TMX Group names Jean Desgagne CDS head
Date: Jan 22, 2013
Categories: Markets & Exchanges
Keywords: TMX Group, Jean Desgagne, CDS
Toronto, January 18th 2013 - TMX Group Limited today announced the appointment of Jean Desgagne as President and Chief Executive Officer of The Canadian Depository for Securities Limited (CDS), Canada's national securities depository, clearing and settlement hub for equity, fixed income and money markets. Through its subsidiary, CDS Clearing and Depository Services Inc., CDS holds over $4 trillion on deposit and annually handles over 374 million domestic transactions and over 41 million cross-border transactions with the U.S. Mr. Desgagne, whose appointment will take effect on February 19, 2013, will join TMX Group's executive management committee and will be an Officer of TMX Group Limited. He replaces Ian Gilhooley, who retired on December 31, 2012.
Tom Kloet, Chief Executive Officer of TMX Group said: "Jean brings deep expertise in risk management along with broad capital markets operations experience to this critical role. An accomplished leader with a solid track record of success driving change, Jean will complete CDS's integration with TMX Group and work with a broad and highly talented leadership team to deliver enhanced capabilities and value for our customers."
David Wood, Chair of the CDS Board of Directors said: "We are very pleased to have attracted a leader of Jean's experience and demonstrated skills to guide CDS. As CDS focuses on the introduction of new value-added products and services to the market, he will help us to achieve our full potential as a business for the benefit of staff, customers and stakeholders."
Added Mr. Desgagne: "CDS has been a reliable and effective provider of critical infrastructure to Canada's capital markets. I look forward to working with my new colleagues to further strengthen the organization, expand the offering and drive new innovation for the benefit of our participants and stakeholders."
Mr. Desgagne joins CDS from TD Bank Group, where he most recently served as Senior Vice President, Trading Risk Services, with responsibility for the independent oversight of valuation, market risk, liquidity and collateral for TD's global trading business. Prior to TD, he held increasingly senior positions at some of Canada's leading financial institutions in areas such as treasury operations, technology, trading support and risk management. Mr. Desgagne is a Chartered Accountant and a graduate of the University of Ottawa. He currently serves on the Board of the Jean Tweed Centre and has been active in a number of other community organizations. He is a member of the President's Advisory Council for the University of Ottawa and was awarded the Trudeau Medal by the Telfer School of Management and the Queen's Jubilee Medal in 2002 in recognition of his community service.
Re-disseminated by The Asian Banker