ICAP Hires Former CME Executive to Lead Swap Exchange Facility

ICAP has hired Laurent Paulhac as managing director and chief executive officer of the company’s swap exchange facility, ICAP SEF.

ICAP filed to open the SEF in September and has received temporary registration from the CFTC. When the company first announced the filing, ICAP appointed John Nixon, ICAP’s group executive director, Americas, as chairman, president and CEO of ICAP SEF, but now Paulhac will assume the CEO role.

Paulhac will be based in New York and in addition to managing the SEF, he will be involved in managing i-Swap in the U.S., ICAP’s electronic trading platform for OTC interest rate derivatives. He will report to Michael Spencer, ICAP’s Group Chief Executive Officer.

Before joining ICAP, Paulhac worked for CME Group, where he was senior managing director for interest rate and OTC products and services. Prior to his role at CME, he served as CEO of derivatives data provider CMA.

“This is an extremely exciting time to be joining ICAP. As the market adapts to new regulatory requirements, SEFs will become a significant component of the wholesale financial market infrastructure,” says Paulhac.