Mary Jo White to step down as SEC chief

December 15, 2016 09:00 AM
Securities and Exchange Commission Chair Mary Jo White will step down as chair of the nation’s Wall Street overseer in January.

Securities and Exchange Commission Chair Mary Jo White will step down as chair of the nation’s Wall Street overseer in January, setting the stage for a potential conservative shift in the regulator’s leadership under the incoming Donald Trump administration. 

White, a New York attorney and former federal prosecutor, made the announcement Monday, signaling a close to a nearly four-year tenure in which she championed aggressive enforcement and helped achieve approval of many post-financial crisis reforms required by the 2010 Dodd-Frank Wall Street Reform and Financial Protection Act.  White took office in April 2013.


CME Group CEO Phupinder Gill has informed CME that he is retiring as of Dec. 31, 2016.  Gill a 28-year veteran of CME Group, has served in numerous roles during his tenure and was named CEO in 2012. He had several years left on his contract. “Phupinder Gill has dedicated the majority of his career to the futures industry, and has played a valuable role in helping CME achieve dynamic global expansion, developing a strong growth strategy, creating a strategic sales team structure and establishing a customer-focused orientation across the organization,” said CME Group Chariman Terry Duffy, who will assume the expanded role of Chairman and CEO. Bryan Durkin, who is currently Chief Commercial Officer, has been named President of CME Group. 

CME Group and Duco Technologies, a global fintech provider of data control services, announced that Duco’s data control and reconciliation services will be available to CME Group member firms starting January 2017. The launch follows a six-month trial period with a limited number of futures commission merchants.

Also, CME Group declared a fourth-quarter dividend of $0.60 per share, payable Dec. 28, 2016, to shareholders of record as of Dec. 9, 2016.


CBOE Vest, an investment manager focused on Target Outcome Investment strategies, launched the CBOE Vest Defined Distribution Strategy Fund (VDDIX), which seeks to generate consistent monthly distributions, non-correlated to equity or bond markets, of 5.25% annualized over the one-month Treasury yield, before fees and expenses, while preserving capital over the long term. VDDIX is the second mutual fund launched by CBOE Vest, following the August launch of the CBOE Vest S&P 500 Buffer Protect Strategy Fund (BUIGX).


IEX, the Investors Exchange, announced that Sara Furber, previously managing director at Morgan Stanley, has joined the company as Head of Listings. In this role, she will lead IEX’s effort to launch the first ever buyside-backed listings exchange for U.S. companies, establishing the only listings alternative for corporate clients without the conflicts of rebates, co-location and proprietary data revenue streams.


Nasdaq Inc. announced that Adena Friedman will replace Robert Greifeld as CEO of the global exchange operator on Jan. 1, 2017. Friedman joined Nasdaq more than 20 years ago as an intern and is now set to become the first female CEO in the history of the exchange. The move has largely been projected for years as part of Greifeld’s plan to overhaul Nasdaq’s management as he prepared for retirement. Friedman’s appointment last year to become Nasdaq’s chief operating officer all but cemented the succession plan to the market.

ABN Amro 

ABN Amro said it has chosen Kees van Dijkhuizen, the current Chief Financial Officer who helped the Dutch bank through its privatisation, as Chief Executive Officer to succeed Gerrit Zalm. Van Dijkhuizen joined ABN in 2013 and helped in its initial public offering of shares last year. Zalm, the former Dutch finance minister who took over ABN in 2009 after its nationalisation in the wake of the global financial crisis, announced in September his intention to step down.

