Sandy Broderick has been appointed as a non-executive director to the boards of GMEX Technologies Ltd.; Global Markets Exchange Group Ltd. (GMEX) which operates GMEX Exchange; and Global Derivatives Indices Ltd. (GDI), officials say. Broderick will also serve as chairman of GMEX.
Broderick most recently served as CEO of DTCC’s Deriv/Serv, capping 25 years of experience in derivatives trading and post-trade infrastructures, officials say.
Lamon Rutten will also join as an independent, non-executive director on the same boards as Broderick, and Rutten will become chairman of GMEX Technologies, officials say. Hirander Misra will continue as executive chairman of GDI.
In addition, Mark Blundell has transitioned from non-executive director to take on the role of chairman of the GDI Index oversight committee, officials say. That appointment “will help ensure the index benchmarks underpinning GMEX’s pioneering Constant Maturity Futures (CMF) IRS contracts continue to have very high standards of data integrity,” according to a company statement.
Those contracts will be matched via the GMEX Exchange, which plans to launch during the second quarter of 2015, with trade confirmation and clearing occurring via Eurex, officials add.
Prior to these appointments, Broderick was the CEO of the DTCC’s Deriv/Serv business, and has a background in derivatives trading and post-trade infrastructure that spans more than 25 years, officials say.
Broderick’s appointment and other board-level changes will bring “governance and expertise” that will help GMEX grow and face competitive and regulatory changes that “are driving the need for credible index benchmarks to underpin global trading activity based on tradable inputs that can be trusted,” officials add.
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