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Senior Vice President of Operations
Kristen Fleming serves as Senior Vice President of Operations at IncubEx. Prior to joining IncubEx, Kristen served as a Manager in the Financial Control team at Citadel where she oversaw internal controls throughout the firm’s asset management and broker dealer businesses. Kristen worked to strengthen controls related to trade entry, financial reporting, IT, and cybersecurity through process improvement.
Prior to Citadel, Kristen was focused in accounting. Kristen began her career at PricewaterhouseCoopers in New York City where she audited hedge funds, private equity funds, and fund of hedge funds. She then served within the Fund Finance group of GCM Grosvenor, a global investment and advisory firm, focusing primarily on the public markets.
Kristen graduated from the University of Illinois at Urbana-Champaign with a bachelor’s degree in Accounting in 2008 and a Master of Accounting Science degree in 2009. Kristen later received her MBA from the University of Chicago Booth School of Business, specializing in Economics, Finance and Managerial and Organizational Behavior. Kristen holds her CPA license in Illinois and is a member of several organizations, including the AICPA, Illinois CPAs and Mensa.
Director of Renewable Markets
Marie serves as Renewables Director at IncubEx, focusing on voluntary carbon and certificate markets. Prior to this, she built and managed South Pole’s Renewables Portfolio, advising corporate and wholesale market participants on their renewables sourcing options. Marie started her career working for the Norwegian state-owned, renewable energy producer Statkraft, where she focused on certificates trading and origination. She has been a board member of RECS International for the last 8 years and as such is closely connected to regulatory and market developments in Europe and the rest of the world. Marie is an Economist by training and has lived in Germany, Australia, Italy, the United States and the Netherlands, where she currently resides with her family.
Chief Financial Officer
Robert Gordon serves as the CFO of IncubEx. Previously, he served as a Consultant at Bain & Company, where he worked on diligence and strategy projects primarily for private equity funds and Fortune-500 companies.
Prior to Bain, Rob held the CFO role at R2 Companies, where he oversaw the finance, operations, and lender relationships for the R2 Yield Fund, a discretionary real estate hedge fund focused on middle-market debt and equity investments. Preceding this work, he served as CFO of energy.me, a retail electric supplier with approximately 20,000 customers located in 6 states in the United States.
Rob graduated from the University of Illinois at Urbana-Champaign with a bachelor’s degree in Economics and later received his MBA from the University of Chicago Booth School of Business. Rob is a CFA charter holder.
Operations Analyst
William Hanegan serves as an Operations Analyst within IncubEx. William gained experience modeling and fitting data while participating in undergraduate research for the H.E.L.I.X. (High Energy Light Isotope Experiment) project based in the Antarctic. William is a graduate of The Ohio State University with a BS in Physics and Astrophysics.
Director
Sir Brian Williamson, 75, has held a number of Chairmanships and Directorships in Banking, Exchanges, Funds and Investment Trusts, and Private Equity.
In Banking he was Chairman and Chief Executive of Gerrard Group PLC., a member of the Court of the Bank of Ireland, and a director of HSBC Holdings PLC.
He was one of the four founders of the London International Financial Futures Exchange and twice Chairman. In the USA he has been a member of both Nasdaq (additionally serving as Chairman of its International Advisory Board); the New York Stock Exchange and in the UK, the Climate Exchange PLC. He is currently a director of the London International Vintners Exchange and IncubEx which is in partnership with the European Energy Exchange, part of the Deutsche Borse Group and Nodal Exchange in the USA.
He is a former director of Fleming Emerging Markets Investment Trust PLC, Templeton Emerging Market Investment Trust PLC, Waverton Investment Trust PLC and he chaired Electra Private Equity PLC. In insurance he was the first Chairman of Resolution Life Group.
He has served on regulatory bodies in both the USA and UK; – the National Association of Securities Dealers and The Securities and Investments Board.
He is a director of three family funds and was the first Chairman of the Armed Forces Common Investment Fund. He was a Trustee of the Winston Churchill Memorial Trust and on various boards of Windsor Castle. He is a Lieutenant of Her Majesty’s Commission for the City of London and is an Honorary Bencher of the Inner Temple.
He is currently Chairman of RJ Fleming & Co Ltd and a director of Politeia – the UK Forum for Social and Economic Thinking.
Director
President of GGB NY Brokerage for five years from 1994, CEO of ICAP Americas for 15 years from 1999, responsible for 1,800 employees and for growing revenues from $250mm to $850mm. His executive roles also included member Global Management and Risk Committees, Chaired the Americas Operating Committee, Member Global Intellectual Property, and Technology Governance Committees. During his career at ICAP he successfully managed businesses in equities, credit, commodities, environmental, emerging markets, including the build out of local LATAM offices, futures, FX, fixed income, money markets, data sales and directly ran the Americas R&D businesses.
