Intercontinental Exchange has hired a head of interest rates to develop the group’s European offering, which it acquired through the takeover of London’s Liffe platform.
Chris Rhodes joins ICE from proprietary trading group Arc Derivatives, which specialises in interest rates trading.
He operated as a partner and senior trader at the firm.
ICE Futures Europe now lists the most-actively traded short-term interest rate contracts in the region after the group acquired the coveted Liffe trading venue.
Rhodes will be responsible for developing ICE’s products, which include Euribor, Short-sterling and Gilt futures and options.
Volumes on ICE’s rates contracts have declined over the past two years, largely due to a lack of volatility in the European rates market.
According to data from January 2015, an average of 1.38 million contracts were traded per day throughout the month, representing a 33% drop from the same period in 2014.
Earlier this month the exchange launched six new interest rates contracts, including weekly options based on Euribor and Short-Sterling futures.