Exclusive: Former Nadex chief Tim McDermott named CEO of SEF TeraExchange
FNG Exclusive… FNG has learned that swap execution facility (SEF) TeraExchange has hired Tim McDermott as its new Chief Executive Officer (CEO).
Tim McDermott was CEO of regulated binary options exchange Nadex from 2014-2019, having first joined Nadex in 2008 as General Counsel and Chief Regulatory Officer. He also served as a Director and Compliance Counsel at the CME (then known as Chicago Mercantile Exchange) from 2003-2007, following a career in law.
TeraExchange offers market participants an anonymous central limit order book (CLOB) for execution of a wide range of clearable swaps, as well as request-for-quote (RFQ), request-for-market (RFM) and indications of interest (IOI). Clearable swaps that can be traded on TeraExchange include interest rate swaps, FX cash-settled and non-deliverable forwards.
Tim McDermott posted the following note on social media regarding his new appointment at TeraExchange:
I am excited to announce that I’m starting a new position as Chief Executive Officer at TeraExchange LLC, a swap execution facility (SEF) in the process of registering with the CFTC. Tera’s co-founder and CEO, Christian Martin, recently unexpectedly passed away and I consider it a privilege to help sustain and build upon his vision. I am particularly excited to work with the experienced team at Tera as we build this new independent and anonymous execution platform for a wide range of clearable swaps.