Management roles in European stock exchanges are increasingly occupied by women. In turn, the London Stock Exchange and the Luxembourg Stock Exchange recently announced their new CEO appointments for 2021.
On December 7th, the London Stock Exchange named Julia Hoggett as their newly appointed CEO. She was previously Director of Market Oversight at the Financial Conduct Authority, the UK’s financial regulator. Hoggett will take office when Brexit truly comes into effect and will have to ensure that the attractiveness of the London Stock Exchange is preserved. Hoggett must also promote the UK government’s plan to make London a green financial center. “Clean and transparent markets are the underpinning of a vibrant and dynamic marketplace and will remain a huge focus," said Hoggett.
A former member of the HLEG on top
The day after Hoggett’s appointment was announced, the Luxembourg Stock Exchange (LuxSE) also signaled a change in management. Julie Becker, who was appointed Deputy CEO of LuxSE in late 2019, will become CEO and Chair of its Executive Committee as of April 21, 2021. As a specialist in sustainable finance, Becker notably participated in the creation and development of the Luxembourg Green Exchange, which is the dedicated platform for green, social and sustainable securities of the LuxSE. Becker also represented the financial sector in the High-Level Expert Group (HLEG) at the European Commission, which laid the foundation for the European Action Plan on Sustainable Finance.
These two announcements are particularly noteworthy for a financial sector still largely dominated by men. According to a 2019 IMF report, only 2% of the world’s banks have appointed a woman as their CEO, while bank board of directors and supervisory authorities are made up of only 20% women.