NEW YORK, Jan. 6, 2010 (GLOBE NEWSWIRE) -- International Derivatives Clearing Group, LLC (IDCG), a majority owned, independently operated, subsidiary of The NASDAQ OMX Group, Inc.(SM) today announced that the IDCG Board of Directors appointed Garry N. O'Connor as CEO of IDCG, effective immediately. Mr. O'Connor, 39, previously served as Chief Product Officer for IDCG. Mr. O'Connor succeeds Chris Edmonds, who stepped down to pursue other opportunities. IDCG and the Board appreciate Mr. Edmonds' contribution to the success of IDCG to date and wish him well in his future endeavors.
Vincent Viola, Chairman of the IDCG Board of Directors, commented, "We are extremely pleased to have someone of Mr. O'Connor's extensive experience in the interest rate derivatives markets in a position to lead IDCG to commercial success."
Eric Noll, Executive Vice President of NASDAQ OMX Group, stated, "We are delighted with the selection of Garry O'Connor given his profound understanding of the OTC interest rate markets."
Prior to joining IDCG, Mr. O'Connor spent 17 years in the investment banking industry, pricing and managing interest rate derivative portfolios. He has held senior positions in Sydney, Tokyo, Hong Kong and New York with Bankers Trust and Merrill Lynch. During his time at Merrill Lynch, Mr. O'Connor led the Australasian interest rate derivatives trading operation in Sydney and the interest rate swaps trading desk in Tokyo. Mr. O'Connor also helped establish Merrill Lynch's Asian US Dollar interest rate trading business and its North American presence in the European derivatives markets.
Previously, while at Bankers Trust, he managed interest rate, foreign exchange, and commodities risk in both Sydney and Auckland. Mr. O'Connor received a BCom (Hons) from Otago University in New Zealand in 1992.
About the International Derivatives Clearing Group
The International Derivatives Clearing Group (IDCG) is an independently operated, majority owned subsidiary of NASDAQ OMX Group. IDCG brings a centrally cleared solution to the largest segment of the OTC derivatives marketplace, specifically interest rate derivatives. It does this through the operation of International Derivatives Clearinghouse (IDCH), a CFTC regulated derivatives clearing organization that currently acts as a central counterparty to interest rate swap futures contracts and will do so for other similar interest rate and currency derivatives in the future. IDCH, in conjunction with Razor Risk Technologies, utilizes NASDAQ OMX Click XT matching and NASDAQ OMX SECUR clearing technology to provide an efficient and transparent forum to clear and settle derivative products. For more information about IDCG and IDCH, visit www.idcg.com.
About the NASDAQ OMX Group
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with approximately 3,700 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com. *Please follow NASDAQ OMX on Facebook (http://www.facebook.com/pages/NASDAQ-OMX/108167527653) and Twitter (http://www.twitter.com/nasdaqomx).