Former Deutsche Bank derivatives executive Piers Murray is the new chief operating offer of BNY Mellon Markets.

Murray, who was recently global co-head of listed derivatives & markets clearing at the German lender, will start in June.

Based in New York, he will report to Michelle Neal, president of BNY Mellon Markets.

The unit covers foreign exchange, securities finance, collateral management and prime brokerage services.

He succeeds Regina Meredith-Carpeni, who is retiring after nearly four decades at the global custodian.

“BNY Mellon Markets continues to be a significant growth segment for the bank, particularly as our clients look to navigate the changing regulatory and market landscape,” said Neal.

“Piers will be instrumental in helping to industrialize our platform and strengthen our core business."

Prior to Deutsche Bank, Murray held a variety of roles at J.P. Morgan in credit portfolio, credit risk management and OTC interest rate clearing.