ICE Announced Management Changes in Creditex CDS Business

IntercontinentalExchange announced changes to the management team within its Creditex business.

ICE appointed Grant Biggar as president of Creditex, the global interdealer broker for credit default swaps (CDS) and a wholly owned subsidiary of ICE. Biggar was previously managing director at Creditex, where he lead the European and Asian businesses since joining the company in 2000. Biggar will replace John Griffonetti, president and COO of Creditex, who is pursuing other opportunities. Grifonetti played a key role in building Creditex and in facilitating its integration into ICE, according to the release. ICE also appointed Sophia Corona as COO of Creditex, who joined the IDB in 2007 as CFO and played a leadership role in realizing synergies between Creditex and ICE.

Sunil Hirani, SVP and corporate development officer, who co-founded Creditex in 2000 and served as its CEO until the company’s sale to ICE in 2008 will depart to pursue other opportunities. Hirani will focus his professional energies on small to medium-sized entrepreneurial ventures. Hirani will continue as an advisor to ICE. Since the acquisition of Creditex in August 2008, he has been instrumental in the integration of Creditex into ICE and in the execution of ICE’s CDS strategies, according to ICE In the release.

In a statement ICE Chairman and CEO Jeffrey Sprecher, said he was pleased to elevate Grant Biggar and Sophia Corona as key contributors in the credit brokerage business. “Based on our successful partnership in supporting the evolution of the CDS space,” Sprecher went on to thank Hirani for his contribution to ICE’s achievements over the past year. “His industry insights have been invaluable as ICE has established its leadership position in the CDS markets,” stated Sprecher. He also expressed appreciation to both Grifonetti and Hirani for their efforts in integrating Creditex’s business and wished them the best in their future endeavors.

Hirana stated: “Jeff and I have known each other for many years. We were both convinced that a merger of our companies would combine the innovation and expertise necessary to address the challenges that faced the CDS marketplace. With the integration of the businesses largely complete, a leadership position in CDS clearing established, and the continuity provided by the appointments of Grant and Sophia, it has allowed me to move on to pursue other interests with entrepreneurial ventures.”

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