Surprising news last Friday. Cees Vermaas suddenly announced to leave Euronext – with immediate effect. The CEO of Euronext Amsterdam didn’t give a reason for his departure, nor did the exchange. In general, a reason to be suspicious. Apparently the man is moving to competitor CME – as the new head of the European branch. C
The landscape of exchanges in Europe is getting increasingly fragmented with a dozen of exchanges chasing a part of the pie. However, Chicago Mercantile Exchange isn’t one of them. A powerhouse in the USA, it has no presence in Europe yet. Just opened their doors in London, and are aiming for forex products mostly.
French take over Euronext
Question remains, why would a member of the board of an established exchange jump ship? Checked a few sources. Off the record, people confirmed the French are taking over Euronext. Nobody of the Dutch former senior management has been able to get a position in the group. Everybody reports to Paris. Political games played all over the place, and no feeling with the Dutch market.
The Dutch HR director is forced out, the Dutch retail team will be liquidated. Well, sources can understand “Cees didn’t enjoy working there anymore“. Add a job offer by the boys from Chicago and well negotiated exit terms in his contract : done.