ITG Replaces CEO Gasser with Lilien, Discusses SEC Settlement
Jarrett Lilien, a member of the ITG board, will serve as interim CEO.
"We are very pleased that Jarrett has agreed to serve as interim CEO while we consider our options for a permanent CEO," said Maureen O'Hara, chairman of the board of ITG, in a statement. "With Jarrett and the remainder of the executive team we are in capable hands as we seek to ensure a smooth management transition."
Angélique DeSanto, formerly associate general counsel, was named general counsel.
ITG is in the midst of finalizing a potential settlement with the US Securities and Exchange Commission (SEC) Enforcement Division regarding a proprietary trading pilot program at an ITG subsidiary.
In ITG's preliminary Q2 earnings guidance report released last week, the firm stated it was keeping a reserve of $22.6 million pre-tax for a probable settlement with the SEC.
O'Hara provided an update on the process of the settlement as part of the announcement of Gasser's removal.
"The board of directors, with the assistance of outside counsel, concluded its independent review of the SEC matter at the end of last week," said O'Hara in a statement. "We hope to expeditiously finalize the settlement and to work with our customers, shareholders and employees to restore confidence in our company and its capabilities."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Esma won’t soften regulatory expectations for cloud and AI
CCP supervisory chair signals heightened scrutiny of third-party risk and operational resilience.
Esma supervision proposals ensnare Bloomberg and Tradeweb
Derivatives and bonds venues would become subject to centralized supervision if the proposed reforms go through.
Cyber insurance premiums dropped unexpectedly in 2025
Competition among carriers drives down premiums, despite increasing frequency and severity of attacks.
Market participants voice concerns as landmark EU AI Act deadline approaches
Come August, the EU’s AI Act will start to sink its teeth into Europe. Despite the short window, financial firms are still wondering how best to comply.
ICE to seek tokenization approval from SEC under existing federal laws
CEO Jeff Sprecher says the new NYSE tokenization initiative is not dependent on the passage of the US Clarity Act.
Why UPIs could spell goodbye for OTC-Isins
Critics warn UK will miss opportunity to simplify transaction reporting if it spurns UPI.
Re-examining Big Tech’s influence over the capital markets
Waters Wrap: A few years ago, it seemed the big cloud providers were positioning themselves to dominate the capital markets tech scene. And then came ChatGPT.
Pressure mounts on Asia to fall in line for T+1
With the US already on a T+1 settlement cycle, and the UK and EU preparing for the shift in 2027, there’s pressure for Asia to follow suit. But moving may involve more risks than expected.
