Penny Cheung has been promoted to head of interest rate derivatives at ICE.
Based in London, she is responsible for multicurrency interest rate futures and options markets.
Cheung replaces Stelios Tselikas and reports to Caterina Caramaschi, vice president of financial derivatives.
ICE reached record open interest of 50 million in interest rate futures and options this month, representing a 60% increase year-on-year (YoY). Open interest was up 104% YoY to 50 million in ICE SONIA futures and options, and up 37% YoY to 26 million in ICE Euribor futures and options. ICE €STR futures and options open interest hit a record 2.9 million on 14 May.
Caramaschi commented, “[Cheung’s] extensive client relationships position her well to drive growth, foster innovation, and deliver continued excellence in her new role.”
Cheung has been a director of interest rate derivatives since 2023. Her 30 year career also includes a listed derivatives sales role at RBC Capital Markets, a futures and options sales role at BGC Partners and directorial positions at NatWest Markets and Barclays Investment Bank.
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