CORRECTED - Derivatives platform Javelin names IDX's Cawley CEO

Fri Oct 15, 2010 3:35pm EDT

(Corrects Augustin's title in first paragraph to chief information officer)

NEW YORK Oct 15 (Reuters) - Javelin Capital Markets, an electronic trading platform for interest rate and credit derivatives, on Friday named James Cawley, former Chief Executive at IDX Capital, as its CEO and hired Chris Augustin, former chief information officer at Merrill Lynch, as its CIO.

Javelin recently formed to offer electronic trading of interest rate swaps and credit default swaps as U.S. regulators the Commodities Futures Trading Commission and the Securities and Exchange Commission form rules to regulate the $615 trillion privately traded derivatives markets.

Regulators including CFTC chairman Gary Gensler have said they want all standardized contracts to trade on exchanges or other electronic trading platforms to promote transparency of trade prices and volumes in the opaque markets.

Price transparency is seen as key to the creation of a more competitive marketplace that will bring in new players and reduce costs. It is also needed to allow regulators to monitor the markets for manipulation.

Cawley is also a founder of industry association the Swaps and Derivatives Market Association, which campaigns for open access to central clearing and enhanced transparency in derivatives markets. (Reporting by Karen Brettell; Editing by James Dalgleish)

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