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MOVES-ICE appoints European futures and IBA heads
September 6, 2017 / 11:49 AM / 2 months ago

MOVES-ICE appoints European futures and IBA heads

LONDON, Sept 6 (IFR) - Intercontinental Exchange has appointed Stuart Williams as president of ICE Futures Europe and Timothy Bowler as president of ICE Benchmark Administration (IBA), the unit that oversees Libor. Both appointments are effective from October.

Williams, who has been chief operating officer of the European energy and interest rate futures exchange since July 2016, will replace David Peniket following his retirement.

A former Liffe executive, Williams played a key role in the London-based derivatives exchange’s integration into ICE following its 2013 acquisition of NYSE Euronext.

Bowler joins ICE subsidiary IBA from Goldman Sachs where he was a managing director in the financial institutions group. Prior to joining GS, Bowler spent four years at the US Treasury where he was counsellor to Secretary Jack Lew, responsible for advising on matters relating to housing finance reform and distressed municipalities.

He replaces Finbarr Hutcheson, who will head ICE Clear Europe following Paul Swann’s retirement.

IBA is responsible for ICE Libor, the LBMA Gold Price and ICE Swap Rate, as well as the ISDA SIMM crowdsourcing facility for calculating initial margin on uncleared over-the-counter derivatives.

IBA expects to assume responsibility for the administration of the LBMA silver price on September 25.

ICE chairman and chief executive Jeffrey Sprecher said the latest appointments will enable the exchange to build on its recent growth.

“Stuart brings strong experience in derivatives and operations to lead our largest exchange and Europe’s leading energy and interest rate markets,” Sprecher said in a statement.

”Tim brings a wealth of experience in financial markets and policy to build on IBA’s strong foundation of modernised, regulated benchmarks.” (Reporting by Helen Bartholomew)

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