London, Tuesday 3 April 2012 – NYSE Liffe today announced that Alan Whiting will succeed Hugh Freedberg as the new non-executive Chairman1 of the company’s global derivatives business. Mr Whiting’s appointment will take effect from May 1, 2012. Mr Freedberg who previously served as CEO of NYSE Liffe from 1998 to 2009 is retiring from his role as Chairman, which he has held since 2009.
Alan Whiting to succeed Hugh Freedberg as Chairman of NYSE Liffe
“I would like to thank Hugh Freedberg for his long and distinguished service to the company and industry as a whole. Amongst his many achievements, Hugh led the reinvention of the company, transforming the business from a mutual in the late nineties. He implemented the company’s state-of-the-art global electronic trading system, was instrumental in the successful merger with Euronext and, in 2011, was installed into the Futures Industry Association’s Hall of Fame.” said Garry Jones, Group EVP and Head of Global Derivatives. “I am extremely pleased that Alan, with such excellent credentials and knowledge of the financial services industry, has accepted the position of non-executive Chairman. Alan has been a member of the NYSE Liffe Board since 2006 and I look forward to working with him as we seek to develop our business further in the future.”
Alan Whiting2 worked as an economist at a number of organisations both in the UK and overseas, before re-entering the Civil Service in 1974 as an economic adviser at the Department of Trade and Industry. Over the next 18 years at the DTI he held a wide variety of posts including Chief Economist and Director of Finance. In 1992, he moved to HM Treasury as Under Secretary, Head of Financial Regulation. In 1997 he was appointed as Executive Director at the London Metal Exchange to oversee regulation and compliance following the Sumitomo crisis. At the LME he played an active role in the international regulation of commodity markets and commodity derivatives business, particularly the European Union’s Investment Services, Markets in Financial Instruments and Market Abuse directives. In 2004 he set up his own company, Merlan Financial, providing financial regulatory advisory services. He also took up a number of non-executive directorships in the derivative exchanges and financial services regulation areas.
Alan Whiting said, “I am greatly looking forward to the challenge of leading the Board and working closely with the management of NYSE Liffe during a period of major change and opportunity, both in the derivatives exchange business and in the regulatory environments around the world, in which NYSE Liffe operate.”
Notes to Editors:
1. NYSE Liffe is the global derivatives platform within NYSE Euronext’s derivatives’ business. 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, regulated by the Financial Services Authority (FSA).
2. Alan Whiting. After leaving University in 1969, Alan Whiting occupied a number of positions at the University of East Anglia , the Treasury, the Department of Economic Affairs, the Ministry of Technology, the European Free Trade Association (Geneva ) and the Confederation of British Industry, before re-entering the Civil Service in 1974 as an economic adviser at the Department of Trade and Industry. He filled a wide number of posts at the DTI between 1974 and 1992, including Chief Economist and Director of Finance.
In 1992, he moved to HM Treasury as Under Secretary, Head of Financial Regulation, responsible for the structure, legislation and oversight of banking, mutuals and financial services regulation. On the international regulatory front, he played an active part in developing international standards and cooperation. He was a member of the International Organisation of Securities Commissions (IOSCO) Technical Committee, the UK ’s representative for the G7 work on financial regulation, and a member of the European Union’s Banking Advisory and the High Level Securities Regulators Committees. On the domestic scene, he drew up the blueprint for the radical reform of financial regulation in the United Kingdom , and the creation of the Financial Services Authority.
In 1997 Mr. Whiting joined the London Metal Exchange as Executive Director: Regulation and Compliance. He played an active role in the international regulation of commodity markets and commodity derivatives business, particularly the European Union’s Investment Services, Markets in Financial Instruments and Market Abuse directives, and introduced electronic trading on the LME.
In 2004 he set up his own company, Merlan Financial, providing financial regulatory advisory services. He also assumed a number of non-executive directorships, including his appointment to the LIFFE Board (in 2006), The Mortgage Code Compliance Board, The Banking Code Standards Board, the Lending Standards Board, the Debt Advice Gateway Trust, Nymex Europe Ltd, CME/ Nymex London Ltd and The Gibraltar Financial Services Commission, where he is now Chairman.
2. NYSE Euronext (NYX) is a leading global operator of financial markets and provider of innovative trading technologies. The company's exchanges in Europe and the United States trade equities, futures, options, fixed-income and exchange-traded products. With approximately 8,000 listed issues (excluding European Structured Products), NYSE Euronext's equities markets – the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca – represent one-third of the world's equities trading, the most liquidity of any global exchange group. NYSE Euronext also operates NYSE Liffe, one of the leading European derivatives businesses and the world's second-largest derivatives business by value of trading. The company offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. NYSE Euronext is in the S&P 500 index, and is the only exchange operator in the Fortune 500. For more information, please visit: www.nyx.com.
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