NYSE’s first female president resigns, Lynn Martin takes over

abdelaziz Fathi

The New York Stock Exchange has appointed Lynn Martin, who heads the fixed income and data services segment of ICE, as its second female president, Intercontinental Exchange said Tuesday.

Martin, who will start her new role on January 3, will replace Stacey Cunningham as head of NYSE, which is owned by Intercontinental Exchange. Cunningham became the first woman to head the 229-year-old financial market back in 2018.

Prior to that, she was NYSE’s chief operating officer and managed the exchange’s cash equities markets, relationship management, product management, and governance services. Cunningham is beginning a new chapter in her career and will join the NYSE’s board of directors.

“Stacy led the New York Stock Exchange through an extraordinary era that saw its proven technology and trading systems thrive in even the most turbulent times. It is starting a new chapter with the stock market getting better and stronger for its tireless efforts, and our sincere thanks,” Jeff Sprecher, founder, chairman and CEO of Intercontinental Exchange, said in a statement.

Other changes to leadership

Martin takes up the position, which also includes four fully electronic stock exchanges, as the world’s largest stock exchange is struggling with increasing competition from Nasdaq. She is tasked with continuing to modernize NYSE’s trading operations and induce more companies to list publicly.

Martin’s promotion also follows recent reports showing that Nasdaq has raised $191 billion through IPOs year to date, nearly double the amount raised at the NYSE, which has 2,400 listed companies and a combined market capitalization of $36 trillion.

Rounding out the organizational changes, Atlanta-based Intercontinental Exchange, the firm’s parent company, confirmed that ICE and NYSE board member Sharon Bowen will become the next chair of the NYSE. Bowen is a finance and securities lawyer, and formerly served as a commissioner of the Commodity Futures Trading Commission (CFTC).

“While Lynn assumes her new role at 11 Wall Street, she will continue to serve as Chair of ICE Fixed Income and Data Services to help guide that business as Amanda Hindlian, currently the Global Head of Capital Markets at the NYSE, becomes its new President. The global business that Amanda will now lead includes our evaluated pricing business, which prices nearly 3 million securities daily, and our rapidly growing index business,” ICE said in a posting on the company’s website.

Other changes to leadership include Mark Wassersug, ICE’s chief operating officer transitioning to a new role as the company’s chief information officer.  Stuart Williams will succeed him as COO of ICE.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<