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Hirander Misra and Vj Angelo today announced the co-founding and launch of Global Markets Exchange Group International LLP (“GMEX Group”). GMEX Group was created to target two distinct but interrelated market opportunities brought about by changes to international regulation in developed markets and by growth and development in emerging market economies.
GMEX Group offers a highly relevant response on how an exchange model should be adapted in the wake of recent financial reform and increasing regulatory requirements globally. This presents great opportunities for positive and sustainable development in an ethical fashion in both developed and developing markets in an era of substantial economic and regulatory change.
Following the global financial crisis, regulatory changes are having a dramatic effect on use and operation of Over-The-Counter (“OTC”) derivatives markets. The push to centrally cleared exchange trading for these markets, along with the drain on financial balance sheets, creates huge challenges and opportunities globally. In response to this, GMEX Group has been launched to address the lack of innovative solutions being offered in the exchange space. GMEX Group provides a differentiated and unique approach, incorporating a suite of new products, which will enable institutions to dramatically reduce costs to both balance sheet and margining. This is underpinned by efficient technology provision and indices enablement, the latter of which addresses the need for reliable tradable global index benchmarks.
Hirander Misra, who was most recently a co-founder of the Chi-X Europe exchange, is appointed CEO and Vj Angelo, who has extensive experience in the Fixed Income OTC markets, is appointed President & MD. Further information regarding the initiative, which is at an advanced stage, including non-executive appointments, the launch schedule, partners, and specific product information, will be announced shortly. The co-founders wish to announce at this time the appointment of James Davies, former Head of Sales for Trayport, the GFI Group subsidiary, as COO. Mr. Davies brings a wealth of Exchange Traded Derivatives experience to his new role.
The GMEX Group has launched the exchange consulting, technology and index divisions with immediate effect, with authorisation pending from the UK Financial Conduct Authority to operate Global Markets Exchange Group Limited (”GMEX”), a wholly-owned subsidiary, as a Multilateral Trading Facility (“MTF”).
