CME Clearing Europe’s Lamb to Retire; Betsill Succeeds
Stock Chart for CME Group Inc/IL (CME)
Andrew Lamb, chief executive officer of CME Group Inc. (CME)’s European clearinghouse, will retire on July 31, four years after joining the world’s biggest futures exchange.
Lee Betsill, chief operating officer and managing director of CME Clearing Europe, succeeds Lamb. During his career, Lamb, 61, was also CEO of LCH.Clearnet Ltd., advised IntercontinentalExchange Inc. (ICE) and worked at the Bank of England.
“I’m sad he’s leaving but delighted we managed to lure him out of semi-retirement four years ago,” Kim Taylor, President of CME’s clearinghouse, said in a telephone interview. “He positioned us fabulously and set up a strong team.”
Chicago-based CME is pushing to expand its European business and established CME Clearing Europe in May 2011. It’s now setting up a new London-based exchange, in direct competition with Eurex and Liffe, for which CME Clearing will process trades. CME Europe is starting with currency derivatives as it seeks to attract volume. Interest-rate futures are CME’s biggest business.
Tina Hasenpusch will become chief operating officer and managing director of CME Clearing Europe, while continuing in her current role as head of business development, Taylor said.
She also said that CME hired Marc Vial, formerly executive director, head of global risk strategy and market analytics group at JPMorgan Chase & Co., for the new position of chief risk officer.
The appointments of Betsill, Hasenpusch and Vial are subject to Bank of England approval.
The London-based clearinghouse’s open interest is pushing up around 10,000 contracts and will continue to grow, Taylor said, declining to give CME’s expectations for the year-end or 2014.
“We see the growth in volume and open interest as there’s increased use by market participants,” she said. “We’ve built a good network of clearing members.”
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