H1 2022: The TRADE’s most read stories in Europe

The TRADE highlights the top five most read stories across Europe in H1 2022, including news from DTCC, Euroclear and Clearstream, LSEG, Virtu and BNP Paribas.

DTCC names new CEO as Michael Bodson announces retirement

In April, The Depository Trust & Clearing Corporation (DTCC) named Francis (Frank) La Salla as its new president and CEO with its current chief Michael Bodson set to retire. La Salla was chief executive officer of BNY Mellon’s Issuer Services business and a member of the BNY Mellon Executive Committee.

DTCC’s incumbent CEO, Bodson will step down on 12 August after a decade in charge of the market infrastructure provider. La Salla will join DTCC on 13 June 2022 as CEO-elect, and between June and August, La Salla and Bodson will work together to ensure a seamless and orderly transition of responsibilities.

Euroclear and Clearstream shut down settlement of Russian securities

In March, International Central Securities Depositories (ICSD) Euroclear and Clearstream announced that they are no longer settling rouble-denominated transactions.

The actions meant that the trading, clearing and settlement of Russian securities have now all been impacted by moves from European market infrastructures, dealing a blow to international investors attempting to sell their rouble-denominated assets. This is in addition to many Russian banks being excluded from the SWIFT network due to sanctions. 

LSEG to acquire market data solutions provider MayStreet

Last month, the London Stock Exchange Group (LSEG) moved to further expand its data and analytics capabilities with the acquisition of MayStreet, a market data solutions provider. LSEG has signed an agreement to acquire the firm in H1 of this year. Further details of the transaction were not disclosed.

Originally founded in 2012, MayStreet provides banks, asset managers and hedge funds with low-latency technology and market data. Upon completion of the deal, MayStreet will join the enterprise data solutions business within LSEG’s data and analytics division alongside data and analytics giant Refinitiv which LSEG acquired in January last year.

Virtu fixed income & foreign exchange head departs for quant firm

In February, Virtu’s head of fixed income and foreign exchange and co-head of crypto, Laine Litman, left the company after nearly eight years. According to an update on social media, Litman has left Virtu to pursue a new opportunity as president of quantitative investment firm Hidden Road Partners, which specialises in short duration credit and financing opportunities.

Before joining Virtu in 2014, Litman spent three years at KCG Holdings as head of acknowledge fixed income, focused on liquidity strategy and sales. Previously in her career, Litman served in futures trading and sales trading roles across UBS Investment Bank, Goldman Sachs and Bank of America.

BNP Paribas completes the transfer of global prime finance and electronic equities from Deutsche Bank

In January, BNP Paribas completed the transfer of clients, technology and key staff from Deutsche Bank’s global prime finance and electronic equities, two and a half years after agreeing the deal.

The combined unit – along with the recently announced referral of clients from Credit Suisse – is set to propel BNP Paribas into the top tier of prime brokers: alongside the likes of Goldman Sachs, JP Morgan and Morgan Stanley.