Birley to Leave NYSE Euronext After Three Months at Firm
Patrick Birley, chief commercial officer of NYSE Euronext (NYX)’s new clearinghouse in London, will leave the exchange after three months at the firm.
Robert Rendine, a spokesman for NYSE in New York, confirmed his departure when contacted by phone today, declining to comment further. NYSE Euronext named Birley, 47, to the job on July 4 as the biggest U.S. exchange operator pressed ahead with plans to open a U.K. clearinghouse next year.
Birley was previously at London Stock Exchange Group Plc (LSE), leaving Europe’s oldest independent bourse after 11 months, according to his LinkedIn profile. He served as chief executive officer of the European Climate Exchange and LCH.Clearnet Ltd., Europe’s largest clearinghouse.
NYSE Euronext, operator of the New York Stock Exchange and markets in Paris, Amsterdam, Lisbon and Brussels, is restructuring after more than a year’s work on a failed merger with Deutsche Boerse AG. (DB1)
Alan van Griethuysen, business chief of the Benelux region and Asia, left NYSE Euronext in September after 33 years. Garry Jones, head of global derivatives at NYSE and chief executive officer of Liffe, departed at the end of June. James Brown, head of U.K. business development for the Equity Derivatives and OTC Services division of NYSE Liffe, and account managers Tina Staples and Stuart Lorberg, are also leaving, three people familiar with the situation said today.
NYSE faces increasing competition in derivatives. CME Group Inc. (CME), owner of the world’s biggest futures exchange, plans a market for the securities in London by the middle of 2013. Nasdaq OMX Group Inc. (NDAQ), the second-largest U.S. equity-exchange operator, will start a derivatives platform in the U.K. and London Stock Exchange Group Plc is seeking to expand after purchasing a stake in LCH.Clearnet.
NYSE executives meeting with shareholders on April 2 pledged $250 million in annual savings by the end of 2014 and said a stock buyback will be completed this year. NYSE also said a program known as Project 14 will cut costs by about $90 million from technology and “organizational efficiency.”
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