Rhoten spearheaded ICAP’s expansion into new products, including factoring, longevity, logistics, media & film rights, and IP brokerage, patents in particular. Mr. Rhoten has been an active participant on several industry committees, including the US Federal Reserve Bank FX Committee, the Chilean Products Exchange & the Boards of Cross-Asset Software, CABEI, and Stock Exchange partnerships in Chile, Peru, Mexico, Colombia and Ecuador.
Upon retiring from ICAP PLC in 2013, he purchased & assumed Chairman roll in ICAP IP global patent brokerage, CoFounded Otra Capital Venture Debt Fund, currently has directorships with IPGL Investments, Apiary Consulting, a founding member of Korean IP Angels Fund, Advisor Mount Sinai Eating Disorder Clinic, Advisor Spiral Sun Healthy Food Fund and was for a time on the FFVC Mentorship Committee, Advised Liquineq BlockChain, Gain Capital Board Directorship ending with the sale of the company 8/20 and was a founding member of LES Patent Standards Committee.
Director
Lotte Rosenberg is a member of the IncubEx Board of Directors. She currently serves as Senior Vice President, member of the Executive Committee in Markets & Bioenergy at Ørsted, where she is responsible for market trading, all natural gas activities and market innovation, among other things for the company.
She has served in a variety of executive positions at Orsted, and its predecessor DONG Energy, focused on innovation, strategy, negotiation and business development. She has more than a decade of energy industry experience and has been involved with everything from mergers & acquisitions to board level service. At Orsted, Lotte has served as Director, Head of Origination, Customer & Markets, responsible for the company’s long-term gas portfolio and sourcing. She also has served as Manager, Business Development and Senior Business Developer at DONG. Lotte began her career as an attorney, specializing in M&A, corporate law, contract drafting and negotiations.
She earned masters degrees in law from Aarhus Universitet and an MBA from University of Melbourne – Melbourne Business School. She also completed the Board Leadership Education at Copenhagen Business School and earned a degree in language studies from Université Stendhal.
Managing Director and Head of European Sales
Richard Wilson serves as Managing Director and head of sales of IncubEx in Europe. Richard has over 25 years of market experience from his time as a Broker in London. Richard started as an interest rate options broker at Tullett and Tokyo until he transitioned into the commodity space in 2007. His focus there was initially carbon emissions, including EUAs and CERs, he was also instrumental in the growth of the options markets in these products. Richard ran teams in other commodity products including coal, iron ore, nuclear fuels, and insurance linked derivatives, in his role as a Director of Energy at Tullett Prebon plc. During his time in the energy space Richard worked very closely with various exchanges helping develop their product offering and specifications, resulting in efficient curves and settlements. Following this Richard spent time running his own broking and consulting business, also offering compliance services to small bespoke financial businesses. Most recently Richard worked at Griffin Markets as Head of Cross Commodity Options helping them build their market offering.
Managing Director of Research & Public Policy
Michael Walsh is Managing Director of Public Policy & Research at IncubEx. He has been a leader in the design and implementation of environmental markets. As a co-founder of the Chicago Climate Exchange, Walsh directed new product R&D and played a central role in building the market-leading Chicago Climate Futures Exchange and European Climate Exchange. Walsh has testified at the U.S. House, Senate and White House and Co-Chaired the Hawaii Symposium that honored the 50th anniversary of the Keeling Curve. At the Chicago Board of Trade, Walsh directed the first three auctions of SO2 emission allowances conducted for the highly successful U.S. EPA acid rain reduction program. Earlier, Walsh served in the U.S. Department of Treasury’s Office of Tax Policy and was an instructor at the University of Notre Dame. Walsh earned a Ph.D. in Economics at Michigan State University.
To view Dr. Walsh’s full CV, click here.
Operations Manager
John Sullivan serves as Operations Manager of IncubEx. John gained experience in the financial industry at Belvedere Trading, spending time across the S&P 500, Crude Oil, and Softs desks in both a trading and operations capacity. John graduated from Cornell University with a BS in Applied Economics where he was also a member of the Heavyweight Rowing team.
Legal Advisor
Lauren Paton serves as Legal Advisor at IncubEx. Lauren has over ten years of experience in the environmental sector. During her career, she oversaw all legal aspects of cash acquisitions of AMP Clean Energy for £63.1 million as well as the US$600 million sale process of Climate Exchange plc, an international financial exchange group with operating companies in UK, USA, Australia and China. Lauren graduated with honors from Edinburgh University before continuing on to graduate with a First Class Diploma in International Law from Lund University, Sweden.
