Markets Group Head Exits New York Fed

Michelle Neal is stepping down from her role as head of the Markets Group at the Federal Reserve Bank of New York, after just under three years in the seat, to take up a role in the private sector.

Neal is joining DLT-based payment solutions provider Fnality International as CEO, succeeding Rhomaios Ram, who has served in the role since May 2019. The firm says Ram will continue in an advisory capacity, offering continued support on product strategy, customer acquisition, and regulatory engagement.

Neal joined the New York Fed in early 2022 from an advisory role at DLT firm LedgerEdge, prior to which she was head of US FICC for Royal Bank of Canada, for two years, having moved from CEO of Markets at BNY Mellon, a role she held for almost four years. Prior to that Neal spent just under two years at Deutsche Bank as global head of listed derivatives, clearing and market structure, having moved from three-and-a-half years at Nomura, where she was global head of e-trading, listed derivatives and prime services. Neal’s first major role in the industry was as global head of e-markets and co-head of prime services at Royal Bank of Scotland, where she worked for just over six years.

The New York Fed says that Anna Nordstrom, head of the domestic and international markets function in the Markets Group, will serve as interim head until a successor is named. The central bank plans to launch a search in the new year

“Michelle has been a visionary and inspiring leader who drove change and accelerated progress during her tenure at the bank,” says John Williams, president and CEO of the New York Fed. “She 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. Michelle has been a key member of our executive committee, and I wish her well on the next chapter of her career.”

Neal adds, “It has been an honour to be part of the New York Fed and contribute to its public service mission. Serving alongside the dedicated team of individuals who comprise the Markets Group and the New York Fed more broadly has been a highlight of my career. I’m proud of the work we’ve done together and, in particular, I look forward to seeing FedTrade Plus become a reality in the coming year.”