of Global Derivatives —
London and New York, 26 February 2009 – NYSE Euronext (NYX), today announced that Hugh Freedberg will succeed Andre Villeneuve as Chairman1 of NYSE Liffe, the company’s global derivatives business, and Garry Jones, currently Executive Director of Business Development and Strategy of NYSE Liffe, will assume Mr. Freedberg’s role as Group Executive Vice President & Head of Global Derivatives, effective May 1, 2009. Mr. Villeneuve is to retire as Chairman following six years of service, representing two three-year terms.
“On behalf of NYSE Euronext, I want to thank Andre Villeneuve for his distinguished service and Hugh Freedberg for his decade long tenure as the head of the derivatives business,” said Duncan Niederauer, NYSE Euronext Chief Executive Officer. “Our derivatives business experienced unprecedented growth and transformation under Hugh’s guidance. With Garry and his team, I am confident that we have the right organization and strategy in place to capitalize on the unique opportunities and challenges ahead.”
Mr. Freedberg said, “Ten years ago, we sought to transform our business in light of growing international competition and a rapidly changing industry. We reinvented our business model by converting to a for-profit company from a member-based mutual club, refocusing on the customer, and deploying state-of-the-art technology throughout our operating infrastructure. I have been very fortunate to work with an outstanding group of professionals and I would like to thank them. Together, we achieved a great deal and established a solid foundation to build upon. I am honored to succeed Andre Villeneuve and thank him for his much valued partnership.”
As Chairman of NYSE Liffe, Mr. Freedberg will work to ensure the NYSE Liffe Board meets its regulatory, legal and strategic obligations, and enjoys a strong relationship with the management team, regulators, legislators and the industry-at-large. He will remain on the board of NYSE Liffe US.
Added Garry Jones, “As one of the world’s leading derivatives markets, NYSE Liffe has built an exceptional franchise that is poised to innovate, compete and grow in our traditional markets, in America and throughout the world. This is an exciting and challenging period for NYSE Liffe and the global derivatives industry, and we are intent on doing our utmost to best serve our customers and stakeholders.”
As Group Executive Vice President & Head of Global Derivatives, Mr. Jones will also become a member of the NYSE Euronext Management Committee, subject to regulatory approval, and lead the NYSE Liffe Executive Committee comprising Thomas Callahan, CEO of NYSE Liffe US , and Mark Ibbotson, the newly appointed Chief Operating Officer of NYSE Liffe.
1. NYSE Liffe is the global brand name for the NYSE Euronext derivatives’ markets. References in this press release to the “Chairman” and the “NYSE Liffe board” are specific references to the UK Recognised Investment Exchange – LIFFE Administration and Management.
NYSE Liffe Background
NYSE Liffe is the global derivatives business of NYSE Euronext. In Europe , NYSE Liffe offers an unrivalled range of global futures and options products, which are made available to customers worldwide on its state-of-the-art trading platform, LIFFE CONNECT®. Trading on equities, interest rates, indices and commodities is over €1,800 billion every day, also making it the world’s second largest derivatives exchange, by value of transacted business. NYSE Liffe in 2008 for the first time traded more than a billion contracts.
NYSE Liffe US , the US futures exchange of NYSE Euronext, on Aug. 21, 2008 received approval from the Commodity and Futures Trading Commission (CFTC) of its application to become a Designated Contract Market (DCM) and began operations on Sept. 8. 2008 with the transition of 100 oz. gold futures, 5,000 oz. silver futures, options on gold and silver futures, and mini-sized 33.2 oz. gold and 1,000 oz. silver futures from CBOT to NYSE Liffe. Earlier in 2008, NYSE Euronext purchased the CBOT’s precious metals business from the CME Group.
Hugh Freedberg – Chairman Designate, NYSE Liffe
Currently, Mr. Freedberg is Group Executive Vice President & Head of Global Derivatives, director of NYSE Liffe US , a member of the NYSE Euronext Management Committee and a member of the Managing Board of Euronext, a position he has held since January 2002. He joined Liffe in 1998.
