CME Group realigns FX offering, combining businesses into a single unit – The TRADE

Derivates marketplace, CME Group, has announced a restructuring of its foreign exchange businesses, seeking to expand trading opportunities and increase efficiency for its clients across futures, cash and OTC markets.

Paul Houston, global head FX products, is set to lead the combined FX products group, taking over from Jeff Ward, global head of EBS who will depart from CME Group next month.

Houston will oversee the company’s FX derivatives markets in addition to its EBS cash markets business. The combined team is set to be leveraged in a bid to increase efficiency, improve client service and enhance product development.

Tim McCourt, senior managing director, head of financial & OTC products, CME Group, highlighted how the integration of the businesses into a single unit will increase opportunities for its users: “With the adoption of a more integrated FX business model […] 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.”

He added that the business had been focused on creating a tighter alignment across its FX businesses suite since CME acquired EBS back in 2018, with this latest structure the final step of the process.

At the time, CME Group retired the NEX name and brand, but continued to operate its Markets and Optimisation businesses as sub-brands, which alongside EBS included: BrokerTec, Traiana, and TriOptima.

Read more: Fireside Friday with… CME Group’s Michel Everaert

McCourt highlighted the key role which departing Ward had played “making EBS an award-winning, go-to source for liquidity and price discovery in cash FX”.

He 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.”

Houston will oversee the company’s FX derivatives markets in addition to its EBS cash markets business. The combined team is set to be leveraged in a big to increase efficiency, improve client service and enhance product development.

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