Bloomberg News

Three Executives Said to Leave NYSE’s Liffe Amid Shake-Up

October 09, 2012

Three senior executives at NYSE Euronext’s Liffe derivatives exchange are departing as the company overhauls its operations.

James Brown, head of U.K. business development for the Equity Derivatives and OTC Services division of NYSE Liffe, and account managers Tina Staples and Stuart Lorberg, are leaving the company, according to three people familiar with the situation. James Dunseath, a spokesman for Liffe in London, declined to comment.

NYSE Euronext, operator of the New York Stock Exchange, markets in Paris, Amsterdam, Lisbon and Brussels, and Liffe in London, is restructuring after more than a year’s work on a failed merger with Deutsche Boerse AG. (DB1) Alan van Griethuysen, business chief of the Benelux region and Asia, left NYSE in September after 33 years. Garry Jones, head of global derivatives at NYSE Euronext (NYX:US) and chief executive officer of Liffe, departed at the end of June.

The company is merging its sales and business-development teams in Europe and the Asia Pacific regions for the Liffe and Euronext businesses under Lee Hodgkinson.

NYSE faces increasing competition in derivatives. CME Group Inc. (CME:US), owner of the world’s biggest futures exchange, plans a market for the securities in London by the middle of 2013. Nasdaq OMX Group Inc., the second-largest U.S. equity-exchange operator, will start a derivatives platform in the U.K. and London Stock Exchange Group Plc (LSE) is seeking to expand after purchasing a stake in LCH.Clearnet Group Ltd.

Market Share

Alternative systems such as Bats Chi-X Europe have taken market share in equities trading and are seeking to get into derivatives, while new players, such as Aquis Exchange Ltd., are entering the market.

NYSE executives meeting with shareholders on April 2 pledged $250 million in annual savings by the end of 2014 and said a stock buyback will be completed this year. NYSE also said a program known as Project 14 will cut costs by about $90 million from technology and “organizational efficiency.”

To contact the reporter on this story: Nandini Sukumar in London at or NandiniSukumar on Twitter

To contact the editor responsible for this story: Andrew Rummer at

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