UPDATE: Ex-Chicago Board Of Trade CEO Dan Joins Sun Trading
December 02 2010 - 2:08PM
Dow Jones News
Bernard Dan, the former head of the Chicago Board of Trade and
brokerage company MF Global Holdings (MF), has joined the
proprietary trading firm Sun Holdings LLC as president.
The move sees Dan, a major figure in listed derivatives markets,
rejoin the financial services industry eight months after departing
MF Global for personal reasons.
Chicago-based Sun Holdings, which has its headquarters a few
blocks from the historic Chicago Board of Trade building, is parent
of Sun Trading, a registered U.S. broker-dealer focused on market
making activities across a range of asset classes. The
eight-year-old firm, founded by former Chicago Board Options
Exchange trader Jeff Wigley, uses algorithm-driven electronic
trading strategies and also maintains a London arm.
"We are pleased to have Bernie join our management team as
president of Sun Holdings LLC," said Wigley in a statement
Thursday. "He brings a breadth of experience in financial markets
and leadership to our organization."
Dan, 49, declined to comment on his responsibilities as
president.
Joining Sun this week, Dan represents the most recent in a
string of exchange executives joining privately held trading
groups. Getco LLC, another Chicago-based electronic trading firm,
this year has hired two senior NYSE Euronext (NYX) executives to
round out operations on the New York Stock Exchange floor and in
Europe.
In 2009, several high-level trading executives at Nasdaq OMX
Group Inc. (NDAQ) departed to join New York-based trading
houses.
Dan, who led the CBOT from 2002 until its 2007 merger with CME
Group Inc. (CME), already served as an advisory board member for
Sun Trading.
The new position reunites Dan with Christopher Malo, formerly
the CBOT's head of business development, who joined Sun in June
2008 as chief financial officer.
Dan left the 150-year-old Chicago Board of Trade shortly after
its July 2007 takeover by crosstown rival CME, an $11.3 billion
deal that helped vault the combined CME Group to its current
position as the world's largest derivatives exchange operator by
volume.
Prior to leading the CBOT, Dan for 16 years was president and
CEO of Cargill Investor Services, the futures and commodity
brokerage arm of the agribusiness company.
In June 2008 he was brought aboard MF Global, among the biggest
futures brokers globally, to help stabilize the company following a
rogue trading scandal that wiped out more than 90% of MF Global's
market value and prompted a dilutive refinancing.
Dan took on the top role at MF Global the following October upon
the exit of former CEO Kevin Davis, and presided over efforts to
strengthen risk management and diversify the firm into areas like
asset management and prime dealing in U.S. Treasury auctions.
His tenure there ended in late March of this year with an abrupt
resignation for personal reasons, and his replacement by Jon
Corzine, the former New Jersey governor and Goldman Sachs Group
Inc. (GS) chairman. Corzine, who seeks to build MF Global into a
full-fledged investment bank, has continued many of Dan's expansion
projects.
-By Jacob Bunge, Dow Jones Newswires; 312-750-4117;
jacob.bunge@dowjones.com
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