CME Group has folded its FX futures, options, cash and over-the-counter (OTC) FX businesses into a single unit led by Paul Houston which the firm anticipates will significantly expand trading opportunities for its clients.
Houston, who has overseen CME Group’s futures and options business for seven years, will head up the global FX business, responsible for the firm’s FX derivatives markets as well as its EBS cash markets business. Jeff Ward, current global head of EBS, will be leaving CME Group in September.
Tim McCourt, senior managing director, head of financial and OTC markets, CME Group, said: “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.
The firm said the new combined team will improve service for clients, and boost efficiencies and product development across the FX marketplace.
“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.
McCourt said Houston has been instrumental to the success of the firm’s 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.”
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