Michelle Neal is leaving the Federal Reserve Bank of New York, effective March 2025, for payment systems developer Fnality.
Neal has been an executive vice president and head of the markets group at the bank since 2022, a role which included providing capital market-related services to the US Treasury as its fiscal service agent, serving as primary issuer of government debt and managing Treasury auctions.
The New York Fed is currently searching for Neal’s permanent replacement. In the interim, Anna Nordstrom, head of domestic and international markets within the markets group, will take her place. Neal is moving to an advisory role in order to facilitate a smooth transition, the organisation said.
Prior to the Fed, Neal held a number of senior roles including head of US FICC and global head of senior relationship management at RBC Capital Markets, and senior executive vice president and CEO of markets at BNY Mellon, both in New York. Earlier, she was global head of listed derivatives, market clearing and market structure at Deutsche Bank, based in London.
On her departure, Neal commented: “It has been an honor to be part of the New York Fed and contribute to its public service mission. I look forward to seeing FedTrade Plus become a reality in the coming year.”
FedTrade Plus, announced in November, is an updated trading system that aims to provide improved resilience, security and efficiency through a simplified trade submission process. Its implementation is being phased, with repo and reverse repo operations moving to the new system in early 2025 and securities lending, Treasury outrights and mortgage-backed securities outright transitioning later in the year.
John Williams, president and CEO of the New York Fed, stated: “[Neal] has overseen significant initiatives—including the major technological investment in the Federal Reserve’s open market operations—to transform and innovate the critical work that we do.”
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