New York Stock Exchange owner rejigs top jobs in Europe

  • 06.09.2017, 23:10,
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The Intercontinental Exchange (ICE) has reshuffled a number of top jobs in Europe, notably bringing in a Wall Street banker and former US Treasury official to run its unit responsible for administrating scandal-hit Libor.
Two of the US financial giant's key units in Europe – its futures exchange and its division controlling indices such as Libor – will have different bosses as of next month, the latter to be run by Goldman Sachs' banker and former Treasury official Tim Bowler. 
Mr Bowler, who worked at the US Treasury for four years before joining Goldman, will move from New York to London to become president of ICE Benchmark Administration (IBA) – which took over Libor in early 2014 following the manipulation scandal
He will replace Finbarr Hutcheson, who has been trying to rebuild the reputation of the benchmark – used to price trillions of pounds of financial products around the world, including loans and mortgages – ever since the IBA took control of the index from the British Bankers’ Association. The scandal erupted in 2012, when Barclays was fined for trying to manipulate the rate.
New York Stock Exchange owner rejigs top jobs in Europe

The Libor scandal erupted in 2012, when Barclays was fined ?290m for its role in trying to manipulate Libor and its then chief executive Bob Diamond quit. Four former Barclays bankers were jailed last summer for Libor-rigging
Mr Bowler will take on the job at a key time, with ICE eager to keep the interest rate benchmark open for good despite the City watchdog's plans to wind it down and use an alternative by the end of 2021. 
His hire comes after it emerged that Mr Hutcheson would run ICE's London-based clearing house following clearing veteran Paul Swann's retirement, triggering a hunt for Mr Hutcheson's replacement. Mr Swann took on the role ten years ago and was instrumental in the launch of ICE Clear Europe in November 2008. 
He is not the only ICE veteran to leave the business. Staff were told on Wednesday that longstanding London executive David Peniket, who runs the London-based futures exchange, would also be stepping down. He is being replaced by the division's chief operating officer Stuart Williams. 
Mr Peniket is leaving for personal reasons and not for a rival exchange, a person close to the move said, adding that a chief operating officer to replace Mr Williams is expected to be announced internally in the coming weeks. 
ICE chief executive Jeffrey Sprecher said the moves will "enable us to continue to build on our ability to grow". 
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