Trade body the Futures and Options Association and consultancy Rule Financial have each made key hires ahead of impending regulatory change to the over-the-counter (OTC) and listed derivatives markets in Europe.
Natasha Stromberg has joined the FOA as manager, regulation, where she will focus on commodities-related activities, such as running committees and working groups on energy, power, emissions and metals.
Stromberg comes from the UK regulator the Financial Services Authority where she was senior associate in the derivatives market infrastructure and policy unit and lead supervisor of the London Metal Exchange.
“Natasha’s experience will be a huge asset at a time of growing regulatory change and as FOA strives to assist members in the implementation of core regulations such as the European market infrastructure regulation (EMIR) and MiFID/MiFIR,” said Kathleen Traynor, executive director, regulation at the FOA.
Investment banking consultancy Rule Financial has also made a derivatives-related hire, appointing Derek Perry as management consultant and specialist in OTC clearing.
Perry has more than 20 years of experience in the investment banking industry and joins from the Royal Bank of Scotland where he headed treasury operations and IT change management. Perry also brings knowledge of regulatory changes, such as EMIR in Europe and Dodd-Frank Act implementation and the Foreign Account Tax Compliance Act in the US.
Both Dodd-Frank and EMIR will mandate the clearing of OTC derivatives through central counterparties where appropriate, in a bid to reduce the systemic risk associated with this market. EMIR will come into force after the European Commission, Council of the European Union and European Parliament approve guidelines from European Securities Markets Authority, currently expected in the first half of next year.