Povey Joins CME FX Options Business
Posted by Colin Lambert. Last updated: March 29, 2022
Chris Povey has joined CME Group in London as executive director responsible for the development, management and growth of the Merc’s listed FX options business.
He reports to Paul Houston, global head of FX at CME and joins from NatWest Markets in London where he worked for almost nine years and traded the EUR, GBP, CHF and Scandinavian OTC FX options books as well as developed electronic risk management solutions for internal hedging and for customers.
“The experience Chris brings will enable us to continue to evolve our listed FX options market to ensure clients receive greater flexibility, capital efficiency, as well as a complementary pool of liquidity to the traditional OTC FX options market,” says Houston. “Our recent volumes show that the relative cost benefits of listed FX options are becoming more pronounced with the final phase of the uncleared margin rules (UMR) less than six months away.”
Povey adds, “To be part of the world’s largest electronic, all-to-all central limit order book for FX options is a hugely exciting opportunity. I look forward to helping CME Group further strengthen its position as a leading venue where participants can manage sizeable risk positions in FX options, with enhanced capital efficiency.”