Alan Whiting is to succeed Hugh Freedberg as the new non-executive Chairman of the NYSE Liffe’s global derivatives business. Whiting’s appointment will take effect from 1 May, 2012. Freedberg who previously served as CEO of NYSE Liffe from 1998 to 2009 is retiring from his role as Chairman, which he has held since 2009.
“I would like to thank Hugh Freedberg for his long and distinguished service to the company and industry as a whole. Amongst his many achievements, Hugh led the reinvention of the company, transforming the business from a mutual in the late nineties. He implemented the company’s state-of-the-art global electronic trading system, was instrumental in the successful merger with Euronext and, in 2011, was installed into the Futures Industry Association’s Hall of Fame.” says Garry Jones (pictured), Group EVP and Head of Global Derivatives. “I am extremely pleased that Alan, with such excellent credentials and knowledge of the financial services industry, has accepted the position of non-executive Chairman. Alan has been a member of the NYSE Liffe Board since 2006 and I look forward to working with him as we seek to develop our business further in the future.”
Alan Whiting worked as an economist at a number of organisations both in the UK and overseas, before re-entering the Civil Service in 1974 as an economic adviser at the Department of Trade and Industry. Over the next 18 years at the DTI he held a wide variety of posts including Chief Economist and Director of Finance. In 1992, he moved to HM Treasury as Under Secretary, Head of Financial Regulation. In 1997 he was appointed as Executive Director at the London Metal Exchange to oversee regulation and compliance following the Sumitomo crisis. At the LME he played an active role in the international regulation of commodity markets and commodity derivatives business, particularly the European Union’s Investment Services, Markets in Financial Instruments and Market Abuse directives. In 2004 he set up his own company, Merlan Financial, providing financial regulatory advisory services. He also took up a number of non-executive directorships in the derivative exchanges and financial services regulation areas.
“I am greatly looking forward to the challenge of leading the Board and working closely with the management of NYSE Liffe during a period of major change and opportunity, both in the derivatives exchange business and in the regulatory environments around the world, in which NYSE Liffe operate,” says Whiting.