Exchange-traded options: CME appoints new head of foreign exchange

Derek Sammann replaces Rick Spears at the CME

The creation of the FXMarketSpace joint venture with Reuters has resulted in the effective departure from the Chicago Mercantile Exchange of the senior management team running the exchange’s foreign exchange product line. With the appointment of Derek Sammann as its new managing director, FX products, the CME has gone some way to filling the void. Sammann, who is an experienced FX hand, is a direct replacement for Rick Sears, who has moved to FXMarketSpace as president and chief sales officer, along with Bryan Hunter, who has gone as chief operating officer.