CME Group, a global diverse derivatives marketplace, has named Andrew Lamb as chief executive officer for CME Clearing Europe. Reportedly, in this newly-created position, Mr. Lamb will act as a special advisor to CME Group during the RCH approval process and, subject to recognition, will serve as CEO. He will be responsible for the development of strategic initiatives, risk management policies and day-to-day operations for CME Clearing Europe.
The company has added that CME Clearing Europe will be based in London and designed to serve as a central counterparty clearer for over-the-counter derivatives, guaranteeing the performance of every trade it clears and mitigating counterparty credit risk for its customers.
Craig Donohue, CEO of CME Group, said: The EMEA region has been a significant source of growth for our business, and volume during non-US trading hours has grown to more than 14 percent of CME Group volume overall. As part of our global growth strategy, CME Clearing Europe will help to extend the safety and security of central counterparty clearing to our European clients, both through the initial offering of CDS clearing and additional locally relevant products we plan to offer in the future.”
Kim Taylor, managing director & president, CME Clearing, said: We look forward to leveraging Andrew’s experience and expertise to guide the development and implementation of our new London-based clearing enterprise.
