Paul Houston Appointed to Lead Combined FX Products
Group
CHICAGO and LONDON, Aug. 16,
2023 /PRNewswire/ -- CME Group, the world's leading
derivatives marketplace, today announced a realignment of its FX
futures, options, cash and over-the-counter (OTC) FX businesses
into a single unit led by Paul
Houston, who has overseen CME Group's futures and options
business for seven years.
Under the new structure, Houston will serve as Global Head of FX
Products and will be responsible for the company's FX derivatives
markets as well as its EBS cash markets business, leveraging a
combined team to further improve client service, increase
efficiencies and enhance product development across the entire FX
marketplace. Jeff Ward, Global Head
of EBS, will be leaving CME Group in September.
"With the adoption of a more integrated FX business model that
can better operate across futures, options, cash and OTC markets,
we will significantly expand trading opportunities for our clients,
while also delivering increased efficiencies and an enhanced
ability to introduce new products in the dynamic FX marketplace,"
said Tim McCourt, Senior Managing
Director, Head of Financial & OTC Products, CME Group. "We have
been working to create tighter alignment among all of our FX
businesses since CME Group purchased EBS through its acquisition of
NEX in 2018. This new structure is the last step in that process
and one that, we believe, will benefit our FX clients
globally."
McCourt added: "Paul is a proven leader who has played a key
role in expanding our FX futures and options business, which saw
average daily volume increase by 24% to 985,000 contracts last
year. His experience and comprehensive knowledge of the broad FX
market will benefit our entire FX business and create enhanced
development opportunities for the combined team. In addition, we
thank Jeff Ward for all he has done
to make EBS an award-winning, go-to source for liquidity and price
discovery in cash FX and look forward to continuing to build on
that strong track record going forward."
For more information on CME Group FX products, visit
cmegroup.com/fx.
As the world's leading derivatives marketplace, CME Group
(www.cmegroup.com) enables clients to trade futures, options, cash
and OTC markets, optimize portfolios, and analyze data – empowering
market participants worldwide to efficiently manage risk and
capture opportunities. CME Group exchanges offer the widest range
of global benchmark products across all major asset classes based
on interest rates, equity indexes, foreign
exchange, energy, agricultural
products and metals. The company offers futures and
options on futures trading through the CME Globex® platform, fixed
income trading via BrokerTec and foreign exchange trading on the
EBS platform. In addition, it operates one of the world's
leading central counterparty clearing providers, CME
Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and, E-mini are trademarks of Chicago Mercantile
Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board
of Trade of the City of Chicago,
Inc. NYMEX, New York Mercantile Exchange and ClearPort are
trademarks of New York Mercantile Exchange, Inc. COMEX is a
trademark of Commodity Exchange, Inc. BrokerTec and EBS are
trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC
("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500
and The 500 are trademarks of Standard & Poor's Financial
Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average
are service and/or trademarks of Dow Jones Trademark Holdings LLC.
These trademarks have been licensed for use by Chicago Mercantile
Exchange Inc. Futures contracts based on the S&P 500 Index are
not sponsored, endorsed, marketed, or promoted by S&P DJI, and
S&P DJI makes no representation regarding the advisability of
investing in such products. All other trademarks are the property
of their respective owners.
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SOURCE CME Group