(Bloomberg) — NYSE Group Inc. has hired Vanguard Group Inc. veteran Doug Yones to oversee exchange-traded products.
Yones starts Nov. 3 in the newly created role,according to Sara Rich, a spokeswoman for NYSE, a unit of Intercontinental Exchange Inc. Laura Morrison, who had previously overseen ETPs as well as the index business, left for Bats Global Markets Inc. in April. Yones spent 17 years at Vanguard, most recently as leader of its domestic equity indexing and exchange-traded fund product management, according to a statement.
We look forward to leveraging his extensive background in ETFs and other exchange-traded products in order to continue to provide issuers with superior market quality for the trading of their ETPs, Tom Farley, NYSE president, said in the statement.
NYSE has offered more than 200 new ETPs this year, including ETFs, the company said in the statement. NYSE Arca, one of the companys exchanges, accounts for more than 85 percent of ETPs and more than 90 percent of total industry assets. The narrow price bands used by the exchange for opening securities was one of the issues discussed by industry participants looking into reasons for the market turmoil of Aug. 24. On Sept. 4, Arca filed to widen the price bands it uses at the market open.
