LONDON and CHICAGO, Nov. 30, 2010 /PRNewswire-FirstCall/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced that it has named Roger Rutherford as Managing Director, Global Head of FX Products. With 24 years of experience in the global FX marketplace, Rutherford, 45, will be responsible for leading the company's global FX business line. He will be based in London and will report to Derek Sammann, Managing Director, FX and Interest Rate Products.
"As we continue to develop and diversify our business, it is key that our head of foreign exchange be located in London -- the epicenter of the global FX market," said Sammann. "FX continues to be our fastest growing business line during non-U.S. hours, and Roger's deep knowledge of the FX market will be a tremendous asset as we continue to execute our global growth strategy. We look forward to leveraging his expertise and relationships to enhance our listed products business as well as continuing to develop new OTC FX products and services to meet our clients' global trading and risk management needs. Additionally, having senior CME Group leadership in our regional offices underscores our commitment to expanding our global presence and best positions our businesses for continued global growth."
Before joining CME Group, Rutherford most recently served as Head of Product Management for CLS Services London, a provider of FX settlement services. He also had a 10-year career with EBS Dealing Resources, Inc., where he gained extensive global FX electronic trading experience. During his tenure at EBS, Rutherford held roles of increasing responsibility in product management, prime brokerage and sales. He also worked for Lasser Marshall Inc. Money Brokers in New York and MW Marshall Money Brokers in London. He holds a bachelor's degree in mechanical engineering from East London Technical College.
CME Group is the largest regulated FX marketplace in the world and offers an innovative global product suite of 49 futures and 31 options contracts. CME FX volume has averaged approximately 928,000 contracts per day to date in 2010, up 49 percent versus 2009 and reflecting average daily notional value of $120 billion. CME FX options also continue to experience significant growth, with 2010 average daily volume up more than 140 percent versus 2009. Europe and Asia continue to provide the highest growth rates in FX products, and now represent 35 percent of 2010 average daily volume, the highest global penetration rate across all CME Group business lines.