CME Group, a leading derivatives marketplace, has undergone a realignment of its FX futures, options, cash and over the counter (OTC) FX businesses.
The realignment now has these businesses in a single unit led by Paul Houston, who has overseen CME Group’s futures and options business for seven years. 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. The combined team under this structure will work to improve client service, increase efficiencies and enhance product development across the entire FX marketplace.
“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,” Tim McCourt, senior managing director, head of Financial & OTC Products at CME Group, said. “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.”
Jeff Ward, who was the global head of EBS, is leaving the company in September.
McCourt called Houston a proven leader who has helped expand CME Group’s FX futures and options business. That business saw the average daily volume increase by 24 percent 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,” McCourt said.