Swiss-German derivatives exchange Eurex has appointed Satish Nandapurkar as CEO of its US futures exchange, which is still slated for launch on 1 February pending approval from the Commodity Futures Trading Commission (CFTC).
Nandapurkar joins from the Chicago Mercantile Exchange (CME) where he was managing director and head of products and services. He originally joined the exchange as head of e-business in 2000.
Prior to this Nandapurkar was managing director and global head of foreign exchange options at Bank of America, based in both New York and Chicago. He has also held senior management roles at Swiss Bank Corporation.
Nandapurkar entered the financial services industry as a floor trader for Chicago-based options trading firm O'Connor & Associates in 1988 after serving four years in the US Air Force.
As CEO, Nandapurkar will be appointed to the board of directors of Eurex US where he will join Michael McErlean who will serve as sales director.
Eurex has also appointed Joseph Murphy, CEO of REFCO Global Futures, to its US board of directors, representing independent clearing firms. Murphy joins Lehman Brothers' Kaushik Amin, Bradford Levy of Goldman, Sachs & Co and Jeffrey Jennings of Morgan Stanley on the Eurex US board.
The CME has responded to Nandapurkar's departure by appointing Rick Redding, managing director, equities, as acting head of products and services. Redding has been with CME for 16 years, including serving for over the past 10 years as head of the exchange's equity product line.