CME appoints Houston to run FX business

Houston previously led Deutsche Bank's FX and fixed income prime brokerage business.

CME Group has named Deutsche Bank’s former head of FX prime brokerage, Paul Houston, to lead its global FX business.

Based in London, Houston will lead CME’s development, execution and management of its FX business globally.

Previously he was head of FX & fixed income prime brokerage and listed derivatives client solutions in EMEA for Deutsche Bank.

He also ran the global FX prime brokerage teams at a number of banks including Credit Suisse, RBS and JP Morgan.

“His experience working in senior management roles in FX businesses at major dealers will complement our FX business at CME,” said Sean Tully, senior managing director, financial and OTC products, CME Group.

In the first quarter of this year, over 57 million FX contracts were traded at CME Group, down 1% in comparison to the first quarter of 2015.

However, it saw the largest increase in its equity index product range, in which the number of contracts traded in the first quarter was up 28% to 216.7 million. Interest rate derivatives traded was also up 9% to 503 million contracts.

In addition, CME’s European platform witnessed a record month in March in for FX trading, with 70,455 contracts changing hands.