Eurex's New U.S. Subsidiary Nabs Merc Exec

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Eurex's new U.S. subsidiary nabs Merc exec as CEO. The new U.S. subsidiary of the all-electronic Eurex futures exchange named a top executive of the rival Chicago Mercantile Exchange Wednesday as its Chief Executive Officer.

U.S. Futures Exchange Incorporated, or Eurex U.S., says Satish Handapurkar is highly qualified to lead the proposed new exchange because of his experience with Swiss Bank, Bank of America and the Merc.

The one-time options trader had been managing director and head of products and services at the Merc. The German-Swiss Eurex is the world's largest derivatives exchange. It announced plans last year to launch a U.S.-based exchange to take on the venerable Chicago exchanges on their own turf starting as soon as February 1, but legal challenges have put Eurex's U.S. licensing application on hold.