The International Derivatives Clearing Group board of directors has appointed Garry O'Connor as chief executive of IDCG, effective immediately. O'Connor previously served as chief product officer for IDCG. He succeeds Chris Edmonds, who has stepped down "to pursue other opportunities" according to a statement. IDCG and the Board have said they appreciate Edmonds' contribution to the success of IDCG to date and wish him well in his future endeavours.

Eric Noll, executive vice president of Nasdaq OMX Group said: "We are delighted with the selection of Garry O'Connor given his profound understanding of the OTC interest rate markets."

Prior to joining IDCG, O'Connor spent 17 years in the investment banking industry, pricing and managing interest rate derivative portfolios. He has held senior positions in Sydney, Tokyo, Hong Kong and New York with Bankers Trust and Merrill Lynch. During his time at Merrill Lynch, he led the Australasian interest rate derivatives trading operation in Sydney and the interest rate swaps trading desk in Tokyo. He also helped establish Merrill Lynch's Asian US Dollar interest rate trading business and its North American presence in the European derivatives markets.