The Federation of European Securities Exchanges has appointed Jukka Ruuska, president of Nordic exchange group OMX, to succeed Borsa Italiana chief executive Massimo Capuano as its president.

FESE, whose 24 members represent nearly 40 securities exchanges around Europe, is responsible for promoting competitiveness in the exchange industry. It has been headed for the past three years by Capuano, with Ruuska as vice president. Capuano extended his two-year tenure for an extra year in 2005.