Senior Marketing Associate
Lauren Krone serves as Marketing Associate of IncubEx. Lauren gained experience developing marketing materials and corporate event planning while working at Brownfield Management Associates, a firm specializing in the redevelopment of real estate properties that are potentially environmentally contaminated. Prior to this she worked at Legal Services Corporation in the Government Relations and Public Affairs Department. She graduated with high distinction and honors from the University of Illinois Urbana-Champaign with a B.S. in Political Science and Environmental Sustainability.
Advisor
Nate is the CEO of Here Holdings (a leader in the local-food movement), chairmen of ampCNG (a renewable-energy company), and a general partner at R^2 (a full-service real estate firm). He has been an entrepreneur since forming TECHnacity (a software developer) while in college. Nate holds a BS and MS in Electrical and Computer Engineering from the University of Illinois at Urbana-Champaign. He has been recognized by the Council on Global Affairs as an emerging leader and by Crain’s 40 Under 40. He also serves on the board of Acumen, a patient-capital fund that invests in businesses tackling global poverty.
Advisor
Albert de Haan has worked as an Advisor for IncubEx since July, 2018, focusing mainly on product development and China Carbon markets. In 2004 Albert co-founded European Climate Exchange and left in 2009 to start the European Milk Exchange in 2010. Following this, Albert returned to environmental markets working in carbon markets in Turkey and Ukraine. In 2012 he was hired by IFC to develop new carbon products in China. During this time beginning in 2017, Albert worked for the Worldbank China team. Then in July, 2018, he came back “home” to work again with the IncubEx team of carbon and renewables experts from Chicago and London.
Advisor
Tim Boyle serves as an advisor to IncubEx and is an experienced interdisciplinary technologist, leveraging his experience building and operating trading desks and infrastructure companies under complex regulatory regimes.
Advisor
Donny serves as an advisor to IncubEx and is an experienced Trader with a demonstrated history of working in the financial services industry. He has strong demonstrated expertise in Commodities, Environmental Finance, Energy, Risk Management, Proprietary Trading, Foreign Exchange (FX) Options, and Market Risk.
Entrepeneur
Before coming to be director of NYSE Euronext in 2002, Williamson was chairman of LIFFE twice, with stints in the position from 1985 to 1988 and from 1998 to 2003. [1] He brought profound change to the exchange, embracing new technology and abandoning open outcry for electronic trading, restructuring the whole business.
He has also held directorships at the Financial Services Authority, Templeton Emerging Markets Investment Trust, Resolution plc, Climate Exchange plc, and HSBC Holdings. As of June 2013, along with being the director at NYSE Euronext, he is the director of MT Fund Management Ltd, Politeia, and is a trustee of the Winston Churchill Memorial Trust. Williamson was inducted into the Futures Hall of Fame in 2007.
Company Secretary
Robyn Yon serves as Company Secretary within IncubEx and Business Assistant to Neil Eckert while also retaining the position of Company Secretary across his business portfolio. Robyn gained experience in operations and client services by working in diverse industries such as fashion, beauty, interior fit out, and real estate. Her last role was Head of Administration and Client Services for the UK market attending the world’s largest real estate event Mipim. Robyn also serves as Director of Chalvington Management Ltd.
Board Member
Lotte’s areas of responsibility have typically covered innovation and business development, either by identifying new growth areas or by restructuring existing business activities to restore profitability. Throughout her career she has developed solid industry experience, especially within the energy sector, and has successfully managed large capex and infrastructure projects. She has a trained eye for bottom line optimization, risk management and dispute resolution. Lotte has also advised on and executed numerous M&A transactions and has led complex negotiations of international multiparty agreements. She is passionate about leadership with a strong focus on talent management and has coached young professionals continuously for 15 years.
General Counsel
Bart J. Loethen serves as General Counsel of IncubEx. Bart is a founding Partner of Synergy Law Group (May 2000) and has a background that has enabled him to develop expertise in a variety of disciplines. Bart practices in all the firm’s transactional practice areas, including Corporate Law, Securities & Finance Law, Mergers & Acquisitions, Technology & Licensing, Real Estate, and Litigation. Bart has an emphasis on corporate law, specializing in information technology and marketing companies. His experience includes work with privately-held and public companies, mergers and acquisitions, private placement investments, financial transactions and licensing matters, as well as general corporate matters. Bart has significant experience with software providers, software platform companies, real estate settlement companies (mortgage, title and mortgage due diligence), hedge funds, real estate developers and service companies. Bart also does significant work in the emerging alternative public offering sector, working with several companies that have become public through reverse mergers and other alternative means. Prior to the practice of law, Bart was a Revenue Agent with the Internal Revenue Service. Bart holds a B.S./B.A. in Accounting from the University of Missouri (1986), took and passed the CPA exam and received his J.D. from the University of Illinois College of Law (1994). Bart is a member of the Illinois and Chicago Bar Associations.
