LSE names board of directors for new futures exchange

The launch of CurveGlobal could significantly open up competition in the European interest rate futures market.

The London Stock Exchange (LSE) has named a new ten-man board of directors for its new interest rate futures exchange, CurveGlobal.

The board consists of some Europe’s most senior derivatives bankers, as well as the CEO of the LSE, Nikhil Rathi, according to company filling’s.

BNP Paribas has also become the latest investment bank to purchase a stake in the venture, and joins the likes of Barclays, Bank of America Merrill Lynch, Citi, Goldman Sachs and Societe Generale which have all invested in the new exchange.  

Joining the board are Gaspard Bonin, deputy global head of derivatives for BNP Paribas; Ashlin Kohler, director for EMEA rates and credit ecommerce at Citi; Richard Sears, global COO of macro rates and trading for Barclays; and John Deters, chief strategy officer at the CBOE, among others.

Last year, the LSE took on industry veteran Cathryn Lyall as the venture’s new chief operating officer. The exchange group is still in the interview process in appointing a new CEO of the venture, TheTRADE Derivatives understands.

The launch of the exchange, which is set to go live in the second quarter of this year, could significantly disrupt the hold of Eurex and ICE (which now owns London’s LIFFE) in the European interest rate derivatives market by offering lower transaction prices.