CME Group’s head of Europe, the Middle East and Africa Michel Everaert has left the US firm after two years in the role.

London-based Everaert resigned last week and CME staff were informed on Wednesday that Everaert is now on gardening leave so he has effectively left the US exchange group. Serge Marston, CME Group’s head of sales for EMEA, is assuming Everaert’s duties on an interim basis, FOW understands.

Everaert is said by sources to have found another role in the industry.

A spokesman for CME Group confirmed Everaert's departure and that Marston is stepping up to take on his former responsibilities. 

Everaert was promoted to managing director and head of Europe, the Middle East and Africa in April 2022, having previous run client development and sales with Marston.

Everaert joined CME Group in 2011 as the firm’s managing director of over-the-counter solutions, moving to run client development and sales in 2018.

Before CME, Everaert was the chief information officer for eCommerce at inter-dealer broker GFI for seven years and worked in electronic trading services at Dow Jones Telerate for six years.

Everaert reported to Derek Sammann, senior managing director, global head of commodities, options and international markets and member of the CME Group Management Team.

His departure will surprise some given his relatively short tenure as CME’s head of Europe, the Middle East and Africa.

Everaert assumed that role in April 2022 as the US group announced the retirement of William Knottenbelt who ran EMEA for eight years from 2014 to 2022 as the group’s senior managing director and head of international.

CME’s revenue hit an all-time high of $5.6 billion (£4.5bn) in 2023, 11% higher than the previous record in 2022.

CME chairman and chief executive Terry Duffy said in February: “As global investors turned to our deep, liquid markets to manage risk across asset classes, CME Group average daily volume (ADV) climbed to a record 24.4 million contracts in 2023, generating both record revenue and adjusted earnings.”

The Chicago-based group said in March last year that its longstanding head of interest rates and over-the-counter products Sean Tully was retiring in June with colleague Tim McCourt taking on a wider role just over a year after last being promoted.