Tradeweb Markets Hires Ex-Bloomberg LP Devi Shanmugham to Head Compliance

Tradeweb Markets has announced the appointment of Devi Shanmugham as Global Head of Compliance, who will be fostering the firm’s compliance culture and relationships with regulators across the globe.

Reporting to Scott Zucker, Chief Risk and Administrative Officer, she joins Tradeweb from Bloomberg LP, where she was Chief Compliance Officer for Bloomberg Swap Execution Facility (SEF).

Scott Zucker, Chief Risk and Administrative Officer at Tradeweb Markets, commented: “With a network that includes clients in more than 65 countries and regulated trading platforms in North America, Europe and Asia, Tradeweb plays an increasingly important role as global markets become more electronified. Devi brings with her a breadth and depth of experience in some of the world’s most complex financial markets, and we are delighted to have her as part of the Tradeweb team.”

As mentioned above, Devi Shanmugham joined Tradeweb from Bloomberg LP, where she worked for six years. Prior to that, she was Assistant General Counsel at GFI Group and Assistant General Counsel at JPMorgan Chase Bank.

The first decade of her career was spent representing corporate clients for Harris Beach PLLC; Schiavetti, Corgan, Soscia, DiEdwards & Nicholson; and Hughes Hubbard & Reed.

Tradeweb, which has reported a significant increase in volumes in the month of June 2021, appointed Dan Cleaves as a Managing Director in its Dealerweb wholesale unit.

The executive move took place in July and saw Mr. Cleaves leading the strategy and development of the Dealerweb Central Limit Order Book (CLOB) recently acquired from Nasdaq.

Dan Cleaves used to be CEO of BrokerTec Americas with oversight of all global fixed income products, having also served as Global Head of Product for EBS and BrokerTec as well as Head of U.S. Sales for BrokerTec.

Earlier this month, Boerse Stuttgart announced the integration of Tradeweb’s live streaming prices for US corporate bonds on Boerse Stuttgart’s bond order book.

The deal is expected to enhance investors’ access to liquidity by leveraging Tradeweb’s US odd-lot bond pricing, which in turn will increase quotation quality and depth within the hybrid market model of Boerse Stuttgart. Buyers and sellers of US dollar-denominated bonds are expected to reach a better execution rate while reducing their execution costs.