Thomas Bakas has joined HedgeStreet Exchange, an all-electronic event derivatives exchange where traders can hedge against or speculate on economic events and price movements. As general manager of institutions, Bakas will work to further HedgeStreet's evolving business model, which includes plans to launch an institutional platform later this year.

"Right now we're a direct-to-customer, disintermediated model presenting both the exchange and clearing functionality," says Bakas. "But there is a new twist -- an evolution of the business to provide institutions an intermediated model as well." He adds that HedgeStreet will allow traditional brokers to provide the product to their customer base, as well as a direct-to-customer offering.

"It's really based on client demand," continues Bakas, who also will serve as a liaison between the exchange and the Future Commission Merchants, proprietary trading firms, retail brokerages and alternative asset industry participants. "Binary options themselves are going to be the next evolution of derivatives to institutional and alpha generators," he says.

Bakas previously was managing director for financial market development at the Chicago Board of Trade and also served as a sales manager for U.S. business development at EurexUS.

Contracts offered on HedgeStreet include commodities, currencies, economic indicators, employment, fuel, housing pricing, inflation, and interest and mortgage rates.