London Stock Exchange prepares to launch futures market
The London Stock Exchange has named the board of directors for CurveGlobal, the new interest rate futures exchange it plans to launch in Q2 this year. The names chosen include representatives from BNP Paribas, Citi, Barclays and the CBOE.
CurveGlobal is part of a long-cherished plan by the LSE to break into the European derivatives market, which is currently dominated by Germany’s Eurex and ICE. CurveGlobal is being launched as a low-cost platform that will seek to lure transactions away from the established players.
The appointees to the new board include Richard Sears, global COO of macro rates and trading at Barclays, Gaspard Bonin, deputy global head of derivatives at BNP Paribas; Ashlin Kohler, director of EMEA rates and credit ecommerce at Citi and John Deters, chief strategy officer at the CBOE, as well as Nikhil Rathi, chief executive at the LSE. The new exchange still has yet to appoint a chief executive, but Cathryn Lyall has been confirmed as chief operating officer.
CurveGlobal has support from several major banks, including Barclays, Bank of America Merrill Lynch, BNP Paribas, Citi, Goldman Sachs and Societe Generale.
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