CME Group Appoints Andrew Lamb to Lead European Clearing Venture
By Prne, Gaea News NetworkMonday, July 27, 2009
LONDON -
- Experienced European Clearing and Risk Management Executive Named CEO, CME Clearing Europe Limited
CME Group (Nasdaq: CME), the world’s largest and most diverse derivatives marketplace, today announced that it has named Andrew Lamb to the role of Chief Executive Officer, CME Clearing Europe, subject to approval of CME Group’s application to the Financial Services Authority to become a UK Recognised Clearing House (RCH).
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In this newly-created position, Lamb will act as a special advisor to CME Group during the RCH approval process and, subject to recognition, will serve as CEO, responsible for the development of strategic initiatives, risk management policies and day-to-day operations for CME Clearing Europe Limited. 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 therefore substantially mitigating counterparty credit risk for its customers.
“Based on growing demand for centrally cleared solutions in global financial markets, our efforts to launch CME Clearing Europe are intended to provide greater efficiencies to our European customer base during local market hours,” said Craig Donohue, CME Group Chief Executive Officer. “The EMEA region has been a significant source of growth for our business, and volume during non-U.S. 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.”
“Building on more than a century of CME Clearing’s default-free risk management experience in the United States, we look forward to working with our European customer base to develop the European clearing and settlement services they need to manage risk not only in this challenging economic environment, but for the long term as well.” said Kim Taylor, Managing Director & President, CME Clearing. “We look forward to leveraging Andrew’s deep experience and strong expertise to guide the development and implementation of our new London-based clearing enterprise.”
Prior to joining CME Group, Lamb spent more than 30 years improving financial markets infrastructure, having served as Head of Risk and Deputy CEO at London Clearing House (1993-2003) and as CEO and Director of LCH Clearnet Ltd in London (2004-2006). Lamb also served for 15 years at the Bank of England - including four years as senior advisor, derivatives and commodity markets. He most recently worked as an independent consultant for private and public companies on clearing, risk management and settlement, including among his customers the Futures Industry Association (FIA), the Futures and Options Association (FOA), and various U.S. and European investment funds. Lamb earned a bachelor’s degree from the University of York, a master’s degree from the University of London, and a PhD (Economics) from the London School of Economics.
In addition to its RCH application, CME Group currently operates one of the world’s leading central counterparty derivatives clearing organizations: CME Clearing. By acting as the counterparty to every trade, CME Clearing substantially mitigates counterparty credit risk for customers around the world. In more than a century of trading, there has never been a failure by a clearing member to meet a performance bond call or a delivery obligation; nor has there been a loss of customer funds resulting from the failure of a clearing member firm. CME Clearing offers clients the assurance of USD $8 billion ready to help us mitigate systemic risk, and provides exceptional customer service 24 hours a day, seven days a week, processing nearly 10 million trades each day.
CME Group (www.cmegroup.com) is the world’s largest and most diverse derivatives marketplace. Building on the heritage of CME, CBOT and NYMEX, CME Group serves the risk management needs of customers around the globe. As an international marketplace, CME Group brings buyers and sellers together on the CME Globex electronic trading platform and on trading floors in Chicago and New York. By acting as the buyer to every seller and the seller to every buyer, CME Clearing virtually eliminates counterparty credit risk. CME Clearing also offers financial safeguards to help mitigate systemic risk, providing the security and confidence market participants need to operate, invest and grow. CME Group offers the widest range of benchmark products available across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, and alternative investment products such as weather and real estate. CME Group is listed on NASDAQ under the symbol “CME.”
The Globe logo, CME, Chicago Mercantile Exchange, CME Group, Globex, E-mini and CME ClearPort are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of the Board of Trade of the City of Chicago. NYMEX and New York Mercantile Exchange are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. All other trademarks are the property of their respective owners. Further information about CME Group and its products can be found at www.cmegroup.com.
Financial safeguards levels cited are as of March 31, 2009 and volume levels are as of June 30, 2009.
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CME-G
Source: CME Group
Media, Jeremy Hughes, +44-207-796-7112, Laurie Bischel, +1-312-648-8698, news at cmegroup.com, or Investors, John Peschier, +1-312-930-8491, all of CME Group. Logo: https://www.newscom.com/cgi-bin/prnh/20070712/AQTH147LOGO
Tags: CME Group, England, London