CME Group, the world's largest and most diverse derivatives marketplace, today announced that it has appointed Derek Sammann, an executive with 20 years of global derivatives industry experience, to its Management Team as Managing Director, Financial Products & Services.
Sammann will report to Rick Redding, Managing Director, Products & Services effective immediately.
Sammann will be responsible for leading the development, execution and management of CME Group's interest rate, equity and FX product lines. He previously served as Managing Director, Global Head of Foreign Exchange Products since joining CME Group in 2006.
"CME Group continues to expand its core business and customer base around the world, with our broad suite of financial risk management products comprising approximately 75 percent of our total volume," said CME Group Chief Executive Officer Craig Donohue. "Derek's addition to our Management Team, along with Barry Goldblatt who leads our commodity, energy and metals business, and Laurent Paulhac who leads our OTC business, will further strengthen the capabilities of our leadership team as we continue to successfully execute our global growth strategy."
"Our global sales force continues to focus on providing innovative products and clearing services, as well as outstanding customer service, to market participants worldwide," said Redding. "Derek's experience growing CME Group FX volumes by approximately 75 percent over the last four years, as well as his expertise broadening our global team and our product offering as the largest regulated FX marketplace in the world, will be a tremendous asset to us as we expand our on-exchange and OTC offerings in our interest rates, equities and FX business lines."
Prior to joining CME Group, Sammann, 41, acquired more than 16 years of experience in the global FX market, most recently as Managing Director, Global Head of FX Options and Structured Products at Calyon Corporate and Investment Bank in London, where he was responsible for building and managing the product platform, technology, trading and structured products offering in the company's global FX options business. In 2004, he was responsible for merging the FX options activities of Credit Agricole Indosuez and Credit Lyonnais to create a top-tier player in the global FX options market. Prior to becoming Global Head at Calyon, Sammann worked as Senior Vice-President and Chief Dealer, FX options for Credit Agricole Indosuez in London, and as Vice-President and Senior Trader, FX options at Banque Indosuez in Paris. He began his career as Associate Vice-President and Head CME FX options floor trader for Cooper, Neff & Associates in Chicago. Sammann holds bachelor's degrees in economics and political science from Northwestern University.
Through CME ClearPort, CME Group offers OTC market participants a comprehensive set of clearing services to substantially mitigate counterparty risk and provide neutral valuations across asset classes. CME Group has previously announced plans to launch a cleared OTC service for foreign exchange spot, swap and forwards later in 2009, as well as plans to develop a cleared interest rate swap solution. For more information on OTC clearing services, visit www.cmegroup.com/clearport.