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
Why source code access is critical to DORA compliance
As DORA takes hold in EU, Adaptive’s Kevin Covington says that it is shining a light on the criticality of having access to source code.
Nasdaq’s blockchain proposal to SEC gets mixed reviews from peers
Public comment letters and interviews reveal that despite fervor for tokenization, industry stakeholders disagree on its value proposition.
FCA files to lift UK bond tape suspension, says legal claims ‘without merit’
After losing the bid for the UK’s bond CT, Ediphy sued the UK regulator, halting the tape’s implementation. Now, the FCA is asking the UK’s High Court to end the suspension and allow it to fight Ediphy’s claims in parallel.
Treasury market urged to beef up operational resilience plans
NY Fed panel warns about impact of AI and reliance on critical third parties.
Technology alone is not enough for Europe’s T+1 push
Testing will be a key component of a successful implementation. However, the respective taskforces have yet to release more details on the testing schedules.
Waters Wavelength Ep. 338: BBH’s Mike McGovern
This week, Mike McGovern of Brown Brothers Harriman talks with Tony about the importance of open architectures and the need for better data management in this increasingly AI-driven world.
Plaintiffs propose to represent all non-database Cusip licensees in last 7 years
If granted, the recent motion for class certification in the ongoing case against Cusip Global Services would allow end-user firms and third-party data vendors alike to join the lawsuit.
S&P shutters NMRF solution amid audit questions
Vendors face adverse economics due to a low number of IMA banks and prospects of regulatory easing.