Mr. Freedberg began his career in financial services in 1975 at American Express, where he started as marketing and sales director before being appointed General Manager. In 1986, he joined Salomon Inc as chief executive of The Mortgage Corporation. In 1990 he became an executive director at TSB and chief executive of the Insurance and Investment Services Division, after which, in 1991 he was appointed chief executive of the Hill Samuel Group. He had also served as deputy chief executive of TSB from 1991 to 1996 and a director of Macquarie Bank from 1994 to 1996. From 1996 to 1998 he was a managing partner at Korn Ferry International.
Garry Jones – Group EVP & Head of Global Derivatives Designate, NYSE Liffe
Garry Jones is currently Executive Director of Business Development and Strategy for NYSE Liffe with responsibility for marketing, sales, product development and business strategy.
Mr. Jones joined the company in 2007 from ICAP plc where he was CEO of ICAP Electronic Broking (Europe ) and prior to the merger in 2003, CEO and President of BrokerTec Europe Ltd, the bank consortium owned global fixed income electronic trading platform.
Mr. Jones worked for almost 20 years in a variety of senior management roles in trading, sales and research for Investment Banks in the USA and Europe , focusing on the bond and derivatives markets, working for Bankers Trust, Merrill Lynch, Daiwa Securities and Banque Paribas. Mr. Jones has an M.A. from Oxford University and an MBA from Stanford Business School.
Thomas Callahan – CEO of NYSE Liffe US
Thomas Callahan joined NYSE Euronext in June 2008 to establish the NYSE Euronext US futures business, NYSE Liffe US , following a 15-year career at Merrill Lynch. At Merrill, Mr. Callahan was head of Global Financial Futures and Options, where he was responsible for global listed derivatives. Over his career in both New York and London , he held numerous leadership positions across global debt, interest rate and money market trading. He is a 1991 graduate of Harvard University.
Mark Ibbotson – Chief Operating Officer of NYSE Liffe
Mark Ibbotson has worked for Liffe for nearly 20 years, most recently as Executive Director, Head of Market Operations. His career has spanned the full range of market services, market secretariat, regulatory development and operations. He has a law degree from the University of Nottingham and an MBA from Bradford University .
NYSE Liffe Timeline, Select Highlights
1998: LIFFE pioneered the use of ‘open architecture’ with the launch of its electronic trading platform LIFFE CONNECT®
1999: Launch of Three Month Euribor, the company’s flagship contract
1999: LIFFE expands to the US following approval from CFTC
2000: LIFFE partners with The Blackstone Group and Battery Ventures to build international exchange technology business
2001: Launch of innovative Single Stock Futures
2002: LIFFE mergers with Euronext bringing the derivatives businesses of Amsterdam , Brussels , Lisbon and Paris under the Liffe umbrella
2005: LIFFE Launches Bclear, the award winning OTC processing and clearing service
2007: Euronext forms merger with NYSE
2008: Launch of NYSE Liffe US futures business
James Dunseath – London : + 44 20 7379 2804, email@example.com
Rich Adamonis – New York : 212 656 2140, firstname.lastname@example.org
About NYSE Euronext
NYSE Euronext (NYX) is the world’s leading, most liquid and diverse exchange group. It offers a broad and growing array of financial products and services in cash equities, futures, options, exchange-traded products, bonds, market data, and commercial technology solutions, all designed to meet the evolving needs of issuers, investors and financial institutions. Spanning multiple asset classes and six countries, NYSE Euronext operates exchanges in the U.S. and Europe including the New York Stock Exchange, NYSE Liffe, Euronext, NYSE Arca, NYSE Amex, and NYSE Liffe US . With over 6,500 listed issues, more than any other exchange group, trading on NYSE Euronext’s equity markets represents more than 40% of the world’s cash equities volume, the most of any global exchange group. NYSE Euronext also offers comprehensive global commercial technology, connectivity and market data business solutions through its NYSE Technologies unit. NYSE Euronext is part of the S&P 500 index and the only exchange operator in the S&P 100 index. For more information, please visit www.nyx.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext’s reference document for 2007 (“document de référence”) filed with the French Autorité des Marchés Financiers (Registered on May 15, 2008 under No. R. 08-054), 2007 Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.
Contact: Rich Adamonis