Press

The board of directors of Eurex AG, the operating company for the future common derivatives market of Deutsche Börse and Schweizer Börse, has appointed Otto E. Nägeli official project manager and deputy chief executive of the executive committee, effective immediately. Nägeli is leaving the management of Schweizer Börse. The Eurex executive committee, however, remains unchanged, with Dr. Jörg Franke (chief executive) and Otto E. Nägeli, as well as Andreas Preuss and Jürg Spillmann.
As project manager, Nägeli will coordinate the organizational and technical setup of Eurex. Nägeli also organized the establishment and operation of the Swiss Options and Financial Futures Exchange (SOFFEX), which was launched nearly 10 years ago as the world's first fully electronic derivatives exchange. The SOFFEX technology was taken over by DTB Deutsche Terminbörse, the German options and futures exchange, and developed further. The current DTB system will, in turn, be used for the electronic platform of Eurex.

The Eurex project is making good headway. Eurex will make the first uniform cross-border trading and clearing platform for derivatives available to market participants during the second half of 1998, prior to the introduction of the euro.