After ten years of developing the CME’s eFix Matching tool, which allows banks to net client fixing risk ahead of FX industry benchmark calculations, Head of Mid-Matching Kyle Jannece announced his departure.

Jannece leaves CME Group and eFix Matching Service

“After 10 years managing the efforts behind the eFix Matching Service and guiding it to a market-leading position, the sun has set on my time with the product,” Jannece commented today (Tuesday). “This will be my last week with the CME following eFix's success.”

For now, Jannece is not taking on new challenges but claims he has “another couple of big wins” ahead, seeking new professional opportunities.

Jannece began his career at ICAP, then moved to EBS for over five years as an Account Executive in the FX Sales department. He was briefly associated with London Capital Group (LCG) in a similar position, and between 2013 and 2015 worked for LMAX Exchange in Interbank Sales and Account Management.

After a few years' break, he returned to EBS’ BrokerTec, where he joined the eFix Matching department, initially as a specialist and later as Head of Mid-Matching Products. After CME Group acquired BrokerTec in November 2018, he continued his work in a similar position.

“I've been fortunate to deal with an amazing set of people and am truly grateful to all of you who have made the service what it is. I've been very lucky when it comes to who I have been able to work with,” Jannece added.

In total, he was associated with eFix Matching for over 9 years. This service is a specialized financial tool that helps traders manage foreign exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (FX) benchmark risks more efficiently. It works by providing a central platform where users can enter buy or sell orders for various currency fixes throughout the day.

The system then matches these orders in real-time, allowing traders to reduce their exposure to benchmark-related risks before the actual fixing periods occur.

In the meantime, the company has appointed Mike Dennis as the Global Head of Fixed Income. This move is part of the company's strategy to enhance its operations in the interest rates sector. Dennis, with a strong background in trading and clearing, is set to start his new role on August 5. He will report directly to Terry Duffy, the Chairman and CEO of CME Group.

Record FX Trading Volumes at CME Group

The world's leading derivatives marketplace also achieved unprecedented financial results in the second quarter of 2024. The trading volumes in the FX sector saw an impressive increase of 20%, reaching more than 1 million contracts per day. This growth contributed to a record quarterly revenue of $1.5 billion for the Chicago-based exchange.

The increased trading activity across various asset classes led to an adjusted net income of $932 million, or $2.56 per diluted share, which exceeded the forecasts of financial analysts.

Notably, on June 12, the FX futures volume set a new daily record at 3.26 million contracts, and FX Link trading also reached a new high with 113,662 contracts.