Ferc chairman to step down
Glencore Xstrata poaches Morgan Stanley LNG team; CME Group adds former bank commodity head; Tullett Prebon hires Icap weather broker; LME chief executive resigns; SEB replaces commodity chief
US Federal Energy Regulatory Commission (Ferc) chairman Jon Wellinghoff, who presided over a major build-up of the commission’s enforcement unit and oversaw high-profile market manipulation investigations of leading banks, has decided to step down.
Wellinghoff’s term was due to expire at the end of June and the resignation had been expected. He will remain as Ferc chairman until his replacement is appointed by President Barack Obama and confirmed by the US Senate, according to a Washington, DC
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