Eurex, the Swiss-German derivatives exchange, has hired Michael McErlean, the former global co-head of futures services at Goldman Sachs, to its US management team as part of its efforts to shore up its transatlantic expertise ahead of the launch of its US exchange.

Eurex's decision to launch a derivatives exchange in the US in early 2004 was in response to the rejection by the Chicago Board of Trade (CBOT) of Eurex as the sole provider of a new electronic trading platform. CBOT opted for the Liffe-Connect electronic trading system from Eurex's rival, London-based derivatives exchange Euronext-Liffe, bringing to an end its leasing arrangement with Eurex for the a/c/e system, an electronic trading joint venture agreement.