ICE promotes Caramaschi to run rates and equities

ICE promotes Caramaschi to run rates and equities

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Intercontinental Exchange has promoted its head of equity derivatives Caterina Caramaschi to also take charge of its thriving rates segment in a new role running two of the US group’s key financial derivatives markets.

Caramaschi, who has been ICE’s London-based global head of equity derivatives since late 2020, has been promoted to vice president of financial derivatives responsible for ICE’s equity and interest rates segments.

She reports to Trabue Bland, ICE’s senior vice president in charge of futures exchanges, and her promotion is effective immediately.

Bland said on Monday: “Caterina demonstrates many of the qualities which differentiates leaders at ICE across teamwork, collaboration, and being focused on solving our customers’ problems, no matter how complex, every single day.”

Bland added: “As the head of a product set covering some of the biggest interest rate and equity derivative benchmarks, at a time when investor’s priorities are firmly focused on interest rate changes and the outlook for global economies, Caterina’s two decades of financial market experience, and the relationships cultivated during that, will be invaluable in developing these products to the benefit of our customers.”

Caramaschi joined the London International Financial Futures and Options Exchange (Liffe) in 2001 and worked there through Liffe’s acquisition by Euronext in 2002, Euronext’s sale to NYSE in 2007 and NYSE’s purchase by ICE in 2013. She was promoted to ICE’s global head of equity derivatives in December 2020.

In her new, expanded role, Caramaschi retains responsibility for the ICE equity derivatives market and assumes oversight of the group’s interest rate markets, which have been booming in recent months due to inflationary pressure in Europe and the UK.

ICE’s Euribor complex has been a particular success after years of weak demand due to suppressed European interest rates.

Trading volume in ICE Futures Europe’s three month Euribor futures contract was up 53.4% in the eight months to the end of August at 183 million, according to the exchange, meaning the Euribor product traded alone more contracts than the rest of the ICE rates products combined.

Open interest in Euribor is up 85% year-over-year at about 18 million contracts, according to ICE data.

ICE’s three month SONIA futures contract has also performed well this year, up 130% to 47 million lots in the year to the end of August, making SONIA ICE’s second most-traded product this year though it is still dwarfed by Euribor.

The ICE equity derivatives markets have also seen rising demand amid pressure on global equity indices.

ICE’s London-based equity derivatives volume was up 14% in the year to the end of August led by the FTSE 100 index future which was up 11.1% at 21.4 million lots traded.

Steve Hamilton, ICE’s former global head of financial derivatives responsible for the interest rates markets, officially left that role on Friday, as first reported by Global Investor.

Speaking last week and before her promotion was announced, Caramaschi outlined her plans to grow ICE’s equity derivatives business.

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