Global Markets Exchange Group (GMEX), a new exchange focused on the launch of differentiated interest rate swap futures, has made a number of key board appointments.
Lamon Rutten (pictured) has been appointed as non-executive chairman. Rutten was formerly managing director and chief executive of the Multi Commodity Exchange of India (MCX). Under his management, MCX became the world’s second largest commodity exchange, with a corporate valuation of well over USD1bn when he led it to an IPO. Prior to this he was chief of finance, risk management and information in the commodities branch of the United Nations Conference on Trade and Development (UNCTAD). He has also been a member of the World Bank’s International Task Force for Commodity Risk Management in Developing Countries, and of the advisory committee of the African Export-Import Bank.
Mark Blundell, former European managing director of the Chicago Mercantile Exchange, and Tony Harrop, managing director of Forum Trading Solutions, which provides the underlying exchange technology for GMEX, have been appointed as non-executive directors. Dorothy Delahunt joins the executive management team as general counsel and will also fulfil the role of company secretary bringing with her considerable experience including previously overseeing the legal and regulatory strategy team at UBS.
Hirander Misra, chief executive of GMEX, says: “We are very privileged to have such high calibre non-executive directors join us on the GMEX board bringing with them diverse and relevant experience. This will ensure that we have the highest standards of corporate governance from the outset as we grow out our European exchange in addition to working with developing exchanges globally through business and technology enablement.”
Rutten says: “I welcome the opportunity to be part of the GMEX initiative, which offers a very unique approach to ethical and sustainable exchange development in both developed and developing markets driven by regulatory change across asset classes. This is a timely launch as the industry continues to adapt to meet the G20-led market reforms to reduce systemic risk.”
GMEX has applied for regulatory approval by the UK Financial Conduct Authority (FCA).