US exchange group ICE has confirmed that Hester Serafini will take on the role as president of ICE Clear Europe permanently, after leading the clearing house on an interim basis since February.
Serafini was previously president and chief operating officer of ICE Clear US since early 2017, and first joined ICE from JP Morgan in 2016. ICE said that Kevin McClear, chief risk officer and president of ICE Clear US, will replace Serafini as president of ICE Clear US.
“The Board and I have been impressed with how Hester has led the clearing house during some of the most challenging circumstances in our history, overseeing the shift to remote working and successfully clearing unprecedented volumes of transactions,” said Ann Cairns, chair of the board of ICE Clear Europe.
During her time with JP Morgan, Serafini headed up the OTC clearing and intermediation business for credit, FX and rates derivatives in Europe, the Middle East and Africa. She was also previously global head of credit prime brokerage and clearing at Deutsche Bank, and began her career at Goldman Sachs where she held various roles, including chief risk officer for equities and fixed income.
“Since taking over as Interim President in February this year, ICE Clear Europe has safely navigated unprecedented market activity, managing risk between counterparties and demonstrating why clearing is so important to the soundness and stability of the global financial system,” said Serafini. “I am excited by the opportunity to lead one of the world’s leading and most diverse clearing houses, which works every day to be a reliable and secure marketplace for global transactions.”