TMX picks former TD exec to head Canadian Depository for Securities

Fri Jan 18, 2013 2:29pm EST
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* Jean Desgagne is former VP of TD's trading risk services

* Exec to start new role Feb. 19, replacing Ian Gilhooley

* CDS clears and settles securities transactions in Canada

TORONTO, Jan 18 (Reuters) - Toronto Stock Exchange operator TMX Group Ltd said on Friday it hired former Toronto-Dominion Bank executive Jean Desgagne to head the Canadian Depository for Securities Limited (CDS), its latest step to integrate the clearinghouse it combined with last year.

Desgagne, who steps in on Feb. 19, was senior vice president of Trading Risk Services at the Canadian bank. He will replace Ian Gilhooley, who retired at the end of 2012.

At TD, Desgagne was responsible for the oversight of valuation, market risk, liquidity and collateral for the bank's global trading business.

CDS, which settles and clears securities transactions in Canada for equity, fixed income and money markets, holds over C$4 trillion ($4.03 trillion) on deposit and processes more than 374 million domestic transactions each year. It handles another 41 million cross-border transactions with the United States.

The clearinghouse, which was jointly owned by a number of Canadian financial institutions, was folded into TMX last year when a consortium of some of the country's biggest banks, pension funds and insurers successfully took over the exchange operator in a C$3.8 billion deal.