CME Group, the world's largest and most diverse derivatives marketplace, today announced the appointment of financial services industry veteran Otto E. Nageli as Chairman designate of CME Clearing Europe, CME Group's UK Clearing House currently awaiting approval by the Financial Services Authority (FSA).
In this role, Mr. Nageli will serve as non-executive independent Chairman of the Board of CME Clearing Europe, providing leadership to the governance of CME Clearing Europe and imparting the benefits of his knowledge and experience to the development of clearing services for over-the-counter (OTC) market participants.
"I am delighted that Otto will serve as Chairman of the Board of CME Clearing Europe," said Andrew Lamb, CEO of CME Clearing Europe. "His vast experience of the technical, regulatory and customer-facing issues involved in establishing and running a successful clearing facility will be invaluable to us as we build our operations over the coming years."
Mr. Nageli is currently Sole Managing Partner of OEN Consulting, which provides research and advice on banking, exchange, settlement and clearing issues in Europe. He draws on an extensive record of experience in the exchanges and clearing sector across Europe, including taking a leading role in establishing SOFFEX, the Swiss Options and Financial Futures Exchange where between 1987 and 1998 he was CEO, as well as leading the launch and build-out of Switzerland's first electronic trading and clearing system for derivatives.
Between 1994 and 1998, while still CEO of SOFFEX, Mr. Nageli was also on the management team at the Swiss Exchange in Zurich, where he supervised the build-out of its market operations, market supervision and settlement functions. He was on the boards of all three Eurex companies (Eurex Zurich AG, Eurex Frankfurt AG and Eurex Clearing AG) from 1998 to 2001, as well as Chairman of the Board at the European Energy Exchange (EEX) between 1999 and 2001.
As well as being CEO of Zurich-based private bank Rud, Blass & Cie. AG between 2001 and 2003, Mr. Nageli has held numerous board-level posts within the financial services industry, including Chairman of the Board at Swiss Value AG, member of the Board of Swissquote Group Holding, and member of the Board of ShareCommService AG. He is currently non-executive independent member of the Board of Swissgrid AG, the Swiss Transmission System Operator.