CME Group Announces Changes in the Executive Management Team

The Chicago Mercantile Exchange (CME) Group, a leading United States derivatives exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, has announced changes today to its management team structure as part of efforts to position the firm for long-term success.

According to the announcement, Sunil Cutinho, who previously led the CME Clearing business and served in various technology roles since joining the firm in 2002, has been named Chief Information Officer. Cutinho is expected to oversee the company's enterprise technology and will replace Kevin Kometer who is set to retire mid-year.

Julie Holzrichter, who has been serving as Chief Operating Officer since 2014, has been given an expanded role to oversee both global operations and the CME Clearing business.

CME has promoted Suzanne Sprague to Senior Managing Director and Global Head of Clearing & Post-Trade Services. Sprague has served as Managing Director, Credit, Collateral and in Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term Risk and Banking for CME Clearing since 2015.

Sean Tully will continue to lead the company's interest rates business, serving as Senior Managing Director and Global Head of Rates & OTC Products.

The company promoted Tim McCourt to Senior Managing Director and Global Head of Equity and FX Products. He has led the company's equity and alternative investment business since joining the firm in 2013.

Additionally, CME announced that John Pietrowicz, the company’s Chief Financial Officer will retire in 2023. The firm has, therefore, promoted Lynne Fitzpatrick to Deputy Chief Financial Officer and will succeed Pietrowicz upon his retirement. Fitzpatrick has served as Managing Director and Treasurer & Head of Corporate Development since 2017.

The company finally stated that the General Counsel & Corporate Secretary, Kathleen Cronin, the Chief Commercial Officer, Julie Winkler, the Chief Transformation Officer, Ken Vroman, the Chief Human Resources Officer, Hilda Harris Piell, as well as the Global Head of Commodities, Options and International Markets, Derek Sammann, will continue serving on the management team.

Terry Duffy, the Chairman and Chief Executive Officer at CME Group, said: "CME Group has a proven history of evolving our business to meet changing market demands and opportunities. This is an exciting and dynamic time for financial markets. We are fortunate to have built a strong leadership team, each person with a track record of working successfully across our company. As we continue to transform our business, we are restructuring our management team to further sharpen our focus and enhance our ability to achieve our strategic priorities for our clients, shareholders and employees."

Helping Investors Access New Capital Markets

The new appointments will help CME continue to accelerate technological innovation in capital markets infrastructure. Established in 2007, the firm strives to bring new products and services to market faster in order to create a wide range of opportunities for users.

Last month, CME launched futures on 20-year US Treasury bonds to help boost demand for maturity by providing investors with an easier way to hedge the debt or to speculate on the futures yield moves.

In September last year, CME and IHS Markit integrated their post-trade services to provide clients with enhanced post-trade solutions for the global OTC markets across interest rates, FX, equity and credit asset classes.

In February last year, CME launched Ethereum futures contracts to bring another level of diversification to crypto traders. While several institutions have invested heavily in Bitcoin in recent years, Ethereum derivatives are now available in the market.