People Moves: LSEG; Broadway; Pirum; CFTC/Citadel Securities; SEC/Coinbase

Sabrina Bailey joins LSEG Wealth Solutions from Northern Trust

The London Stock Exchange Group has announced the appointment of Sabrina Bailey in the US to lead its wealth solutions business, part of the data and analytics division.

Bailey joins from Northern Trust, and has more than 20 years of experience in wealth management, including leadership roles at Mercer and Willis Towers Watson. She has recently focused on addressing the digitization of wealth services, leading Northern Trust’s investment advice practice before running Emotomy, Northern Trust’s digital investment platform.

Joe Mrak, group head of wealth solutions, has decided to pursue other interests, following a transition period through 2021. Under his leadership, the business has seen investment to support the wealth management industry, including the acquisitions of Scivantage and Advisor Software, the launch of Workspace for Wealth and Refinitiv Digital Investor.  

Michael Chin appointed CEO of Broadway

Front-office solutions provider Broadway Technology has named Michael Chin as CEO, and will appoint him to the board of directors. Chin’s appointment is the latest phase in Broadway’s long-term strategic growth plan.

As part of the executive team expansion, Broadway co-founder and board member Tyler Moeller will become chief innovation officer.

Chin brings more than 30 years of fintech experience to his new role. Most recently, he served as managing director and global head of trading at Refinitiv. Prior to Refinitiv, he was president and CEO of ultra-low latency trading solutions provider Mantara. He also held executive roles and was a member of the board of directors at TradingScreen. Chin spent the early part of his career at JP Morgan, as head of JP Morgan Investment Management’s fixed-income trading group.

Moeller will continue to focus on innovation, as well as expanding the TOC, Broadway’s core platform for scalable, high-performance distributed computing and open data access.

Pirum appoints Nick Barnes to business development team

Pirum has appointed Nick Barnes to its business development team, boosting it to meet growth in demand for its front-office and post-trade services.

Barnes joins Pirum from Eurex, where he was responsible for various central counterparty and repo-related initiatives. Prior to that, he spent 16 years at Barclays Capital in a number of senior front office roles.

Pirum offers an automation and connectivity hub for global securities finance, cleared and uncleared derivatives and other bilateral transactions.

CFTC’s Tarbert re-enters private sector at Citadel Securities

Former head of the Commodity Futures Trading Commission Heath Tarbert has joined market-maker Citadel Securities as its new chief legal officer after having resigned from the US derivatives regulator 27 days ago, according to media reports.

Tarbert had served as CFTC chair for 18 months before his departure. In his tenure, the commission set multiple records of enforcement, including the most cases in a fiscal year, the Financial Times reported.

Citadel Securities and hedge fund Citadel, both owned by billionaire Ken Griffin, made headlines earlier this year following the story of GameStop, Reddit, and Robhinhood. Citadel and its partners invested more than $2 billion into fellow hedge fund Melvin Capital after it had lost almost 30% in assets after being short squeezed by retail traders on video game retailer GameStop’s stock, while Citadel Securities’ business model came under fire by US lawmakers as the market-maker pays retail trading app Robinhood for order flow, and is the platform’s largest customer. 

Prior to joining the CFTC, Tarbert held roles in international relations for the US Department of the Treasury. Previously, he was a partner at law firms Allen & Overy and Weil, Gotshal & Manges. According to LinkedIn, Tarbert left his post as vice chairman of the board at the International Organization of Securities Commissions (Iosco) in March.

Ex-SEC director joins Coinbase as head of capital markets

Brett Redfearn, former director of the US Securities and Exchange Commission, has joined Coinbase, a leading US cryptocurrency exchange, as vice president of the capital markets division ahead of the company’s planned IPO, Reuters reported.

Redfearn was most recently the director of the SEC’s trading and markets division and spent 13 years at JPMorgan Chase & Co. prior to that. According to the report, Coinbase, valued at $68 billion in a recent private market transaction, filed paperwork with regulators in December to go public through a direct listing.

Similarly, former SEC Chief Jay Clayton was named non-executive chairman of asset manager Apollo Global Management two weeks ago Clayton was also appointed to an advisory council of cryptocurrency firm One River Digital Asset Management last week.