Peter Barsoom, president of Intercontinental Exchange Inc. (ICE:US)’s swap trading service, is leaving the company at the end of August.
For the past four years, Barsoom, 43, has helped Atlanta-based ICE develop futures contracts on credit-default swaps and build the company’s swap execution facility, ICE Swap Trade LLC, one of the venues mandated by the Dodd-Frank Act to increase transparency and competition in derivatives trading.
“Our global credit clearing services, post-trade, and execution services including our SEF and our developing credit futures products all carry Peter’s stamp,” Chris Edmonds, ICE’s senior vice president for financial markets, said in a memo sent to staff announcing the departure that was seen by Bloomberg News. Edmonds didn’t say if Barsoom was joining another company, according to the memo.
Brookly McLaughlin, an ICE spokeswoman, declined to comment.
While a previous effort to create futures on credit swaps at ICE failed to gain market interest, the company is planning a different version of the contracts that are based on the most-recent series of swaps such as the Markit CDX North American Investment Grade Index, Edmonds said in March.
Barsoom was previously deputy chief operating officer at hedge fund BlueMountain Capital Management LLC and an executive director at Morgan Stanley, according to his LinkedIn Corp. profile. He is a graduate of Princeton University.
(Bloomberg News parent Bloomberg LP also runs a swap execution facility.)
To contact the reporter on this story: Matthew Leising in New York at email@example.com
To contact the editors responsible for this story: Nick Baker at firstname.lastname@example.org Chris Nagi