Chi-X Europe co-founder and one-time COO Hirander Misra is setting up a new derivatives exchange group in London.
Misra has teamed up with former Vantage Capital Markets head of interest rate derivatives Vj Angelo to launch Global Markets Exchange Group International (Gmex Group).
Misra - who left Chi-X Europe in 2010 to launch an algo trading technology firm which he quit a year later - will act as Gmex Group CEO with Angelo president and MD. Former Trayport executive James Davies has been brought in as COO.
The new firm has applied to the UK's Financial Conduct Authority to operate an MTF as it bids to take advantage of the post credit-crunch regulatory landscape, which has seen a push to centrally cleared exchange trading for OTC derivatives.
Gmex will compete with Eurex, as well as the new Nasdaq London-based NLX platform, which launched in May and another upcoming offering from CME Group, which will launch soon.
In addition to the exchange, Gmex has also launched separate consulting, technology and index divisions, and will provide "a differentiated and unique approach, incorporating a suite of new products, which will enable institutions to dramatically reduce costs to both balance sheet and margining," says a statement.
According to Financial News, the group is in the final stages of syndicating stakes in each unit to strategic investors, while news on non-executive appointments, launch schedules, partners and product information is imminent.