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On the Move

McCarthy Leaves Nomura

Sam McCarthy has resigned from Nomura in London where he worked in e-FX sales for nearly five years. Prior to Nomura, McCarthy was a collateral analyst at Deutsche Bank and before that worked in eFX sales at Lehman Brothers. His future plans are not yet known.

GFMA Elects New Chair and CEO

The Global Financial Markets Association (GFMA), an industry body that represents the interests of financial market participants, has appointed Samir Assaf, HSBC’s chief executive of global banking and markets, as chair of GFMA, and Kenneth Bentsen, president and CEO of the US-based Securities Industry and Financial Markets Association (Sifma), as CEO. The appointments were announced as the terms of the current chair and CEO expired.

Assaf takes over from Blythe Masters, head of global commodities at JP Morgan Chase, while Bentsen, who will continue to lead Sifma, assumes the CEO role from Simon Lewis, who is chief executive at the Association for Financial Markets in Europe (Afme). Both Lewis and Masters have been in their posts for two years.

GFMA says Assaf will serve as chair for two years, and Bentsen will serve as CEO for a term of three years.

In addition to heading global banking and markets at HSBC, Assaf is a member of the bank’s group management board. He joined HSBC in 2000 when it acquired CCF, where he was head of markets.

Bentsen previously was executive vice president of public policy and advocacy for Sifma, responsible for the organisation’s legal, regulatory, and legislative affairs and advocacy initiatives. From 1995 to 2003, he served as a member of the US House of Representatives from Texas. He previously worked as an investment banker in New York and Texas.

GFMA brings together three of the world’s largest financial trade associations to address the global regulatory agenda and to promote coordinated advocacy efforts. The three associations are: Afme; Sifma; and the Asia Securities Industry and Financial Markets Association (Asifma).

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