Industry body the Futures and Options Association (FOA) has reshuffled its management team following the hire of a former exchange supervisor from UK regulator the Financial Services Authority (FSA).
Joining the FOA from the FSA on 28 November is Blake Stephenson, who is also a qualified solicitor. Meanwhile, Simon Andrews has been promoted to a new role at the FOA as director of commodities.
In his new role, Andrews, who has been with the FOA for six years – will spearhead the body’s increased activities in the commodities sector. He also has additional oversight of prudential regulation and taxation issues.
Both Andrews and Stephenson will report to Kathleen Traynor, executive director, regulation, at FOA.
According to the FOA, the need to strengthen its team stems directly from the growing workload facing market participants in the exchange-traded derivatives industry. This stems from new rules – Dodd-Frank in the US and the European market infrastructure regulation and MiFID review in Europe – that will result in more derivatives being traded on exchange and centrally cleared.
“Whether it is analysing of the impact of MiFID/MiFIR or understanding the full implications of the European Securities and Markets Authority’s work programme, the FOA must have the capacity to help steer its members through the regulatory change agenda while sustaining industry growth and enhancing market integrity,” says FOA chief executive Anthony Belchambers. “These appointments reflect the importance of that activity.”