TMX Group Ltd. (TSX:X) Friday announced the appointment of Jean Desgagne as president and CEO of The Canadian Depository for Securities Ltd. (CDS), Canada’s national securities depository, clearing and settlement hub for equity, fixed income and money markets.
Through its subsidiary, CDS Clearing and Depository Services Inc., CDS holds over $4 trillion on deposit and annually handles over 374 million domestic transactions and over 41 million cross-border transactions with the U.S.
Desgagne, whose appointment will take effect on February 19, will join TMX Group’s executive management committee and will be an officer of TMX Group. He replaces Ian Gilhooley, who retired on Dec. 31, 2012.
“Jean brings deep expertise in risk management along with broad capital markets operations experience to this critical role,” said Tom Kloet, CEO of TMX Group, in a release.
Desgagne joins CDS from TD Bank Group, where he most recently served as senior vice president, trading risk services, with responsibility for the independent oversight of valuation, market risk, liquidity and collateral for TD’s global trading business. Prior to TD, he held increasingly senior positions at some of Canada’s leading financial institutions in areas such as treasury operations, technology, trading support and risk management.
Desgagne is a Chartered Accountant and a graduate of the University of Ottawa. He currently serves on the board of the Jean Tweed Centre and has been active in a number of other community organizations. He is a member of the President’s Advisory Council for the University of Ottawa and was awarded the Trudeau Medal by the Telfer School of Management and the Queen’s Jubilee Medal in 2002 in recognition of his community service.