North American Derivatives Exchange (NADEX) has appointed a new Chief Executive Officer, Timothy McDermott.
Mr. McDermott was appointed this month to the senior executive position having spent the last six years at NADEX in the capacity of General Counsel and Chief Regulatory Officer.
NADEX, a subsidiary of IG Group, is one of the two dedicated binary options exchanges which operate in the United States, a jurisdiction in which all binary options transactions must be conducted via exchanges. It was previously steered by industry stalwart Yossi Beinart, who retained his interest in NADEX as Chairman last year, when he was elected to the prestigious position of CEO of the Tel Aviv Stock Exchange.
Mr. Beinart is a hard act to follow, as his industry knowledge and experience is detailed and extensive, however Mr. McDermott’s previous career stands him in good stead. Before joining NADEX in 2008, he served as Director and Compliance Counsel at Chicago Mercantile Exchange (CME) for four years, after several a thirteen year tenure at Chicago legal practice Gardner Carton and Douglas.
Mr. McDermott holds a Doctorate in Law (JD) from Loyola University of Chicago, in addition to his first degree, a BBA in Accounting.