Office Coordinator
Sophie Wild serves as Office Coordinator for our London office. She graduated from Goldsmiths University in 2018 with a BA (Hons) in Anthropology and Visual Anthropology, with a focus on different cultures in both remote and densely populated communities.
Diary and Office Manager
Lilly Venturelli serves as Diary and Office Manager at IncubEx and is based in the London office. Prior to joining IncubEx, Lilly formed part of the Senior Management Teams in multiple customer service and retail environments. Her previous experience also includes: volunteering at Crown Courts and centres for people with alcohol & drug addictions.
Analyst
David Hartley serves as Analyst of Incubex and is based in the London office. He graduated from the University of Surrey with a BSc in Physics with a focus on quantum technologies. During this time David was a member of the Surrey Men’s Lacrosse team and enjoyed working summers at Glyndebourne Opera House. David joined Incubex soon after graduating while looked to enter the environmental sector.
Sales Analyst
Rebecca Eaton serves as Sales Analyst of IncubEx and is based in the London office. Rebecca gained experience in the financial industry as a research analyst at a boutique investment management firm with particular focus on hedge funds and alternative investments. Prior to this, Rebecca started her career working across both client services and the research team at Albourne Partners, an investment consulting firm. She graduated with First Class honors from the University of Bristol with a BSc in Chemistry.
Communications Director
Jim Kharouf serves as Communications Director at IncubEx, responsible for content development for the firm. Jim is a veteran editor, media and content specialist in the financial markets media space. During his 20-plus years in the financial markets, he helped launch and expand several financial publications (including the Environmental Markets Newsletter), financial websites and produce specialized content for banks, brokers and managed funds. He worked for John J. Lothian & Co. for 11 years in a variety of senior roles including CEO, President and Editor-in-Chief of John Lothian News and led John Lothian Productions. Jim has worked for and contributed to a number of financial publications in the US and Europe for more than two decades and is recognized for his knowledge of global markets and market structure. He has frequently spoken and moderated at industry events. He earned his B.A. in journalism from Marquette University in Milwaukee.
Senior Vice President and Head of Operations
Steve MacGregor serves as Senior Vice President and Head of Operations of IncubEx. Steve is responsible for managing the day-to-day operations of the company, including the real-time aspects of the business. Steve has over ten years of experience in financial markets, including roles in proprietary trading, clearing, brokerage and exchange operations. He has several years of experience trading agricultural commodities, which included conducting comprehensive fundamental based market research and analysis. During his time working in a back-office role at Newedge, he gained in-depth knowledge of derivatives trade processing and clearing. Steve has extensive experience working with emissions markets, global commodities, as well as other securities. Steve earned a B.A. from the University of Arizona.
Senior Vice President
Kees Woodward serves as Senior Vice President at IncubEx, leading sales and marketing efforts on IncubEx’s North American renewable fuels markets. He has 15-plus years of experience in sales and trading in various OTC and derivatives markets. Prior to joining IncubEx in Chicago, he managed the RINs and LCFS desk for ICAP and has been a broker in renewable fuels markets since 2010. Before that, he served as a bond and interest rate trader. He earned his bachelor of science degree with majors in finance and marketing from the University of Kentucky.
Managing Director of North America
Nathan Clark serves as Managing Director of IncubEx. Nathan was previously a Managing Director at Environmental Financial Products, a firm that specializes in inventing and developing new financial instruments for the environment. Nathan also served as Managing Director and Senior Vice President for Chicago Climate Exchange. In that capacity, Nathan managed the process of defining and implementing project-based emission reduction initiatives including methane capture, forestry, energy efficiency, and many others. Nathan was also Vice President of Wabashco, LLC where he oversaw research and the development of a portfolio of clean fuels and alternative energy projects. Nathan is a co-author of the books Sustainable Investing in Environmental Markets published by World Scientific Press, and Environmental Markets: A New Asset Class, published by the Chartered Financial Analyst (CFA) Institute. Nathan currently serves on the Board of Directors of Highmark Exploration and MagnaVera Resource Corporation, both Canadian energy companies. Nathan holds a Master of Science in Agricultural Economics and Bachelor’s degrees in Natural Resource Management and Agricultural Economics from the University of Kentucky College of Agriculture Food and Environment.
