Ex-CBOT chief joins board of NYSE’s clearinghouse

By Reuters
Posted March 9 at 10:43 a.m.

Bernard Dan, who headed the Chicago Board of Trade until its 2007 takeover by CME Group Inc., will help guide NYSE Euronext’s co-owned clearinghouse as it takes on the CME later this month.

Dan, currently president of Chicago-based trading firm Sun Holdings LLC, joined the board of New York Portfolio Clearing as an independent director, the clearinghouse said Wednesday.

Also joining the board are BlackRock Trading managing director Richard Prager and Morgan Stanley managing director Tom Wipf, according to the clearinghouse, which is jointly owned by NYSE and the Depository Trust and Clearing Corp.

NYPC will begin clearing contracts for NYSE’s U.S. futures exchange on March 21, putting the operator of the Big Board in direct competition with futures giant CME on its flagship Treasury and Eurodollar futures contracts for the first time.

CME and its CBOT unit have dominated U.S. rate futures since the exchanges developed the contracts decades ago.

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