The Chicago Mercantile Exchange (CME) has appointed Robin Ross as managing director, interest rate products. Ross will begin on January 3 and report to Rick Redding, managing director, products and services.
Ross joins CME from Cantor Fitzgerald & Company where, since 2003, she has served as managing director, Chicago futures division, responsible for building the firms’ financial futures and clearing business in North America. In her new role, she will focus on expanding CME’s global client base, increasing electronic trading volumes of CME Eurodollars on Globex, and further develop the interest rate options business.
Prior to Cantor, Ross worked as a sales consultant to, and representative for, JP Morgan Chase Futures, most recently serving as vice president from 2001-03. She also served as JP Morgan Futures’ CME floor sales manager from 1995-2001, where she was responsible for sales and relationship management with CME.
Prior to JP Morgan, Ross served as CME floor manager for Credit Suisse First Boston from 1991-95. She also held futures and securities leadership positions for a variety of companies early in her career, including LIT America Financial Futures Group, Westpac Pollock Government Securities, GNP Commodities, Atlantic National Bank of Florida, and Dean Witter Reynolds.
“We are delighted to add Robin’s 26 years of expertise and enthusiasm to our already strong interest rate products group, as her proven record of achievement in the futures industry will add value to CME,” says CME CEO Craig Donohue. “Her leadership and knowledge of our products – as well as the needs of our current and prospective interest rate customers – will help CME to continue to expand distribution of our products to market participants worldwide.”
During 2004, CME says its interest rate product line has experienced “tremendous growth in terms of overall trading volumes, electronic trading on CME Globex and the addition of significant new client segments”. The CME Eurodollar contract traded an average daily volume of over 1.3 million contracts in November 2004, compared to 812,000 contracts in November 2003. Year-to-date, total interest rate volume has increased to over 400 million contracts as of November 2004, compared to 287 million contracts in November 2003. Year-to-date total electronic interest rate volume has grown to nearly 135 million contracts as of November, compared to just 10 million contracts one year ago. Trading in this sector is now over 55% electronic, driven primarily by the growth of CME Eurodollar Futures on Globex, according to the exchange. In January, CME Eurodollar futures were 10% electronic; in November, they were 74% electronic.