Senior Vice President
Stephen McComb serves as Senior Vice President of IncubEx. Prior to this, he served at Intercontinental Exchange from 2010 to 2018, most recently as the Director of North American Environmental Markets. Before joining ICE, he was the Manager of Business Development for Renewable Energy Certificate contracts and Senior Economist with the Chicago Climate Futures Exchange (CCFE). In his role there, he was responsible for product research, design and leading customer facing initiatives in REC and other environmental contracts. Prior to that, Stephen helped develop the Chicago Climate Exchange (CCX) offsets program where he expanded the participation base and led development of new offset methodologies.
Executive Director of European Sales
Sam Johnson-Hill is Executive Director, European Sales at IncubEx in London, focusing primarily on UK customers in the European emissions market. He has 14 years’ experience in the energy and emissions markets, most recently in business development at ICE Futures Europe covering European utility markets where he helped design and manage incentive programmes for EUA and CER derivatives as well as the UK Power markets. Prior to this Sam had roles at oil and sugar brokerages, having studied Politics and Economics at the University of Manchester.
Founder, President & Chief Operating Officer
Dan Scarbrough serves as President and Chief Operating Officer of IncubEx. Dan has been a leader in environmental and energy markets for more than a decade. As Senior Vice President of the pioneering Chicago Climate Futures Exchange, a CFTC Designated Contract Market, Dan built customer relationships and drove rapid growth of exchange-traded environmental products, leading the development of NOx futures and options, renewable energy certificate (REC) futures, and a various carbon futures and options contracts. After Intercontinental Exchange (ICE) acquired Climate Exchange in 2010, Dan continued to focus on the environmental markets in the U.S. and Europe as well as the international coal markets. He speaks frequently at industry events on environmental trading and serves on the Board of Directors of the Environmental Markets Association (EMA). Dan was a four-year letterman on the Trinity University track & field team as well as the basketball team, serving as team captain 2002-2003. He graduated from Trinity University with a degree in Business Administration.
Executive Director of European Sales
Louise Croucher serves as Executive Director, European Sales of IncubEx with nearly 30 years of commodity experience from all aspects of the market. Louise began her career broking fuel oil before moving to TFS where she was part of the team who created and launched the API indices for coal and brokered the first coal swap. She continued broking whilst developing new business for TFS and Amerex before joining Standard Bank where she worked for four years on the commodity trading desk. Her move to CME in 2011 saw her move the majority of the open interest of the coal market from ICE to the CME. Most recently Louise was Head of Coal for five years at Griffin Markets in London.
Founder, Chief Executive Officer
Michael MacGregor serves as Chief Executive Officer of IncubEx. Michael served as Managing Director of the Chicago Climate Futures Exchange (CCFE) and has worked in environmental and energy markets for nearly fifteen years. As Managing Director of CCFE, Michael was instrumental in growing the exchange traded environmental derivatives suite beginning with Sulfur Dioxide futures in 2004. Michael also helped lead the efforts in recruiting industrial emitters and other trading participants to join the Chicago Climate Exchange, the world’s first voluntary, legally binding Greenhouse Gas emissions reduction and trading program. Michael managed the environmental products complex after the acquisition of Climate Exchange PLC by the Intercontinental Exchange (ICE) in July of 2010. In addition to a continued focus on the environmental and coal markets in North America and abroad, Michael coordinated customer relationships within the proprietary trading community while optimizing and managing incentive programs across all ICE products. Michael graduated from Trinity University in San Antonio, Texas with a degree in Business Administration.
Founder, Chairman
Neil Eckert serves as Chairman of IncubEx. Neil also serves as Chairman of Aggregated Micro Power Holdings and was the co-founder and Chief Executive Officer of Climate Exchange PLC until the sale of the company to Intercontinental Exchange in July 2010 for approximately £400 million. Climate Exchange PLC owned the Chicago Climate Exchange and the European Climate Exchange which hosted over 90 percent of carbon credits traded in the EU. Neil was also previously the Chairman of Trading Emissions PLC, an AIM listed company and one of the world’s leading funds investing in emission reduction permits. Neil founded Brit Insurance Limited in 1995 and remained its CEO until March 2005. He then served as a non-executive director of the company from April 2005 until May 2008. Neil serves on the Board of six private and public firms and has interests in various property companies. Neil is the Chairman of Design Technology & Innovation Limited, a patenting and intellectual property company whose principal activity is in the field of irrigating plants with salty or brackish water. Neil is on the board of Directors of Ebix, a $2bn Nasdaq listed company. It is the world’s leading provider of electronic exchange services to the insurance industry and has been one of the fastest growing companies in the US over the last decade.