Most recently Managing Director for Financial Market Development with the Chicago Board of Trade, Bakas will help The HedgeStreet Exchange develop and manage its evolving business. In addition to its current retail business, HedgeStreet plans to launch a compelling institutional platform later this year.

"I'm excited to be joining such an innovative and dynamic exchange," Bakas said. "I am confident that my experience in the futures industry and my expertise in relationship and firm management will help HedgeStreet to see continued success."

Among his responsibilities, Bakas will be the primary liaison between The HedgeStreet Exchange and Future Commission Merchants, proprietary trading firms, retail brokerages and the various alternative asset industry participants.

Prior to the CBOT, Bakas was a Sales Manager for U.S. Business Development for EurexUS and was an independent business consultant for several information technology solutions companies. He held various positions at Merrill Lynch & Co. during the 1990s, within Merrill Lynch's futures business units.

Early in his career, Bakas was the Chief Operation Officer at Linnco Futures Group, Inc., as well as positions as a regulatory auditor. Bakas, 49, holds a BS in Accountancy from the University of Illinois, Champaign-Urbana. He will be based in Chicago.