GMEX exchange rebrands as London Derivatives Exchange amid restructure

Former GMEX senior managers Vj Angelo and James Davies to head up exchange.

GMEX Technologies has rebranded its exchange as London Derivatives Exchange (LDX) following a restructure which saw the business separate its exchange and technology units.

The new structure will integrate LDX with Global Derivatives Indices Limited (GDI) and aims to strengthen its product offering.

LDX plans to introduce new approaches to boost its interest rate swap constant maturity futures (IRS CMF) in various asset classes, to meet the needs of its clients.

The exchange will be led by former GMEX senior managers Vj Angelo as chief executive officer and James Davies as chief operating officer.

Sandy Broderick will continue as non-executive chairman of both LDX and GDI.

Phillip Simons, global head of fixed income sales, and senior expert Stuart Heath, both from Deutsche Boerse, will also serve as non-executive board members at LDX.

Societe Generale’s interests at the exchange will be looked after by its head of EMEA prime brokerage and clearing prime services, David O’Shaughnessy.

CEO at LDX, Angelo, explained the new structure marks the next phase of development for the company.

“Our aim is to work with our clients and the market place as a whole to resolve some of the many issues brought about by regulatory change and the current economic conditions,” he added.

Earlier this month, GMEX announced a restructure of the group allowing the technology business to focus on expanding partnerships with other global exchanges.

Hirander Misra, chief executive officer of GMEX Group, said at the time of the announcement, the separation will allow the business units to “focus their expertise on the distinct businesses.”