German derivatives exchange Eurex appoints ABN Amro’s Booij as chief

Eurex, Europe’s largest derivatives exchange, has named Robbert Booij as its new chief executive, making the Dutch banker the first non-German to lead the venue since it was founded.

Booij will leave his role as chief executive for Europe at ABN Amro Clearing Bank, a division of the Dutch bank that connects trading firms and hedge funds with exchanges such as Eurex. He begins on July 1.

The appointment of Dutchman Booij, first reported by the Financial Times, reflects how Eurex has tried to position itself as Europe’s leading derivatives exchange and an EU-based alternative to rival London Stock Exchange Group.

Booij is a well-known executive among the banks and proprietary traders who account for the majority of trading on Eurex’s market and is the first non-German to lead Eurex since the exchange was founded in 1998.

“Eurex is a global derivatives powerhouse, both in trading and clearing. I feel very privileged to be appointed,” Booij said in a statement on Wednesday, adding that he knew the exchange well from his role at ABN.

He joins the derivatives exchange as Eurex, which is owned by Deutsche Börse, is stepping up its efforts at its clearing business to capture a chunk of London’s overwhelming market share of euro interest rate swaps clearing after Brexit.

A clearing house stands between two parties to a trade and guarantees that they will deliver the cash and securities they owe. The business, which is centred on LSEG’s LCH, has become increasingly politicised since the UK voted to leave the EU in 2016.

EU politicians have increasingly sought to wrestle market share in clearing away from London to their own shores, citing systemic risks if they cannot oversee the euro derivatives market.

In a bid to attract customers to its venue in the aftermath of Brexit, Eurex launched a profit-sharing scheme with traders on products including interest rate swaps.

Booij has worked at ABN Amro Clearing Bank since 2011 and was previously chair of Eurex’s exchange council, according to his LinkedIn profile.

Eurex has been led since July 2020 by Michael Peters, who will retire in September after working for the Deutsche Börse group for nearly 30 years.

The company recently expanded into offering daily options, which have soared in popularity on US markets.

“Michael was instrumental to Eurex’s success. Now, I am excited that Robbert Booij joins our team,” said Thomas Book, executive board member at Deutsche Börse responsible for trading and clearing.

“Robbert has an excellent background in the derivatives industry. With his client perspective, he is the perfect candidate to lead Eurex,” he added.

Average daily clearing volumes at Eurex hit €185bn last year, up 10 per cent from the year before. Shares in Deutsche Börse rose 0.6 per cent on Wednesday.