EXCLUSIVE: Cboe hires former Credit Suisse MD in derivatives push
14th October, 2024|Radi Khasawneh
Cboe Global Markets has hired a former Credit Suisse managing director to a new senior role in European and Middle East derivatives sales, as the exchange looks to accelerate international participation in its US products.
Cboe said Steven Jorgensen started this week at the firm’s London office as vice president, head of derivatives sales for European and Middle East clients. Jorgensen was most recently co-head of equity derivatives flow sales for Europe, the Middle East and Africa (EMEA) at Credit Suisse, leaving the Swiss bank in October 2023 after 13 years. He has also held an equity derivatives role at Deutsche Bank in a career stretching back to 2004.
The appointment comes as the Chicago-based exchange looks to reinforce the strength of its US options franchise by widening international access to its product suite. Speaking to FOW this month, Cboe’s global head of derivatives described its “import/export” model, aimed at leveraging its strength in US options markets and replicating that success in other markets. That strategy included an expansion of the firm’s sales presence across regions.
Jorgensen reports to Kristin Boyd, senior vice president and global head derivatives sales and distribution at the Chicago-based exchange group.
“We are thrilled to welcome a person of Steven’s calibre to Cboe,” Boyd said in an emailed statement. “His in-depth knowledge of the European equity derivatives market and relationships with senior stakeholders across the industry will be invaluable as we pursue our strategic growth objectives in Europe.
“His hire underscores the importance and potential the European region represents for our Global Derivatives franchise, both to increase access to Cboe’s US derivatives products among international clients and help expand our European derivatives exchange. We’re making a significant investment in our Global Derivatives sales team worldwide to meet the rising demand for risk management solutions, especially from international investors wanting exposure to US markets.”
In the role, he will work closely with Iouri Saroukhanov, vice president and head of European derivatives at Cboe. Saroukhanov has been spearheading the effort to build liquidity in the Cboe Europe Derivatives (CEDX) Exchange launched in 2021.
“I’m excited to play a key role in enhancing access to its unrivalled suite of US derivatives products and helping to expand CEDX,” Jorgensen (pictured) said in a statement.
CEDX in May opened a research project aimed at encouraging retail volume in Europe, as the Amsterdam-based market went live with Interactive Brokers.
“This is an exciting and important hire for Cboe and CEDX in particular, as we’re eager to build on the exchange’s solid foundations and accelerate its development,” Saroukhanov said. “Steven’s expertise and relationships will be crucial as we aim to deepen engagement among institutional investors with CEDX’s pan-European value proposition, across trading and clearing.”
