William Hague, former U.K. foreign secretary and one-time leader of the Conservative Party in the U.K., was named chairman of ICE Futures Europe, effective in January.
Mr. Hague will replace Bob Reid, who is retiring, said a news releaser from ICE.
Mr. Hague will also become a board member of the exchange's parent company, Intercontinental Exchange.
He was first secretary of state and foreign secretary under Prime Minister David Cameron from 2010 to 2014 and led the Conservative Party from 1997 to 2001.
Mr. Reid has been chairman at ICE Futures Europe since 1999, when it had been the International Petroleum Exchange. It was acquired by ICE in 2001.
London-based ICE Futures Europe is a fully electronic multiasset derivatives exchange.
