CHICAGO, July 8, 2024
/PRNewswire/ -- CME Group, the world's leading derivatives
marketplace, today announced the appointment of Mike Dennis as Global Head, Fixed Income. In
this position, Dennis will oversee the company's largest, most
actively traded global benchmark futures and options contracts on
SOFR and U.S. Treasuries, including the 30-year bond, 10-, 5- and
2-year notes that enable investors to manage risk across the entire
U.S. yield curve. He will also lead BrokerTec, the world's most
liquid electronic cash trading platform for U.S
Treasury benchmarks, E.U., U.K. and U.S. Repo trading. Dennis
will report to CME Group Chairman and Chief Executive Officer
Terry Duffy and serve on the
company's Management Team. He will resign from the CME Group
Board of Directors effective immediately and begin this position
with the company on August
5.
Tim McCourt will lead all the
company's other financial business lines including
equity indexes, foreign exchange and
cryptocurrency futures and options, as well as its EBS
spot FX platform, as Global Head, Equities, FX, and Alternative
Products. He will continue to serve on the company's
Management Team reporting to Duffy.
"We are extremely pleased to add the expertise of Mike Dennis, a long-time
industry professional, to our leadership team to oversee our
significant and growing interest rates business, which
increased 14% in Q2," said Duffy. "As a former trader himself,
Mike's deep trading, clearing and prime brokerage knowledge,
as well as his hands-on markets experience, will bring a
unique perspective to this role that will benefit our clients and
our organization."
"At the same time, we will continue to rely on Tim's oversight
of our other financial asset classes including equities, FX
and crypto as those markets continue to expand to new
users around the globe."
With 22 years of interest rate trading experience, Dennis joins
CME Group from ABN AMRO Clearing USA LLC, where he served as Principal, member
of the Management Team, and Chief Commercial Officer of ABN AMRO
Clearing in the U.S., one of CME Group's largest global futures
clearing firms, since 2018. During his tenure at ABN AMRO, Dennis
was instrumental in helping the firm launch a fixed income clearing
and repo initiative for cash Treasuries as a member of the Fixed
Income Clearing Corporation (FICC). Prior to that, Dennis was
Director of Prime Brokerage and Clearing Services at Societe
Generale. He also worked in clearing at Advantage Futures, served
as an interest rate trader at Peak 6 Investments and acted as a
market-maker in back-month Eurodollar futures and cash Treasuries
for a proprietary trading firm in CME open outcry and electronic
markets in the early 2000s. Dennis began his career in 2002 in the
Corporate Investment Banking Division of JP Morgan Chase Chicago.
Additionally, he has served on several market oversight committees
as a member and former member of the CME and CBOT exchanges,
respectively.
Dennis holds a B.S. in finance from Marquette University. He also has Series 3, 63, 7
and 24 licenses. Residing on the North Shore near Chicago with his wife and three children,
Dennis is active within the community and with many philanthropic
causes including Misericordia Heart of Mercy, Danny Did Foundation,
A Leg to Stand on and CURE (Citizens United for Research in
Epilepsy).
Providing the deepest liquidity and most efficiencies for
hedging the entire yield curve, CME Group interest rate market
includes benchmark futures and options products in U.S. Treasuries,
SOFR, Fed Funds, TBAs and €STR.
As the world's leading derivatives marketplace, CME Group
(www.cmegroup.com) enables clients to trade futures, options, cash
and OTC markets, optimize portfolios, and analyze data – empowering
market participants worldwide to efficiently manage risk and
capture opportunities. CME Group exchanges offer the widest range
of global benchmark products across all major asset classes based
on interest rates, equity indexes, foreign
exchange, energy, agricultural
products and metals. The company offers futures and
options on futures trading through the CME Globex platform,
fixed income trading via BrokerTec and foreign exchange trading on
the EBS platform. In addition, it operates one of the world's
leading central counterparty clearing providers, CME
Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange,
Globex, and E-mini are trademarks of Chicago Mercantile Exchange
Inc. CBOT and Chicago Board
of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York
Mercantile Exchange and ClearPort are trademarks of New York
Mercantile Exchange, Inc. COMEX is a trademark of Commodity
Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC
and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a
product of S&P Dow Jones Indices LLC ("S&P DJI").
"S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are
trademarks of Standard & Poor's Financial Services LLC; Dow
Jones®, DJIA® and Dow Jones Industrial Average are service and/or
trademarks of Dow Jones Trademark Holdings LLC. These trademarks
have been licensed for use by Chicago Mercantile Exchange Inc.
Futures contracts based on the S&P 500 Index are not sponsored,
endorsed, marketed, or promoted by S&P DJI, and S&P DJI
makes no representation regarding the advisability of investing in
such products. All other trademarks are the property of their
respective owners.
CME-G
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SOURCE CME Group