Cboe Global Markets named Iouri Saroukhanov as its new head of European derivatives. Based in London, Saroukhanov will oversee Cboe Europe Derivatives (CEDX), reporting directly to Natan Tiefenbrun, president of Cboe Europe. Saroukhanov replaces Ade Cordell, who will become president, Asia-Pacific, overseeing the business operations of Cboe Australia and Cboe Japan (formerly Chi-X Asia Pacific), alongside holding responsibility for the company’s further expansion into the region. Saroukhanov joined Cboe Global Markets from Bloomberg, where he served as equity derivatives specialist over the last six months. Prior to Bloomberg, Saroukhanov spent nearly 16 years at Liquid Capital Group, most recently as senior trader on the Euro STOXX 50 derivatives desk.

Jupiter Asset Management promoted one of its own, Mike Poole, for the role of head of trading. Poole was appointed to the position after serving at Jupiter Asset Management for nearly 18 years. Originally joining Jupiter in 2005 as a dealer, he later moved to the newly created centralised fixed income dealing desk in 2010 to start trading high yield, investment grade, fins, rates, convertible bonds, government bond futures and FX. He was promoted to his most recent role as head of fixed income dealing in 2017. Prior to joining Jupiter in 2005, Poole spent a year at Barclays Wealth as a portfolio manager.

Former senior abrdn dealer, Matthew Drake, joined UBS Asset Management as an equity execution trader, based in London. He joined the asset manager after spending the last 16 and a half years at abrdn, joining in 2006 as a portfolio analyst for pan-European equities and later becoming an equity dealer in 2008.

Numis Securities appointed James Crammond as a member of its electronic sales and trading team, headed by Nishad Vallonthaiel. Crammond joined the firm from Olivetree Group, where he served as a sales trader for the past year. Before that, he held the same role at Louis Capital Markets UK. Previously in his career, Crammond spent seven years at Liquidnet Europe as an algorithmic trader. In addition, he spent nearly 10 years at HSBC as head of its financial sector. Other previous roles include serving as portfolio manager at Apex Capital Markets, and head of equity trading at BGC Partners.

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Crammond joins the firm from Olivetree Group, where he served as a sales trader for the past year. Before that, he held the same role at Louis Capital Markets UK.

Previously in his career, Crammond spent seven years at Liquidnet Europe as an algorithmic trader. In addition, he spent nearly 10 years at HSBC as head of its financial sector.

Other previous roles include serving as portfolio manager at Apex Capital Markets, and head of equity trading at BGC Partners.

Crammond announced his appointment in a social media post, saying: “I’m happy to share that I’m starting a new position as electronic sales and trading at Numis Securities.”

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The broker-dealer has signed a multi-year agreement with Torstone Technology to install Inferno, the cross-asset, post-trade platform that supports middle and back-office straight through processing, for its equities trading business.

“We require a single, integrated, scalable and cloud-based platform capable of providing the breadth of functionality and flexibility to execute our business and continue to offer the level of service our clients expect,” said Tim Valmas, head of technology and operations at Numis Securities. “We believe that Inferno aligns closely with our strategy as we see trade execution and processing becoming increasingly electronic and automated in a post MiFID II world. Inferno will deliver what we need today and fulfil our future business goals.”

Inferno combines middle, back-office and accounting functions from trade capture, confirmation, settlement and reconciliation, which it said will allow Numis Securities to improve its overall business operations and decrease manual input.  

“Our solution will support Numis in minimising operational risks, reducing costs and achieving greater control. We look forward to working with Numis and continuing to drive efficiencies through our agile, integrated platform,” Brian Collings, CEO of Torstone Technology, added.

Earlier this month, Credit Suisse’s investment banking business in Canada moved away from an outsourcing model and opted to deploy the Inferno platform following a review of its operations. The project, which is already underway, will focus on the bank’s institutional equities business.

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The founder of Numis Securities will take over from current NEX Exchange chief executive Patrick Birley as a result of the investment, which will see the consortium reportedly pump £10.5 million in the business in exchange for a 55% stake.

The new funds will be used to “develop and grow the business”, which provides competition for London Stock Exchange’s AIM.

The deal is expected to complete in the second half of fiscal year 2018/19, pending approval from the Financial Conduct Authority.

“We are pleased to have secured new investment in NEX Exchange to further develop the business and enhance our offering for SMEs,” said NEX Group chief executive, Michael Spender. “We thank Patrick Birley for his excellent contribution to the business since our 2012 acquisition and we look forward to working with Oliver Hemsley as he takes the business to the next stage of its growth.”

In March, US futures exchange operator CME and NEX Group reached an agreement which will see CME acquire NEX for £3.9 billion.

Following completion of the buyout, expected in the second half of this year, NEX CEO Michael Spencer will join the CME board of directors and remain with the combined business as a special advisor, working to drive the integration and creation of the new company.

In mid-September the UK’s Competition and Markets Authority announced it was launching an investigation in the CME-NEX deal, which will be approved or referred for a more in-depth investigation by 8 November.

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