Emily Portney left the bank on Monday to “pursue a new opportunity”, according to an internal memo.
The cut-off date for the ruling is February 21, and if an agreement is not reached by then, the cost for European banks to trade and clear with US clearing houses will sky rocket.
Central counterparty (CCP) costs are driving the buy-side decisions on where to clear their derivatives trades, according to a new report from TABB Group.
The majority of buy-side firms, including pension funds, are expected to begin clearing of derivatives from the second half of 2017.
Eurex Clearing is the sixth non-US CCP to win CFTC approval for derivatives clearing.
Stephen Li will run the bank's US derivatives business as Michael Yarian, head of its rates trading unit, departs.
Compression services are increasingly being adopted by banks to reduce derivatives exposures.
Direct buy-side membership of a clearing house is not
risk-free itself; new models of direct membership are being explored to shake
off fears about clearing brokers.
LCH.Clearnet’s compression service continues to make progress
Latest CFTC data shows a major drop in the number of US futures commission merchants offering services to the buy-side.