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Foreign Exchange

TraFXpure hires CME’s former head of FX

TraFXpure, the FX exchange established in May by interdealer broker Tradition, has hired the former head of FX from CME Group, as it adds to its management team ahead of the projected live launch at the end of 2012.

Roger Rutherford will join the brokerage firm in an unspecified management position, having departed from CME in June, where he served as global head of FX products for 18 months. Previously, Rutherford was head of product management at CLS, before which he spent 10 years at EBS, Icap’s electronic FX platform.

The broker has also hired Campbell Adams from FX Pure, the FX consultancy that was the primary driver behind the original concept of the initiative. Before founding FX Pure, Adams held trading and management roles at Citibank, Morgan Stanley, Deutsche Bank, BP and EBS.

TraFXpure was established with the support of some of the leading liquidity providers in the FX market to provide market participants with a low-cost, convenient and equitable venue for sourcing FX liquidity, open to all users on a fair and equal basis.

Barclays, Deutsche Bank, UBS, BNP Paribas and Royal Bank of Canada will be the initial market makers to the platform, which will be open to any market participant that can settle via CLS.

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