* Jean Desgagne is former VP of TD's trading risk services
* Exec to start new role Feb. 19, replacing Ian Gilhooley
* CDS clears and settles securities transactions in Canada
TORONTO, Jan 18 Toronto Stock Exchange operator
TMX Group Ltd said on Friday it hired former
Toronto-Dominion Bank executive Jean Desgagne to head
the Canadian Depository for Securities Limited (CDS), its latest
step to integrate the clearinghouse it combined with last year.
Desgagne, who steps in on Feb. 19, was senior vice president
of Trading Risk Services at the Canadian bank. He will replace
Ian Gilhooley, who retired at the end of 2012.
At TD, Desgagne was responsible for the oversight of
valuation, market risk, liquidity and collateral for the bank's
global trading business.
CDS, which settles and clears securities transactions in
Canada for equity, fixed income and money markets, holds over
C$4 trillion ($4.03 trillion) on deposit and processes more than
374 million domestic transactions each year. It handles another
41 million cross-border transactions with the United States.
The clearinghouse, which was jointly owned by a number of
Canadian financial institutions, was folded into TMX last year
when a consortium of some of the country's biggest banks,
pension funds and insurers successfully took over the exchange
operator in a C$3.8 billion deal.