The board of governors of the US Financial Industry Regulatory Authority has finished looking for a new CEO and will appoint Robert Cook in the second half of the year. His career is a perfect example of the 'revolving door.'

Cook is also to become the regulator's president. He is a partner at the law firm of Cleary Gottlieb Steen & Hamilton, having served in the firm’s office in Washington DC since June 2013, focusing on the regulation of securities markets and market intermediaries, including broker-dealers, exchanges, alternative trading systems and clearing agencies.

Before his present position, he served as the director of the Division of Trading and Markets (Division) of the US Securities and Exchange Commission between 2010 and 2013. Under his direction, the division’s 250 staff were regulated broker-dealers, securities exchanges and markets, clearing agencies and oversaw FINRA itself. Cook also directed the staff’s review of equity market structure and its analysis of the Flash Crash of 6 May 2010. Before his stint at the SEC, he joined Cleary Gottlieb in 1992 and becae a partner in 2001.