Neal Named as New York Fed Markets Head
Posted by Colin Lambert. Last updated: January 20, 2022
Michelle Neal has been appointed head of the Markets Group at the Federal Reserve Bank of New York; she will also become a member of the bank’s executive committee.
Currently CEO of US operations at LedgerEdge, a distributed ledger technology-powered trading platform initially focused on corporate bonds that she joined in July 2021, Neal will join the New York Fed in March, just over a year after her predecessor, Daleep Singh resigned to join the new Biden Administration.
Prior to LedgerEdge, Neal was head of the US FICC business at RBC Capital Markets for just over two years, having joined the bank from BNY Mellon, where she was CEO of Markets for almost four years. She has also held senior markets positions at Deutsche Bank, Nomura and Royal Bank of Scotland.
“Michelle brings extensive experience leading and operating organisations focused on innovation in financial markets,” says John Williams, president and CEO of the New York Fed. “As head of Markets, she will play a critical leadership role, collaborating across the bank to deliver on the New York Fed’s mission, while exemplifying our values. I look forward to working with her as part of our leadership team.”
The Markets Group’s key activities include implementing market operations consistent with FOMC authorisation and directives, monitoring and analysing global financial market developments, and executing lender of last resort operations and collateral valuation services. They also include providing financial services for foreign and international monetary authorities and providing capital market-related services to the US Treasury as its fiscal agent.
“I’m honoured to join the New York Fed and contribute to its public service mission,” says Neal. “Given today’s rapid evolution in financial market structure, I’m excited for the opportunity to work with the Markets team and leverage their expertise to best position the bank to execute in this unique environment.”