Ricky Maloney returns to Eurex

Ricky Maloney has rejoined German exchange Eurex.

The London-based executive has been hired to focus on buy-side fixed income trading and clearing sales. His official title is head of buy-side sales.

It's Maloney's second spell at the Deutsche Boerse subsidiary.

Between 2013-2016 he was head of over-the-counter clearing sales and relationship management.

Maloney joined Old Mutual Global Investors shortly after leaving Eurex two years ago but left the asset manager in August 2017.

He then set up a financial regulation consultancy practice to help firms deal with the huge burden of compliance with various international regulatory reforms.

His return to Eurex follows the arrival of former CME clearing sales head Adam Husted, who was hired in December.

Philip Simons is global head of fixed income trading & clearing sales at Eurex.

“We are delighted that Ricky has chosen to rejoin Deutsche Boerse Group as part of our Fixed Income Derivatives Sales team”, said Simons.

“Ricky is joining us at an interesting time: our partnership program has already gained broad market support and we’re convinced that with his experience gained working directly within the buy side combined with his deep understanding of the clearing market, Ricky will be able to further contribute to the success of this program.”

Eurex is seeking to win market share of Euro clearing of interest rate swaps from LCH.

In a recent meeting with analysts at UBS, Eric Mueller, chief executive of Eurex Clearing, indicated that the biggest growth opportunity for Eurex and, arguably, Deutsche Boerse in the coming years is the development of a secondary liquidity pool to LCH's Euro-denominated interest rate swaps business.

Currently, LCH's market share of euro-denominated swaps is north of 90% but, according to UBS, Mueller reckons that Deutsche Boerse has started to make moderate share gains over the past two years. 

Eurex plans to accelerate these market share gains through its recently announced revenue-sharing agreement with a number of broker dealers and market makers.

The company expects this will serve as a strong incentive for the development of a secondary liquidity pool for the OTC interest rates swaps market in Frankfurt.

Mueller believes the market will benefit from a secondary pool of liquidity, increasing competition in a market that has been dominated by LCH.