ASX has welcomed Darren Yip as its new group executive for markets, the largest business among its four divisions.
Mr Yip has over two decades of experience in global financial markets with a background in prime brokerage and equity markets, most recently serving as Morgan Stanley’s managing director and co-head of prime brokerage, Asia-Pacific, from 2013 to 2021.
Here, he was responsible for a multi-billion dollar balance sheet that involved significant liquidity management as well as capital and resource optimisation.
Prior to that, Mr Yip worked across Morgan Stanleys’s delta one structured products between 2000 and 2013, being promoted as head in 2009.
His appointment follows the promotion of Helen Lofthouse to the role of chief executive officer last August. Ms Lofthouse had previously held the position of group executive, markets, and had been seeking to fill the position since her transition last year.
She welcomed Mr Yip to ASX, commenting: “I am delighted to have found a seasoned executive who can bring great customer insights and international best practice to join our leadership team.
“Darren’s collaborative approach, deep markets knowledge, sound risk management skills, and ability to galvanise change within industry regulations will add further depth to a highly capable markets leadership team,” she added.
Ms Lofthouse additionally thanked ASX’s two acting markets co-heads, Jamie Crank and Fiona Tramontana, for their “leadership and dedication as we’ve searched for a replacement”.
“Both Jamie and Fiona will remain on the markets leadership team as they return to their GM roles leading the trading and rates teams, respectively.”
Last month, ASX reported a statutory profit after tax of $73.6 million for the first half of the 2023 financial year, a 70.6 per cent fall on the same period a year ago, impacted by the CHESS derecognition charge of $176.3 million announced by the market operator last year.
In its half-year results, ASX said that it had delivered “resilient financial performance” driven by steady operating revenue of $499.5 million (-0.4 per cent), while underlying net profit after tax of $250 million was broadly in line with the previous period (-0.1 per cent).