Nasdaq’s New NLX Exchange Hires NYSE Liffe’s David Helps

Nasdaq OMX Group Inc. (NDAQ)’s new derivatives trading market has hired David Helps from NYSE Euronext’s Liffe as it prepares to open in London.

Helps, who was head of business development for fixed- income derivatives at NYSE Liffe, will work on business development at NLX market, the company said. The executive worked at Liffe, Europe’s second-largest futures market, from March 2008 to October 2012 as part of a 25-year career in the derivatives industry. He joins Carl Slesser, the chief technology officer of NLX, who also worked at NYSE Euronext.

“As NLX moves closer to our first quarter 2013 launch, we are making a number of strategic appointments to build out our team,” said Charlotte Crosswell, the chief executive officer of NLX, in an e-mail. “We are hiring experienced market professionals to deliver the best possible solutions for our customers. As part of these efforts, we can confirm that David Helps has joined NLX. David is a vastly experienced professional in the interest-rate derivatives markets, and will provide valuable contributions and insights to NLX.”

The market for derivatives will expand as European and U.S. regulators push over-the-counter transactions onto exchanges. America’s second-biggest equity exchange announced plans for the U.K. platform, known as NLX, in June, four months after the European Commission blocked Deutsche Boerse AG (DB1)’s takeover of NYSE Euronext (NYX) on concern the merger would stifle competition in the market. NLX wants a share of more than 10 percent of transactions in its first year of operation.

Derivatives, Futures

NLX will set up its interest-rate derivatives system with six products, including futures on the German bund, Euribor futures and short sterling. It will also offer medium-term German government debt known as Bobl, so-called Schatz short- term German debt, and a U.K. government bond. Liffe dominates the market for short-term interest-rate derivatives and Frankfurt-based Eurex, Europe’s largest futures exchange, handles long-term products.

NYSE Euronext, operator of the New York Stock Exchange and markets in Paris, Amsterdam, Lisbon and Brussels, is restructuring following its failed merger with Deutsche Boerse.

NYSE faces increasing competition in derivatives. In addition to Nasdaq’s NLX, CME Group Inc. (CME), owner of the world’s biggest futures exchange, intends to open a market for the securities in London by the middle of 2013. ICAP Plc is setting up its Securities & Derivatives Exchange, while London Stock Exchange Group Plc (LSE) plans to expand in derivatives by purchasing a stake in LCH.Clearnet Group Ltd.

Birley Leaves

In October, NYSE said Patrick Birley, chief commercial officer of the company’s new clearinghouse in London, would leave after three months at the firm. NYSE Euronext named Birley, 47, to the job on July 4 as the exchange operator worked on plans to open the clearinghouse next year. Garry Jones, head of global derivatives at NYSE and chief executive officer of Liffe, departed at the end of June.

Alan van Griethuysen, business chief of the Benelux region and Asia, left NYSE Euronext in September after 33 years.

James Brown, head of U.K. business development for the Equity Derivatives and OTC Services division of NYSE Liffe, and account managers Tina Staples and Stuart Lorberg, also departed, three people familiar with the situation said in October.

“I am no longer at NYSE Euronext,” Helps said on his public LinkedIn Corp. (LNKD) page, adding he’s “on garden leave.”

James Dunseath, a spokesman for NYSE Euronext, confirmed Helps departure today and said the exchange has hired four executives for sales including Avi Bhadresha from Bank of America Corp., Gemma Lloyd from State Street Corp. (STT), Patrick Tompsett from Man Group Plc and Chris French from LSE.

To contact the reporter on this story: Nandini Sukumar in London at nsukumar@bloomberg.net or @NandiniSukumar on Twitter

To contact the editor responsible for this story: Andrew Rummer at arummer@bloomberg.net