The London Stock Exchange (LSE) has tapped Morgan Stanley’s European head of clearing to lead CurveGlobal, its new interest rate derivatives venture.
Andrew Ross, who also served as Morgan Stanley’s global head of agency listed derivatives electronic execution, joins the venture after serving more than ten years at the US investment bank.
“CurveGlobal’s success will be built on its ability to bring together a broad swathe of ETD and OTC market participants including the buy and sell sides, prop trading firms and market makers,” said Michael Davie, chairman, CurveGlobal.
“It’s therefore vital that our Chief Executive has the depth of experience and relationship with each of these communities which is why I’m delighted that Andrew will be taking on the role. He brings unparalleled experience and an exceptional track record of successfully growing businesses within this very competitive industry.”
Announced in October last year, CurveGlobal plans to initially offer trading in sterling and euro denominated interest rate futures. The platform is financially backed by some of the biggest rates trading banks including Bank of America Merrill Lynch, Barclays, Goldman Sachs, JP Morgan, Citi, BNP Paribas and Societe Generale. It is also supported by the Chicago Board Options Exchange.
“I’m delighted to be joining CurveGlobal, and cannot imagine a better time to be bringing efficiency and innovation to Rates markets,” added Ross.
He will run the venture alongside derivatives expert Cathy Lyall, who serves as COO of Curve.
According to reports last year, Bill Templer, the former head of futures at UBS and Morgan Stanley, was touted to lead the exchange but removed himself from the project in November.