Worldwide, 19 November 2012: – The Index Industry Association (IIA) has appointed Rick H. Redding as its first Executive Director. The IIA also announced that Russell Index Group, Russell Investments has joined the Association, following in the footsteps of Barclays and Nasdaq OMX Global index Group who both joined in June.
Mr. Redding spent most of his career in senior leadership roles with The CME Group (“CME”), a leading provider of benchmark futures and options products and an innovator in futures trading. Rick held the post of Managing Director, Products and Services at CME. In this role he lead global sales, product development, and strategic global growth initiatives. He played an integral part in the transition of CME’s ownership stake in Dow Jones Indexes to the S&P Dow Jones Indices joint venture. He also held senior positions in CME’s index products division.
“I have been a strong supporter of the IIA since it was formed and I am delighted to have been selected to drive forward membership and promote the Association’s objectives. I am looking forward to working with the industry and with relevant regulatory bodies around the world to promote practices which will benefit institutional and retail investors,” said Redding. “The addition of Barclays, Nasdaq OMX, and Russell Investments as members shows that the Association is expanding its role as a representative body for the indexing industry.”
Ron Bundy, CEO Russell Indexes added, “We are committed to the aims of the IIA and have joined to help develop a better understanding of indexes and their role, as well as to actively participate in establishing standards across the industry.”
The IIA was founded in March 2012 as the first ever trade association for the index industry. Membership now consists of Barclays, FTSE, MSCI, Nasdaq OMX, Russell and S&P Dow Jones Indices. The Association’s mandate is to educate investors on the attributes and role of indexes within the investment process, to advocate the interests of index users and providers worldwide, and to push for industry standards of best practice, independence and transparency.
Mark Makepeace, the chair of the IIA commented: “The entire board is delighted that Rick has agreed to take this important position and to steer the IIA towards the goals we set earlier this year when the Association was founded. Building an independent association is key to maintaining the health and high standards of the index industry.”
Created as a not-for-profit organization for the fast-growing global community of index providers, the IIA membership is open to index businesses worldwide.
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S&P Dow Jones Indices
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Notes to Editors
IIA is an independent, not-for-profit organization based in New York which represents the global index industry. Founded in March 2012, the association is the first ever index industry trade body and is open to membership from index businesses worldwide. It is committed to promoting the agenda of the industry and supporting the needs of institutional and retail investors who use indexes. To this end, the IIA’s remit focuses on educating investors on the attributes and role of indexes; and working with relevant regulatory bodies to encourage industry standards of best practice, independence and transparency which will benefit the index industry and its clients.