ELX Expands Management Team With Sales, Compliance Positions
January 26 2009 - 9:32AM
Dow Jones News
ELX Electronic Liquidity Exchange named three new members of its
management team as the fledgling exchange moves toward a launch in
the next three months.
The appointments mark the first hires for ELX, which plans to
challenge CME Group Inc.'s (CME) dominance in interest rate
futures, since Chief Executive Neal Wolkoff took the helm in
October.
G. Kurt Von Uffel joined ELX as director of sales, having
previously worked in interest rate and fixed income trading at
Nomura Securities International.
ELX also hired Daniel McElduff as its director of compliance and
Karen Ogulnick as director of project management.
McElduff was formerly executive director of commodities and
futures compliance at Morgan Stanley (MS), while Ogulnick
previously worked for the New York Mercantile Exchange, acquired
last summer by CME.
In December, ELX filed for exchange status with the Commodity
Futures Trading Commission, after announcing that the Options
Clearing Corp. will clear trades in its markets.
The electronic exchange, based in New York, will offer quarterly
futures contracts on two- and five-year Treasurys, the 30-year
bond, and other long-term Treasury notes.
There remains no official launch date for ELX, formed more than
a year ago by a consortium of banks and technology companies
seeking to provide a lower-cost alternative to interest rate
trading at CME.
Founding members of ELX included Citigroup Inc. (C), Deutsche
Bank AG (DB), Merrill Lynch & Co., Inc. and its acquirer, Bank
of America Corp. (BAC), Barclays PLC's (BCS) unit, Barclays
Capital, Credit Suisse Group (CS), BGC Partners Inc. (BGCP), Getco,
JPMorgan Chase & Co. (JPM), Peak6, and Royal Bank of Scotland
PLC (RBS).
Chicago hedge fund Citadel Investment Group was a founding
member, but withdrew its seat on the board when it joined CME in
developing a credit derivatives clearing platform. Citadel
maintains its equity stake in ELX.
-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117;
jacob.bunge@dowjones.com
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