NEW YORK (AP) -- NYSE Euronext Inc. said Wednesday that it's eliminating the position of global head of derivatives as part of an organizational shakeup.
Garry Jones, the current executive in that position, is leaving the company at the end of June. Jones joined the NYSE's Liffe derivatives market in 2007 and was named to his current position in 2009, NYSE Euronext said.
The exchange operator said it is reorganizing around product platforms.
NYSE Euronext owns the New York Stock Exchange and exchanges in Paris, Lisbon, Brussels and Amsterdam. In April, the company reported that its first-quarter earnings tumbled 44 percent, partially as a result of a 25 percent drop in derivatives revenue.
Derivatives are complex financial instruments that allow investors to bet on changes in many areas, including interest rates, stock indexes or the price of oil. Today, the value of outstanding derivatives contracts traded has surpassed by many times the value of traditional financial products like stocks and bonds.
In afternoon trading, NYSE Euronext shares fell 52 cents, or 2.1 percent, to $24.48.
