After a career spent furthering the reach of UK-based banks into Europe, it seems apt that William Knottenbelt, the 52-year-old head of CME Group’s London office, should lead the US exchange’s international push with the launch of a foreign exchange franchise.

For CME, the venture represents a major outlay. Never before has the mighty Merc, which hosts more than 90% of US futures trading, operated an exchange or clearing house outside the US. It also represents a huge revenue opportunity at a time of flux for the derivatives and foreign exchange markets.