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

Appointment expected to renew exchange’s focus on stagnant volumes in options contracts.

Derek Sammann as managing director, FX products,CME 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. In his new role, Sammann will report to Rick Redding, managing director, products and services, at the exchange. Previously, Sammann was managing director, global head of FX options and structured FX products at Calyon Corporate and Investment Bank in London, which he left at the start of the summer. In a press release, CME said that Sammann “will be responsible for executing CME’s global FX growth strategy, which includes expanding the company’s global client base, enhancing the FX options offerings on CME Globex and further developing CME’s core FX business”.

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