NYSE Hires Senate Agriculture Staffer To Lobby On Derivatives
NYSE Euronext (NYX) has hired a Senate Agriculture Committee
Republican staffer as a lobbyist in the latest move by an exchange
to add people with expertise on the Dodd-Frank financial law to its
Dawn Stump, who served as a legislative adviser to the
committee's ranking Republican, Saxby Chambliss (R., Ga.), will
begin working as the new vice president for government affairs at
NYSE on Monday, according to representatives for the committee and
NYSE. In her new role, she will lobby on behalf of NYSE Euronext's
growing derivatives business, a focus of Chief Executive Duncan
NYSE Euronext, which owns the New York Stock Exchange, has
sought to expand its business in derivatives. It operates NYSE
Liffe U.S., a futures exchange. It's also currently awaiting
approval from the Commodity Futures Trading Commission and other
regulators to launch New York Portfolio Clearing, a joint venture
with the Depository Trust & Clearing Corp. that will handle
The CFTC is overseen directly by the Agriculture Committee and
won broad new powers in the Dodd-Frank law to regulate the
over-the-counter derivatives market. It also received some enhanced
authorities to patrol the futures market as well.
NYSE is the latest in a string of exchanges to hire either
Capitol Hill staffers involved in Dodd-Frank or employees from the
regulatory agencies tasked with implementing the law.
This week, the International Securities Exchange (ISE) hired
Rep. Gary Ackerman's (D., N.Y.) legislative director Steve Boms.
Boms handled Ackerman's affairs for his work on the House Financial
Services Committee and specialized in provisions on credit-rating
agencies and investor protection.
Eris Exchange, a new interest-rate swap futures platform backed
by high-speed trading firms, also recently hired Stephen Humenik to
head up legal and regulatory affairs. Humenik worked as an adviser
to Republican CFTC Commissioner Scott O'Malia on issues pertaining
In April meanwhile, IntercontinentalExchange (ICE) hired Peter
Roberson, a staffer for House Financial Services Committee Chairman
Barney Frank (D., Mass.). Roberson played a key role in crafting
the Dodd-Frank legislation, which has provisions that will likely
benefit the large electronic exchange.
That particular case drew an unusual public rebuke from Frank,
who denounced the hiring and barred his staffers from discussing
financial regulatory policy with Roberson. The transition that
Roberson and these other staffers have made from the government to
the financial industry, however, is quite common.
Senate rules will subject Stump to a one-year "cooling off"
period before she can lobby any members of the Agriculture
Committee or members' staff.
A spokesman for NYSE replied to requests to speak with Stump and
confirmed she would be starting next week.
-By Sarah N. Lynch, Dow Jones Newswires; 202 862 6634;