CME Clearing Europe, CME Group's European multi-asset class clearing house, today announces the promotion of Tina Hasenpusch to Chief Executive Officer.
Hasenpusch will replace Lee Betsill, who will be returning to Chicago as Managing Director, Global Clearing Operations at CME Clearing.
Hasenpusch previously served as Managing Director and Chief Operating Officer of CME Clearing Europe, and has worked closely with Betsill in developing this important part of CME Group's global business. Hasenpusch will be responsible for continuing to grow the business and will work with customers to address their clearing requirements.
Under Betsill's leadership CME Clearing Europe (CMECE) has grown to list a broad range of cash settled and physically delivered OTC and exchange traded derivatives, including interest rate swaps, foreign exchange, energy, metals and commodities. It also provides clearing services for CME Europe, CME Group's London-based derivatives exchange.
Innovation has been at the core of CMECE's development since launch. In May 2014, it became the first central counterparty (CCP) to offer enhanced non-cash collateral protections across all asset classes, OTC and exchange-traded. It also became the first CCP to enable clients to directly post these assets to a segregated custody account, and the first CCP to have in place legal opinions supporting a zero percent risk weighted structure, having introduced enhanced protection for all bankruptcy scenarios.
Sunil Cutinho, Senior Managing Director and President of CME Clearing commented: "CME Clearing Europe continues to be an important part of our clearing offering to global market participants. Tina's strong background in clearing and deep knowledge of both the risk management space and CME Group will ensure we continue to develop our offering in Europe. We are particularly grateful to Lee, who has done remarkable work establishing a great team and leading the operation of CME Clearing Europe so far, and we look forward to continuing to work closely with him in the future to grow our global clearing and repository services."
In addition, Tony Zangrilli is appointed as Chief Operating Officer of CME Clearing Europe to replace Hasenpusch. Previously, Zangrilli was based in Chicago with responsibility for multiple teams within CME Group's clearing house, including physical deliveries and settlement, operational risk management and daily processing on a global basis. Prior to joining CME Group, Zangrilli was an equity option market maker and a US Treasury basis trader.
Before joining CME Group in 2009, Hasenpusch was part of Barclays Investment Bank's Strategy team in London, and had also worked in the Trading and Clearing Market Development Department of Eurex. She earned a PhD in banking and finance, summa cum laude, and she has published several articles on derivatives clearing and exchanges in publications of the European Capital Markets Institute and Euromoney. In 2009, Cambridge University Press published her book Clearing Services for Global Markets.
Prior to joining CME Group in January 2010, Betsill was Managing Director of EDX London. He joined the London Stock Exchange in 1995 after acting as head of clearing at Options Market London Exchange for seven years. His first job was on the trading floor of the Chicago Mercantile Exchange. Betsill holds a bachelor's degree in finance from the University of Wyoming and a master's degree in international management from the American Graduate School of International Management.