A source suggested the new group would act as a conduit
between sales and development, maintaining a focus on core
products as demand for non-traditional asset classes remains
sluggish. It is understood the new pan-European department,
which began work last week, is being headed by Tobias
The source claimed development of some asset classes
– in particular weather derivatives –was
likely to suffer. "They won’t be actively pushed,
is the line," the source said.
A spokesperson for the bourse suggested this view was
unfair, saying all product development teams would be treated
on their own merits. "It’s not a case of either
or," the spokesman said.
The idea of the reorganisation, he argued, was to make the
bourse’s back office functions more streamlined,
giving a more efficient, customer-based approach.
The remaining members of Eurex’s clearing team
in London have been reassigned to different sales roles in the
group. Kay Schaefer has moved to the new team.
The bourse’s clearing operations will now be
run entirely from mainland Europe, though it is believed Eurex
Clearing will retain some staff in London.
Reshuffling its teams underlines Eurex’s
determination to shore up revenues across the continent, faced
with expensive writedown costs and a declining market share at
its US options platform, the International Securities
Parent company Deutsche Börse has been in the process
of restructuring its front, middle and back office teams since
posting a €367.7m loss for 2009.
"Eurex is not a pure domestic market," as one market player
in Frankfurt put it recently. "Their expansion is not focussed
on Germany. They don’t focus on the local market;
they focus on the products they can sell."
Tom Osborn +44 207 779 8361 firstname.lastname@example.org