federal reserve bank of boston

CBOE to Part Ways with Mark Hemsley, David Howson to Succeed as President of CBOE Europe

David HowsonCBOE (Chicago Board Options Exchange) Global Markets, US-based largest exchange holding company, revealed in a statement last Friday that it is parting ways with Mr. Mark Hemsely in 2020. As per the statement released by the firm, Mark is set to resign from the firm in February 2020 and will be cutting all ties with the firm. Mr. Mark Hemsely has been serving as President of CBOE Europe and Executive Vice President of CBOE Global Markets since 2017.

Mark joined CBOE when the firm acquired BATS Global Markets a firm formed by M&A between BATS Europe and Chi-X Europe in February of 2011. Before starting up Chi-X Europe in 2007, he served as Managing Director and Chief Information Officer at LIFFE and was also in charge of the firm’s market solutions group.

Mark’s retirement from the firm caps his extensive and distinguished career in European Capital Markets, given his instrumental role in transforming and shaping Europe’s equity market over the last decade. The statement also revealed that Mr. Hemsley is set to be succeeded by David Howson, who is currently serving as CBOE’s Chief Operating Officer and has held the role since 2013. 

Mr. Howson will acquire both the titles which are set to be vacated when Mr. Hemsley resigns from the firm, while his role as Chief Operating Officer is set to be reassigned to Mr. Tim Lipscomb who joined the firm last month from Bank of America Merrill Lynch.

Mr. Lipscomb is currently serving as Deputy COO at CBOE Europe. Both the executives who are receiving their promotions in February of 2020 are executives with more than two decades of experience serving in the financial services industry. Mr. Howson, like Mr. Hemsley, joined the firm during CBOE’s M&A of BATS Global Market and had also served at LIFFE similar to Mr. Hemsley.

During his term at CBOE so far, Mr. Howson has contributed considerably to growth of the firm having spearheaded the development and execution of some the firm’s most innovative product offerings namely – CBOE Periodic Auctions, CBOE LIS, and BXTR, which has become the largest trade reporting facility in Europe, and orchestrated the firm’s seamless implementation of MiFID II.

Mr. Lipscomb, who arrived at the firm earlier this year, spent the last two decades serving at Bank of America Merrill Lynch where he most recently held the role of Managing Director of EMEA Equities & Electronic Trading Technology. In his current role as Deputy COO, he is responsible for overseeing the firm’s software engineering, infrastructure, and operational teams and is a member of the CBOE Europe management team. 

Commenting on the changes set to take place in CBOE’s senior-level management team, Ed Tilly, Chairman, President and Chief Executive Officer of CBOE Global Markets said, “The entire CBOE organization is grateful for Mark’s vision, leadership and dedication to the company and we congratulate him on a well-deserved retirement. His passion for fair and efficient markets, drive to leverage trading and technology innovation to help benefit customers, and approachable leadership style has created a culture of success at CBOE Europe.

David’s appointment reflects a long-established succession plan, and he is ready to lead CBOE Europe. He has spearheaded the development and execution of some of our most innovative product offerings, is well-respected by our clients and trading community, and is a strong leader with sound judgement. The future of CBOE Europe is bright with David at the helm.” 

Commenting about his retirement, Mr. Hemsley said, “Announcing my retirement is bittersweet as the last 11 years have been the most rewarding of my career. I am proud to have worked with an outstanding team to help bring competition and innovation to European capital markets. Under David’s leadership, CBOE Europe is well-poised to continue this track record of success.

During his tenure at CBOE Europe, he has helped successfully guide CBOE Europe’s strategy and vision, delivered on the execution of many successful product launches and technology initiatives and built a strong team and culture. While I am looking forward to my retirement and spending more time with my wife and family, I will continue to closely follow the success of this great team and company”. 

Commenting on Mark’s retirement and his new role, Mr. David Howson said, “I’m honoured and excited to lead the talented team in Europe as we continue to execute on our longstanding strategy of bringing innovation and cost-efficient competition to the European marketplace. It’s been a pleasure to work closely with Mark over the years and I appreciate his easy-going nature and leadership. I look forward to working with CBOE’s executive leadership and the experienced team in Europe to continue to deliver on our blueprint for success”.