CBOT appoints new head of business and product development

The Chicago Board of Trade (CBOT) has named Martin Reiner senior vice-president in charges of sales, marketing and product development. The appointment is important, as the CBOT and rival Chicago-based derivatives exchanges, the Chicago Board Options Exchange and the Chicago Mercantile Exchange, prepare themselves for demutualisation and the pursuit of higher returns.

"One of the Chicago Board of Trade's top priorities is to realign the exchange and become a more product-oriented business, which will lead to more trading volume and increased liquidity," said CBOT president and chief executive David Vitale, who was commenting on Reiner's appointment.

The CBOT saw its second highest trading volume last year, and is looking to build further business with new products, Vitale added.

Reiner was most recently in sales and marketing at Nstein Technologies, a Montreal-based information content management software provider. Prior to that he held senior positions in commodity derivatives, foreign exchange sales technology and marketing at a number of global banks.