Columbia Threadneedle has appointed a new
chief executive officer of Europe, East and Africa
and Threadneedle Asset Management. Michelle
Scrimgeour joins Columbia Threadneedle from
M&G Investments where she was chief risk officer
and director. Prior to M&G, Scrimgeour worked at
BlackRock as co-head of business management
and chief operating officer for fixed income.
ITG’s former chief executive, Bob Gasser, has
officially joined Barclays within the bank’s
internal technology operations. Gasser joined
the British bank as head of strategy for markets
pre-trade technology. The role is purely internal
and Gasser will not carry out any client-fac-
ing responsibilities. He will be based in New
York and will join the bank’s CEO, Jes Staley,
whom he worked with during the 1990s.
Former Goldman Sachs European head of fixed
income, commodities and currencies hedge fund
sales has joined a New York-based macro fund
manager. Joseph Mauro, who joined Light Sky
Macro last month, will serve as the fund’s head of
markets in New York. Mauro left the US invest-
ment bank in the summer of this year, as Goldman
looked to cut around 10% of its FICC workforce.
ICAP has hired Goldman Sachs’ former Eu-
ropean head of OTC clearing to head up
post-trade product development. Stuart
Connolly has joined ICAP’s Post Trade Risk
and Information (PTRI) division in a newly
created role as head of client product develop-
ment, reporting to PTRI’s CEO Jenny Knott.
ITG’s former managing director for Fin Tech has
moved back into trading, joining multi-asset
trading firm OANDA as its new global head of
trading and quantitative analytics. Based in
New York, Neil McDonald will be responsible
for driving strategic growth of OANDA’S elec-
tronic trading business and research groups.
ESMA delays MiFID II systematic internaliser regime
ESMA has delayed the SI regime and
stated assessments should be made by 1
The European Securities and Markets Authority (ESMA) has stated buy-side firms should carry out
systematic internaliser (SI) assessments by 1 September 2018. The latest Q&A response from ESMA explained a lack of data would mean the SI regime could
not be fully applicable until there is at least 6 months of
“ESMA will publish the necessary data (EU wide
data) for the first time by 1 August 2018 covering a period from 3 January 2018 to 30 June 2018,” the report
said. Investment firms will then have to perform their
first assessment and comply with SI obligations by 1
September 2018. The new timeline will also apply to
instruments which are illiquid.
“In order to ensure a consistent assessment and to
ensure that all investment firms are treated in the
same manner, for all instruments, irrespective of their
liquidity status, the assessment should therefore be
performed by 1 September 2018,” ESMA said.
ESMA added that investment firms should be able
to opt in to the SI regime from 3 January “as a means
to comply with the trading obligation for shares” but
should expect ESMA’s EU-wide data to be first published by 1 August 2018.