OCC appoints Jefferies MD of FX Solutions Joseph Lewis to board of directors

Rick Steves

“He is a widely respected leader with an innovative, forward-thinking mindset, and we will greatly benefit from his counsel as we progress in our transformation efforts, while continuously working to promote stability and market integrity.”

Options Clearing Corporation (OCC), the equity derivatives clearing organization, has announced the appointment of Joseph Lewis, Managing Director, Co-Head of Corporate Hedging and FX Solutions at Jefferies, to its Board of Directors.

Filling a vacancy left in January 2023, Joseph Lewis brings more than 20 years of experience in interest rate and foreign exchange derivatives.

Joseph Lewis’s career includes senior client coverage roles at Citibank, Barclays, and Lehman Brothers focused on interest rate, commodity and foreign exchange derivatives.

At Jefferies, a leading investment banking and capital markets firm, Joseph Lewis oversees a global team that works with companies and private equity funds to develop and implement interest rate and foreign exchange derivative hedging strategies. He is also responsible for managing the trading and counterparty credit risk management associated with client hedging strategies.

Now, besides being Managing Director, Co-Head of Corporate Hedging and FX Solutions at Jefferies, he is a board member of Teaching Matters, Bronx Excellence Charter Schools, and New Federal Theater.

Craig Donohue, Executive Chairman at OCC, said: “We are pleased to welcome Joe as he brings a wealth of risk management knowledge and experience in the global derivatives market. He is a widely respected leader with an innovative, forward-thinking mindset, and we will greatly benefit from his counsel as we progress in our transformation efforts, while continuously working to promote stability and market integrity.”

OCC fined $17m by SEC for violating own clearing rules

The appointment follows a settlement deal between OCC and the Securities and Exchange Commission in which the firm agreed to undertake remedial efforts and pay $17 million in penalties for failing to comply with its SEC-approved Stress Testing and Clearing Fund Methodology rule during certain times between October 2019 and May 2021.

Chicago-based OCC’s failure to implement and comply with its own rule was the result of its failure to properly establish, implement, and enforce written policies and procedures reasonably designed to manage certain operational risks, the Securities and Exchange Commission stated.

According to the SEC, the OCC failed to modify its Comprehensive Stress Testing System and did not provide timely notification to the SEC of this failure as required by Regulation SCI.

The SEC’s order also found that OCC failed to comply with its margin methodology, margin policy, and stress testing and clearing fund methodology relating to specific wrong-way risk and holiday margin.

Read this next

blockdag

BlockDAG Targets 20,000x ROI, Excels Beyond Litecoin’s Rise, and Enhances Ethereum Layer 2 Activity

Explore BlockDAG’s promising 20,000X ROI as it leads, with significant developments in Ethereum Layer 2 and a surge in Litecoin’s value post-Dencun upgrade.

Digital Assets

Hong Kong regulators approve spot Bitcoin and Ether ETFs

Hong Kong-based asset managers received approval from regulators on Monday to launch spot Bitcoin and Ether ETFs.

Digital Assets

Vitalik Buterin backs Railgun with $350K, RAIL price triples

Privacy cryptocurrency Railgun (RAIL) skyrocketed over 250% following a positive comment from Ethereum co-founder Vitalik Buterin.

Digital Assets

Uniswap hits $2 trillion in trading volume ahead of SEC’s lawsuit

Decentralized finance (DeFi) exchange Uniswap crossed $2 trillion in total trading volume despite escalating competition from other networks and regulatory setback.

blockdag

BlockDAG’s $17.3M Presale Success Elevates Security Beyond Ethereum Classic Value and Fantom Trends

Explore how BlockDAG’s advanced security with batch 9 entry and $17.3M raised outshines Ethereum Classic value and Fantom’s market moves.

Institutional FX

Finalto secures two prestigious awards at iFX EXPO LATAM 2024

Trading software and liquidity services provider Finalto received two accolades at the iFX EXPO LATAM 2024 held in Mexico City earlier this month.

Chainwire

SEABW Turns the Spotlight on Southeast Asia’s Flourishing Web3 Landscape With Over 40 Side Events and an All-encompassing Agenda

Southeast Asia Blockchain Week (SEABW), a premier blockchain conference exploring the evolving landscape of Web3 in the Southeast Asia region, is proud to announce that there will be over 40 side events, web3 meetups, workshops, and social gatherings.

Digital Assets

Landesbank Baden-Württemberg to offer crypto custody

Germany’s largest federal bank, Landsbanki Baden-Württemberg (LBBW), partnered with Austrian-based Bitpanda to provide “investment-as-a-service” infrastructure for cryptocurrencies. The new service will offer institutional and corporate clients the ability to store and procure digital assets such as bitcoin and ether.

Digital Assets

VALR Secures Regulatory Licenses from FSCA as a Leading Crypto Asset Service Provider in South Africa

VALR, the prominent crypto exchange backed by Pantera Capital and based in Johannesburg, has achieved a significant regulatory milestone by obtaining both a Category I and Category II license from the Financial Sector Conduct Authority (FSCA) of South Africa.

<