CME Group extends Chairman and CEO Terry Duffy’s tenure through 2025

CME Group, a prominent player in the global derivatives market, has announced the extension of Chairman and CEO Terry Duffy’s tenure until December 31, 2025. This decision, approved by the Board today, underscores Duffy’s vital role in guiding the company.

Terry Duffy, a veteran with over 40 years in the futures industry, has been pivotal in his leadership roles at CME Group. Since becoming CEO in 2016, Duffy has held various significant positions within the company, shaping its strategic direction.

“Skillful leadership and unparalleled knowledge of our business”

Dennis A. Suskind, Lead Independent Board Director at CME Group, praised Duffy’s leadership and deep understanding of the business. “Given his skillful leadership and unparalleled knowledge of our business, Terry is uniquely qualified to continue transforming our company for future success, while ensuring we maintain a strategic focus on generating new growth, delivering long-term value, and developing the next leaders of our organization.

“The Board has determined retaining Terry in his current role at the helm of CME Group for another year is in the best interest of our company and shareholders. We are extremely pleased he has agreed to continue serving as Chairman and Chief Executive Officer through December 2025.”

CME Group operates CME Globex, BrokerTec, and EBS

CME Group is renowned as the world’s leading derivatives marketplace. Its extensive offerings enable clients to engage in a broad spectrum of financial activities, from futures and options trading to risk management and data analysis.

The company’s extensive product range covers various asset classes, including interest rates, equity indexes, foreign exchange, energy, agricultural products, and metals. These offerings are accessible through platforms like CME Globex, BrokerTec, and EBS.

CME Group operates vital trading and clearing platforms, ensuring efficiency and security in the global financial markets. Its role as a central counterparty clearing provider through CME Clearing further solidifies its industry position.

The extension of Duffy’s contract as Chairman and CEO until the end of 2025 reflects the company’s confidence in his leadership. His expertise and experience are deemed crucial for CME Group’s ongoing success and future growth.

CME Group replaced Sean Tully with Tim McCourt

In March, CME Group announced it appointed Tim McCourt to serve in an expanded role as Senior Managing Director, Global Head of Financial & OTC Products, following the retirement of Sean Tully, Senior Managing Director, Interest Rates and OTC Products.

Tim McCourt served as Global Head of Equity & FX Products since February 2022, when he was promoted to the Management Team. Going forward, he will oversee the company’s interest rates, equity index, foreign exchange and cryptocurrency futures and options markets, as well as the company’s BrokerTec cash treasuries platform and EBS spot FX platform. McCourt joined CME Group in 2013 as Executive Director, Equity Index Products.

As Global Head of Equity and FX Products at CME Group, Tim McCourt led the launch of CME Group’s event contracts on Bitcoin futures earlier this month in a move that further expands the derivatives trading giant’s digital asset offering. In his previous role the firm also launched options on Ether futures.

The company recently rolled out euro-dominated bitcoin (BTC) and ether (ETH) futures contracts, the first of their kind crypto derivative product on a regulated exchange. The new contract size for bitcoin futures equals 5 BTC while the ether product is sized at 50 ether per contract. Both contracts are cash settled, similar to the exchange’s existing dollar-denominated crypto futures, and will be priced off at the CME CF Bitcoin-Euro Reference Rate and CME CF Ether-Euro Reference Rate.