Worldwide derivatives market CME Group immediately introduced a realignment of its FX futures, choices, money and over-the-counter (OTC) FX companies right into a single unit led by Paul Houston, who has overseen CME Group’s futures and choices enterprise for seven years.
Below the brand new construction, Mr Houston will function World Head of FX Merchandise and shall be accountable for the corporate’s FX derivatives markets in addition to its EBS money markets enterprise, leveraging a mixed workforce to additional enhance consumer service, improve efficiencies and improve product improvement throughout all the FX market.
Jeff Ward, World Head of EBS, shall be leaving CME Group in September.
“With the adoption of a extra built-in FX enterprise mannequin that may higher function throughout futures, choices, money and OTC markets, we are going to considerably develop buying and selling alternatives for our purchasers, whereas additionally delivering elevated efficiencies and an enhanced skill to introduce new merchandise within the dynamic FX market,” mentioned Tim McCourt, Senior Managing Director, Head of Monetary & OTC Merchandise, CME Group. “Now we have been working to create tighter alignment amongst all of our FX companies since CME Group bought EBS by means of its acquisition of NEX in 2018. This new construction is the final step in that course of and one which, we imagine, will profit our FX purchasers globally.”
McCourt added:
“Paul is a confirmed chief who has performed a key position in increasing our FX futures and choices enterprise, which noticed common every day quantity improve by 24% to 985,000 contracts final 12 months. His expertise and complete data of the broad FX market will profit our whole FX enterprise and create enhanced improvement alternatives for the mixed workforce. As well as, we thank Jeff Ward for all he has finished to make EBS an award-winning, go-to supply for liquidity and worth discovery in money FX and sit up for persevering with to construct on that robust monitor file going ahead.”
