April 2005 to June 2009 Chief Executive Officer of the Bond Exchange of South Africa
April 2004 –Mar 2005 General Manager in charge of Risk & Regulation for the BondExchange of South Africa.
Bond Exchange of South Africa (and Johannesburg Stock Exchange)
Head Interest Rate Division (Jul 2009 - Sep 2009): After the successful take over of the Bond Exchange by the Johannesburg Stock Exchange (JSE), I was asked to remain on for an additional three months to direct the development of a new interest rate strategy for the newly merged businesses and to integrate the two interest rate businesses. At the time that the offer was made I had already indicated my intention to not renew my contract at the end of 2008 as I was planning to move to Europe; at the request of my board I extended my contract until the end of June 2009.
Prior Role – Chief Executive Officer: Was initially appointed as CEO on a one-year contract, which contract was extended by an additional three years after being selected during an executive search process. My brief has been to redevelop and then drive the delivery of BESA’s strategic plan. This involved re-positioning the exchange externally and restructuring the exchange internally – driving a client-centric commercial ethic.
At the Bond Exchange we redevoped the strategy which identified a lack of capital and infrastructure as critical weaknesses in the exchange. Accordingly I led the demutualisation and subsequent capitalisation of the exchange, which raising of capital involved the introduction of international strategic partners. Simultaneously, we designed a clearing solution for the South African fixed income market and finalised a partnership with NASDAQ OMX to jointly provide clearing services into the domestic market.
My activities included:
- Redeveloping the strategic plan taking account of the domestic market and trends, the international market and trends, and the general evolution of exchanges.
- Restructuring the Exchange to focus on delivery, which included the establishment of a sales function, developing a resource plan, restructuring certain reporting lines, and staffing according to the new plan and structure
- Transforming the Exchange, not only in terms of employment equity, but at a leadership level, bringing a new culture of delivery and accountability
- Repositioning the Exchange, in terms of both public profile and with stakeholders and members
- Diversifying the revenue in line with the revised strategy
- Developing a clearing solution for the Bond Market, and
- Demutualising and recpaitalising the exchange
I was a frequent speaker at conferences, both domestically and abroad, on matters relating to exchanges, financial markets and market development. I was additionally invited to participate on a working committee of the Bank for International Settlement Working Group on Emerging Market Financial Stability (relating to emerging markets’ domestic bond markets).
Previous Role – General Manager – Risk & Regulatory: I was initially appointed on contract to a newly created position in charge of the Risk and Regulatory Division of the Bond Exchange. The role and the division were both newly created, and therefore I was required to scope the departments, hire the necessary staff and implement my recommendations. As part of my contract I was also required to identify, hire and, if necessary, mentor an affirmative action candidate into my role as General Manager.
My activities included:
- Re-scoping and implementing the surveillance function
- Designing and implementing a risk management solution for the market
- Restructuring and then implementing the (restructured) Guarantee Fund
- Acting General Counsel to the Exchange
- Being in charge of the outputs of the executive management team (similar in function to a COO)
- Being the primary interface with the Financial Services Board on regulatory issues
Triodos Renewable Energy for Development Fund
Triodos is a small Netherlands-based bank that operates on the Steiner Principles. As part of the activities of the bank they have a number of development initiatives, one of which I was appointed to represent in Southern Africa. The fund is funded, inter alia, by Triodos, the Ford Foundation, the Government of the Netherlands and the Swiss Government. My role was to identify projects in need of funding, perform the financial analysis and make recommendations to the fund. Once an investment had been made, I then had a watching brief to ensure that the funds were applied in terms of the funding arrangement, and to facilitate the repayment of the funds upon the termination of the projects. All projects were development projects and had an element of social upliftment. I also performed similar work for the International Finance Corporation (IFC) for one of their environmental benefit funds.