LSE Said to Hire Morgan Stanley's Ross to Run Derivatives Venue

  • CurveGlobal is backed by banks and derivatives exchange CBOE
  • New market to offer futures based on European government debt

London Stock Exchange Group Plc is said to have chosen Morgan Stanley’s Andy Ross to run its new futures exchange, which is scheduled to go live before the end of June.

Ross, a managing director at Morgan Stanley, has been hired as chief executive officer of CurveGlobal Ltd., according to a person familiar with the decision who declined to be identified because they lack authorization to speak publicly. Ross declined to comment.

The project is a joint venture with major banks and Chicago-based options exchange, CBOE Holdings Inc.

The new market will compete with the entrenched derivatives markets owned by LSE’s rivals Deutsche Boerse AG and Intercontinental Exchange Inc. Bill Templer, a managing director at Faventus Consulting, was earlier said to be in the running to be CurveGlobal’s first CEO.

The banks backing the venture include Goldman Sachs Group Inc., JPMorgan Chase & Co., Bank of America Corp., Barclays Plc, Citigroup Inc. and Societe Generale SA. The new market will offer futures trading based on U.K. and German government debt, such as long-term contracts on gilts, bunds, bobl and schatz. It will also have short-term interest-rate contracts in Euribor and short sterling.

Futures & Options World reported the hiring earlier.

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