IntercontinentalExchange, an operator of global regulated futures exchanges, clearing houses and OTC markets, announced changes to the management team within its Creditex business. Creditex is a global interdealer broker for credit default swaps (CDS) and is a wholly owned subsidiary of ICE.
ICE appointed Grant Biggar as president of Creditex. Biggar was previously managing director at Creditex, where he led the European and Asian businesses since joining the company in 2000. Biggar will replace John Grifonetti, president and chief operating officer of Creditex, who is pursuing other opportunities. Grifonetti played an instrumental role in building Creditex and in facilitating its integration into ICE. ICE also appointed Sophia Corona as chief operating officer of Creditex. Corona joined Creditex in 2007 as chief financial officer and played a leadership role in realising synergies between Creditex and ICE.
Sunil Hirani, senior vice president and corporate development officer, who co-founded Creditex in 2000 and served as its chief executive officer until the company’s sale to ICE in 2008, will depart to pursue other opportunities. Hirani will continue as an advisor to ICE. Since the acquisition of Creditex in August 2008, he has been instrumental in the in the integration of Creditex into ICE and in the execution of ICE’s CDS strategies.
Said ICE chairman and CEO Jeffrey Sprecher: “We are pleased to elevate Grant and Sophia as key contributors in our credit brokerage business. Based on our successful partnership in supporting the evolution the CDS space, I want to thank Sunil for his contribution to our achievements over the past year. His industry insights have been invaluable as ICE has established its leadership position in the CDS markets. On behalf of the ICE team, I want to express our appreciation to both John and Sunil for their efforts in integrating Creditex’s business, and wish them the very best in their future endeavours.”
Said Hirani: “Jeff and I have known each other for many years. We were both convinced that a merger of our companies would combine the innovation and expertise necessary to address the challenges that faced the CDS marketplace. With the integration of the businesses largely complete, a leadership position in CDS clearing established, and the continuity provided by the appointments of Grant and Sophia, it has allowed me to move on to pursue other interests with entrepreneurial ventures. I look forward to continuing my close relationship with Jeff and ICE, and will provide whatever support I can to enable their continued success.”
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