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CME Group, the world's largest and most diverse derivatives marketplace (Nasdaq: CME), today announced that it has appointed Laurent Paulhac, an executive with more than 17 years of derivatives industry experience, to its Management Team as Managing Director, Over-the-Counter (OTC) Products & Services. Paulhac will report to Rick Redding, Managing Director, Products & Services effective today.
Paulhac will be responsible for leading the development, execution and management of CME Group's global OTC business strategy. He will be based in New York.
"CME ClearPort has grown into a $220 million business over the past seven years, and we are committed to helping market participants around the world to mitigate their counterparty risk and access neutral valuations for OTC products across multiple asset classes," said CME Group Chief Executive Officer Craig Donohue. "With more than 700 products currently available for clearing in energy, metals and agricultural commodities, average daily volumes of 500,000 contracts per day and more than 10,000 registered users globally, we look forward to developing CME ClearPort to serve credit, equities, foreign exchange and interest rate markets as well."
"Both buy-side and sell-side clients have indicated their need for open clearing alternatives in OTC derivatives markets, particularly in financial products," said Redding. "Laurent's experience in credit and interest rate products will be a tremendous asset to CME Group as we broaden our OTC offerings and focus on delivering cleared-only solutions to our OTC clients around the world through CME ClearPort."
Paulhac, 40, previously served as Chief Executive Officer of CMA, a leading provider of credit derivatives market data acquired by CME Group in 2008. He will continue leading the CMA organization for a transition period until a new CEO is named.
Prior to joining CMA, Paulhac provided management consulting services for venture capital groups and technology companies looking to expand their businesses in financial services. In 1999, he founded Prescient Markets Inc., an electronic execution business focused on money market instruments in the U.S., servicing over 400 leading institutions. In 2002, Prescient Markets was acquired by SunGard Data Systems, and Paulhac served as President of SunGard's STN Money Markets division until 2004. Paulhac also has served as a Principal of Financial Sciences Corporation, a software company dedicated to providing treasury management systems to global banks and corporations. He holds a bachelor's degree in Computer Science from Columbia University.
