PLUS Markets Group plc ("PLUS" or the "Company") announced the appointment of VJ Angelo as a consultant to PLUS Derivatives Exchange Limited (“PLUS-DX”), a subsidiary of the Company.
Mr. Angelo has been working in interest rate derivatives in Asia, Europe and the US since 1985. He has worked on, set up and run businesses at firms such as GFI Group Inc, BGC Partners Inc, and Tradition. Mr. Angelo joins from Vantage Capital Markets LLP where he was Head of Interest Rate Derivatives.
At Vantage Capital Markets LLP, a PLUS-DX member, Mr. Angelo had specific responsibility for PLUS-DX’s Swap Index Contract (“SIC”). In addition to being familiar with the SIC product, its application and trading potential, Mr. Angelo brings with him relationships with institutions who the Company believes will be interested in PLUS-DX’s SIC product and is, therefore, well placed to assist with the delivery of the first trades on PLUS-DX.
Cyril Théret, ceo of PLUS, said: “We are delighted to welcome VJ Angelo as a consultant to PLUS-DX. VJ is very well known in the market and will be integral to delivering the new strategy for PLUS Derivatives Exchange. This will build on the work done last year when PLUS Derivatives Exchange received regulatory approval from the FSA, and secured agreements with LCH.Clearnet and FTSE Group to achieve operational readiness. The new strategy also recognises that the Euro-zone crisis has had widespread repercussions across all financial markets especially for derivatives traders.”
PLUS-DX has license agreements in place with FTSE Group, the global index provider, to enable it to launch PLUS-DX’s SIC product which is based on the FTSE MTIRS (Medium Term Interest Rate Swap) Index Series.