CME hires new FX chief from Bank of America


CHICAGO -- The Chicago Mercantile Exchange (CME) appointed Richard Sears to a new position in November, as managing director in charge of its foreign exchange business.

The appointment follows large increases in turnover in the exchange’s currency business since the launch of side-by-side electronic and open outcry trading of FX and cross-rate futures on April 2. The exchange hit peak monthly turnover in electronic FX trading in October, and set a new daily high of 34,959 FX contracts traded