Open Outcry

Open Outcry welcomes letters from our readers…

Our special election issue resulted in the most feedback that we have ever received from our readers. The following is a reader’s response to the November 2016 (Closing Tick) commentary, “Why Capitalists Must Vote for Clinton” by Jonathan Hoenig…

I have been a big fan of Mr. Hoenig for many years [but]. I was extremely disappointed to read “Why capitalists must support Clinton.” Mr. Hoenig is obviously a genius investment manager, but given his living in Chicago his entire life, I am astounded that he would take the position that “when Clinton’s socialist policies fail, as they will, her socialist ideas will rightfully be denounced.” Socialist policies have been failing this country since the 60’s starting with Johnson’s “Great Society.” Mr. Hoenig surely has witnessed the absolute failure of socialist policies in Chicago over the last five decades, yet the people of Chicago continue voting for the same policies that have brought that once beautiful city to the brink of disaster, including the dubious title of murder capital of the U.S.

Mr. Hoenig, you need to go back down there to the University of Chicago and reread “The Road to Serfdom,” because we are well on our way, and with four more years of the same, Capitalism in this country will be unrecoverable in our generation, if ever. Donald Trump is the best answer we now have to counter the Left’s destructive agenda.

Best Regards, 
Mark Sarchet
Irvine, Calif. 

Reader’s responses to the November 2016 (Opening Bell) commentary, “The Elephant in the Room” by Daniel P. Collins, our editor-in-chief…

In “The Elephant in the Room” you wrote “However, being willing to refer to whole groups of people as rapists is simply a slur, not a lack of political correctness.” But of course you know that Donald Trump never said that any whole group was comprised of only rapists. 

Currently, if someone is caught crossing the border illegally, they are arraigned and set a court date to return for a hearing. Over 90% never show up for the hearing -- a second law broken. If you like I can have some of my friends give you a tour of what is really happening on the border. And what is happening on the border is coming to neighborhood near you real soon if that wall isn’t built. You may want to search Falcon Lake Murders, Los Zetas, Kate Steinle, Kayla Gomez Orozco and the MS-13 gang.

So my point is the people coming across the Mexican border are not all bad, but there are a lot of bad ones mixed in with the good ones. The good ones are still illegal.
Thank you for giving me the opportunity to vent. The article on MACD was good.

Keith Hilliard
Tyler, Texas

Since it is an “editorial” I suppose you should be given some license to speak your mind. However, your bias leans more in favor of the New York Times’ version of liberal talking points…when referring to Mr. Trump. 

Examples are “called for actions that constitute war crimes”, “encouraged physical violence at campaign events” “referring to whole groups of people as ‘rapists’” to name a few, are totally out of context and not accurately quoted. Since we now know that the violence at the Trump rallies was paid for by Democratic operatives that must make you feel a bit like you have been duped! Since Trump did not say any whole group consisted of rapists, but actually said the group included them, I guess the Clinton campaign website gave you those many out-of-context tidbits. 

At least your magazine cover shows the caricatures truly, with Hillary and her piles of baggage. Guess we’ll see on Nov. 8 just how mad the masses are at the status quo of lies, wasteful spending and arrogance of the “elite”.

Best wishes, 
Randall Jones
Chattanooga, Tenn.

Randall, you make a valid point that many of the media and electorate (all too willingly) were duped by the dirty tricks employed by sleazy Democratic operatives (Foval & Creamer) which ultimately incited violence at some Trump rallies. We will likewise concede that our editor’s opinion piece articulated a left-of-center assessment of Mr. Trump--which a small majority of voters concurred with on Election Day. But I certainly don’t see how you could challenge Collins’ contention that Mr. Trump’s pre-election rhetoric (targeting the families of terrorists, support of torture and tough talk toward hecklers at rallies, etc.) was often divisive and charged. 

Those concessions aside, you would be wrong to paint our editorial board at Modern Trader with a left-leaning brush. We are unique as a media company in that our opinion leadership is truly politically diverse, comprised of left, right, middle and libertarian sensibilities. You can also be assured that we will continue to value diversity in discourse and curate commentary from contributors across the political spectrum. 

Jeff Joseph, Publisher

About the Author

Jeff Joseph is the CEO of The Alpha Pages, the parent company of Modern Trader magazine.
E-mail him at or find him on Twitter @alphapagesceo and @venturepopulist.