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Nägeli to chair CME’s European clearing house
23 February 2010
CME Group has appointed Otto Nägeli as chairman-designate of CME Clearing Europe. He is a former head of Switzerland’s Soffex exchange, director of Eurex and CEO of the European Energy Exchange.
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CME Group
Otto Nägeli
CME Clearing Europe
European Energy Exchange
Nägeli will be non-executive independent chairman,
providing leadership on governance and “imparting the benefits of his knowledge
and experience to the development of clearing services for over-the-counter
market participants,” the exchange said.
Nägeli is managing partner of OEN Consulting, which provides
research and advice on banking, exchange, settlement and clearing issues in
Europe.
In 1987, Nägeli became chief executive of the Swiss
Options and Financial Futures Exchanges (Soffex) – where he oversaw the development
of Switzerland’s first electronic trading and clearing system for derivatives.
In 1994, while still at Soffex, Nägeli was appointed to
Eurex’s three boards of directors (Eurex Zurich, Eurex Frankfurt and Eurex
Clearing).
From 1999 to 2001 he was CEO of the European Energy
Exchange. Nägeli has also been managing director, international, of the Options
Industry Council, the US body that promotes options.