Robert Ray, the chief executive of the CME Group's new European exchange who died on Thursday, was remembered today as a "very genuine, no-nonsense" colleague, a "fierce competitor” and a "true gentleman" by his friends and peers in the international futures industry.

Ray's death at the age of 60 was announced last night via the futures market newsletter run by industry veteran John Lothian. The CME Group confirmed the news but declined to comment further.