Newedge Boosts OTC Clearing Business With Gionfriddo Hiring

Newedge, the futures commission merchant (FCM) for Societe Generale, has appointed Nick Gionfriddo as head of OTC clearing sales for North America, within its prime services business.
By Joe Parsons(2147488729)
Newedge, the futures commission merchant (FCM) for Societe Generale, has appointed Nick Gionfriddo as head of OTC clearing sales for North America, within its prime services business.

He will be based in New York and will work closely with his U.K. counterpart, Jamie Gavin, who joined Newedge in September. Gionfriddo will report to Adam Cohen, global head of institutional sales.

He joins from CME Group where he was a senior director on the OTC products team, providing services across rates, credit and FX to institutional clients.

Gionfriddo joins the firm at a difficult time for banks active in the OTC derivatives market, as new capital and collateral rules is making it more expensive for asset managers and hedge funds to invest in interest rate and credit default swaps.

However, with BNY Mellon and most recently State Street closing their OTC clearing business in the U.S., Newedge could capitalize as it looks to win the former clients of the exiting banks.

“As the industry continues to shift and markets become more transparent, it is incumbent on service providers to enhance their OTC Clearing capabilities to remain relevant to clients’ needs,” says Cohen.

“The knowledge and experience Nick brings positions our firm well to add value and offer clients a unique perspective on the issues they face and the growing choice of products and services on offer.”

As well as CME Group, Gionfriddo has more than 11 years of derivatives clearing experience, in which he was also a member of the UBS Securities Futures and OTC clearing sales desk, and managed the U.S. client solutions team.

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