The FINANCIAL -- Intercontinental Exchange announced that derivatives industry veteran, Thomas Hammond, will retire as President of ICE Clear U.S. on January 1, 2017.
Hester Serafini, currently Chief Operating Officer of ICE Clear U.S., will become President at that time. Hammond will begin transitioning his ICE Clear U.S. responsibilities to Serafini starting October 1, and, beginning January 1, will take on new responsibilities advising on global strategic clearing initiatives.
Hammond joined ICE Clear U.S. as president in August 2007, where he oversaw all technology, operations and financial functions at the clearing house. Prior to joining ICE, he was Managing Director of Trading Operations at the Chicago Board of Trade. Prior to that he was EVP and COO of the Board of Trade Clearing Corporation (BOTCC), where he managed the development and integration of over-the-counter (OTC) clearing systems, according to Intercontinental Exchange.
“As part of the ICE management team, Tom played a key role in driving growth by expanding our clearing operations to become one of the leading global clearing house operators,” said Jeffrey C. Sprecher, ICE Chairman and CEO. “He brought a deep understanding of clearing, strong industry relationships and tremendous expertise in solving risk management challenges at a time when clearing’s importance wasn’t fully recognized by our industry. Tom is a true team player and we are grateful for his contributions. And we’re pleased that’s he’s identified a talented clearing leader in Hester, whose operational, risk management and derivatives industry experience will help drive our clearing operations as we enter the next stage of clearing opportunities.”
Serafini joined ICE in March 2016, and is responsible for managing the clearing house operations and interpreting and implementing regulatory changes. She joined the company from J.P. Morgan, where she led the OTC clearing and intermediation business for credit, FX and rates derivatives in Europe, the Middle East and Africa. Prior to that, Serafini was global head of credit prime brokerage and clearing for Deutsche Bank.
“I’m fortunate to have had the opportunity to work with such a strong, dedicated team at ICE Clear U.S. and ICE globally. I deeply appreciate the hard work of my team and the relationships with our customers,” said Hammond. “ICE’s commitment to growth and its enduring entrepreneurial spirit have been fertile ground for someone like me and I think Hester makes a great addition to the team, and will bring a high level of energy and expertise to the organization.”
Serafini said, “As we continue to execute on initiatives around industry topics such as capital efficient risk management, clearing resiliency and regulatory evolution, we remain focused on the needs of our customers and committed to providing the best technology and service in the industry. Tom has helped build ICE Clear U.S. into a premier clearing house and I look forward to working with him over the next few months as we continue to work with our customers, regulators and other market participants to create leading risk management tools for the market.”