CME taps Sears to run forex business

The Chicago Mercantile Exchange (CME), currently the world’s third-largest derivatives exchange by volume, has appointed Richard E. Sears to a new position as managing director in charge of managing the CME’s foreign exchange business.

Sears will oversee CME’s foreign exchange daytime electronic trading and open outcry trading. Daytime electronic foreign exchange trading was launched at the CME in March, and volumes have been growing on CME’s futures and options on futures on the euro, Japanese yen, Canadian dollar, Swiss franc, and other currencies.

Before joining CME, Sears was a managing director in foreign exchange for the Bank of America in San Francisco. Sears will report to Satish Nandapurkar, head of products and services at CME.