CME Group has appointed Paul Houston as global head of foreign exchange (FX) products as the firm realigns its FX futures, options, cash and over-the-counter (OTC) FX business into a single unit. Houston has overseen CME Group’s futures and options business for the past seven years. He will now be responsible for the company's FX derivatives markets as well as its EBS cash markets business. He will work with a combined team to further improve client service, increase efficiencies and enhance product development across the entire FX marketplace. Prior to his role at CME Group, Houston worked at Deutsche Bank for nearly four years, most recently as EMEA head of FX prime brokerage and OTC clearing. During his career, Houston has also taken on prime brokerage positions at Credit Suisse and Royal Bank of Scotland. Tim McCourt, senior managing director, head of Financial & OTC products at CME Group, says: "With the adoption of a more integrated FX business model that can better operate across futures, options, cash and OTC markets, we will significantly expand trading opportunities for our clients, while also delivering increased efficiencies and an enhanced ability to introduce new products in the dynamic FX marketplace.” CME Group has been working to create tighter alignment among all of its FX businesses since the group purchased EBS through its acquisition of NEX in 2018. McCourt adds: “Paul is a proven leader who has played a key role in expanding our FX futures and options business, which saw average daily volume increase by 24 per cent to 985,000 contracts last year. His experience and comprehensive knowledge of the broad FX market will benefit our entire FX business and create enhanced development opportunities for the combined team.” Jeff Ward, global head of EBS, will be leaving CME Group in September.
