Euronext appoints Piero Novelli as Chairman ahead of Borsa Italiana acquisition

Rick Steves

The experience and skills he developed from top roles at UBS Investment Bank make him a perfect choice for Euronext as the exchange operator aims to close a 4.3 billion euro acquisition of Borsa Italiana from the London Stock Exchange in the first half of 2021.

Piero Novelli

Euronext has confirmed that Piero Novelli has been named the next Chairman of Euronext N.V., in a statement on government evolution. In order to take on the new role, Mr. Novelli will step down from all other executive positions.

UBS Investment Bank has already announced Mr. Novelli will step down as Co-President on 31 March 2021 to “pursue new opportunities, including non-executive chairman positions and roles in academia teaching finance and business”.

Mr. Novelli has been Co-President of the Investment Bank of UBS and a member of UBS Group Executive Board since October 2018. Other top roles at the investment bank include Co-Executive Chairman of Global Investment Banking in 2017 and Global Head of Mergers and Acquisitions (M&A) in 2016.

Mr. Novelli played a number of top roles in leading firms within the industry, including Global Co-Head of M&A at Nomura and Head of European M&A and Head of European Industrials at Merrill Lynch. In his 27-year career in investment banking, Mr. Novelli advised some of the largest Italian corporates on many cross-border strategic transactions.

The experience and skills he developed with these roles make him a perfect choice for Euronext as the exchange operator aims to close a 4.3 billion euro acquisition of Borsa Italiana from the London Stock Exchange in the first half of 2021.

The firm has had better-than-expected annual revenue due to growing income from listings, trading, and clearing activities after a few recent acquisitions.

UBS Investment Bank has already announced Robert Karofsky as the sole President. In the statement, the firm recognizes Mr. Novelli and Mr. Karofsky’s success in realigning efforts around clients’ evolving needs, focusing resources on opportunities for profitable growth, and reinvesting in the bank’s digital transformation.

The Investment Bank has recently reported its best fourth-quarter and full year results since 2012, finishing 2020 with an exceptional return on attributed equity of nearly 20%.

Read this next

Institutional FX

Tradeweb’s trading volume hits $23.2 trillion in November

Tradeweb Markets, the operator of electronic marketplaces for rates, credit, equities and money markets, has just reported its aggregated trading volumes for November 2022.

Executive Moves

CAPEX.com hires Vikas Lakhwani to join MENA business

Multi-licensed broker CAPEX.com has appointed Vikas Lakhwani as its general manager for the Gulf Cooperation Council (GCC) region.

Retail FX

Swissquote secures CySEC licence as crypto business grows

Swissquote Group, Switzerland’s provider of online trading services, has received approval from CySEC to operate as a market-making Cyprus investment firm.

Institutional FX

Moscow Exchange still enjoys solid market making volumes

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for November 2022 – the latest readings showed flat performance across the board for multiple segments.

Inside View

The Year-End FX Turn: To Everything There is a Season

By Paul Houston, Global Head of FX Products, CME Group

Crypto Insider

A Wrapup of zkSync x Bitrue’s “Ask Me Anything” Session

In another edition of Bitrue’s AMA on Twitter Space, Bitrue invited a special guest from the company behind the creation of zkSync, Matter Labs. Marco Cora, Head of Business Development from Matter Labs, joined the session to give listeners a rundown on what’s up with zkSync.

Technology

New Features, Upgrades, and Improvements: B2Broker Launches Big Update of Its Flagship CRM System B2Core

In a massive update for its flagship product, B2Core, B2Broker, one of the leading providers of liquidity and technology solutions for brokers and exchanges, has released new features. Enhancements in the update include the following to provide clients with more features, flexibility, and security:

Industry News

Will SEC v Ripple end come too late for crypto industry in the United States?

SEC v. Ripple Labs has entertained the digital asset industry ever since being filed in 22 December 2020. Nearly two years in, both parties have addressed the court to pursue a summary judgment in order to avoid going to trial.

Inside View

Outsourcing: The Key to Improving Your ROI

Gen Z, the second generation of digital natives, has already set out on its path to wealth creation, participating in the financial markets and inspiring Generation Alpha to follow suit. The current and upcoming generations of investors are increasingly looking for cutting-edge technology to aid their decision-making process. As investor demographics change and the markets become increasingly global, brokers need to evolve their ecosystem to stay a step ahead. This is the only way to survive the rapidly changing markets.

<