CHICAGO, December 17, 2013 /PRNewswire/ --
The North American Derivatives Exchange (NADEX) is pleased to announce the selection of Tim McDermott, a senior member of the current management team, as the new CEO.
Tim McDermott has been with Nadex for almost six years working alongside the current CEO, Yossi Beinart, as Nadex's General Counsel and Chief Regulatory Officer. As was previously reported in both national and international press, after successfully leading Nadex for six years, Mr. Beinart will be leaving Nadex at the end of this month to become the CEO of the Tel Aviv Stock Exchange.
Regarding the transition, Mr. Beinart noted, "Tim has been deeply involved in the strategic growth and vision of the business for the past six years as a key member of the senior management team and is well-positioned to continue pushing Nadex's growth and success."
John Austin, one of Nadex's current directors, will be acting as interim CEO while the company recruits McDermott's own replacement as General Counsel and Chief Regulatory Officer.
Mr. Austin sits on the board of Nadex and previously spent eighteen months in Chicago as CEO of IG US Holdings, Nadex's immediate holding company, providing him with detailed knowledge of Nadex and its operations, which will further augment the transition process.
Mr. McDermott acknowledged his predecessor's contribution to Nadex, observing that, "Yossi has led Nadex through significant economic and regulatory challenges to establish a solid business with extremely positive prospects for the future. As the first direct-access exchange designed for retail traders, I look forward to helping Nadex continue to build on the strong foundation that Yossi has laid."
To learn more about the North American Derivatives Exchange, please visit http://www.nadex.com.
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