Singapore CLTX poaches Langley from UBS
Singapore’s Cleartrade Exchange has appointed Mark Langley as its new Asia business development director as it seeks to expand its presence in commodity futures.
Langley was previously at UBS, where he worked on freight and commodities markets. In his new role, he will be responsible for iron ore, freight, fuel oil and other CLTX markets within the Asia Pacific region.
Cleartrade targets brokers from the OTC derivatives market. The exchange offers a consolidated tape displaying all trades concluded by participants as well as a time-sequenced market event view so that participants can review bids and offers. The exchange is hoping to capitalise on the global shift of OTC derivatives onto centrally-traded and cleared platforms, following the commitment of the G20 nations in 2009 to reduce systemic risk by mandating reforms. Singapore is not a member of the G20, but is closely associated with the group and broadly seeks to align itself with G20 policy.
“Asian markets are key to the continued development of our exchange,” said Richard Baker, chief executive of Cleartrade Exchange. “Singapore is the centre of the iron ore derivatives market and the region is an important hub for freight, fuel oil and other commodity sectors, all of which are core products traded on CLTX. The expansion of our team in Singapore signals our continued commitment to and intentions for growth in the region.”
Before joining UBS in May 2010, he worked as an iron ore broker for London Commodity Brokers & London Dry Bulk, in Hong Kong. Prior to that, he worked for Credit Agricole in South Africa for 3 years, and was head of trading at South Africa’s ABSA Bank for nine years.
