Magazine article Global Finance

United States: Nandapurkar Switches Sides as Eurex Storms Windy City

Magazine article Global Finance

United States: Nandapurkar Switches Sides as Eurex Storms Windy City

Article excerpt

Satish S. Nandapurkar, a former military officer in the US Air Force, dropped a bombshell on January 21, when he resigned as managing director, products and services, of the Chicago Mercantile Exchange to become CEO of Eurex US. The CME could be forgiven for feeling like the cartoon character Pogo, who declared, "We have met the enemy and he is us."

As head of the first foreign-owned exchange to trade on US soil, Nandapurkar is leading the European assault on Chicago's famed trading pits at the Merc and the Board of Trade.

On Sunday night, February 8, the German- and Swiss-backed Eurex launched the first major derivatives exchange to open in the Windy City in 31 years. The TV antennas atop the Sears Tower, the home of Eurex US, were aglow in green and blue lights, the corporate colors of the European invader.

The local exchanges were in no mood to celebrate, however, after battling for months to keep the all-electronic exchange out of the city once known as Hog Butcher to the World. …

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