The newest US futures exchange, NYSE Liffe, which opened for business on September 8, has a tough challenge ahead of it: attacking CME Group’s 98% market share.
To lead the business, NYSE Euronext has chosen Jim McNulty as chairman and Tom Callahan as executive vice-president and head of the exchange.
McNulty is a former CEO of CME Group, while Callahan joined NYSE Liffe in June from Merrill Lynch.
Their job is to build a multi-asset class exchange, starting from the small base of six gold and silver futures and options that NYSE Liffe took over from the Chicago Board of Trade.
But their ambitions go beyond winning market share. McNulty and Callahan want to shake up the market by breaking down barriers and making trading more efficient. And they believe there is huge scope to grow the whole market by creating new products.
They talked to Futures and...