CME Interest Rate Chief Resigns, Effective At Year's End
August 08 2011 - 12:15PM
Dow Jones News
The chief of CME Group Inc.'s (CME) interest rate product group
for the past five-and-a-half years is leaving the company at the
end of this year, CME reported Monday.
Robin Ross will leave her post at year's end as CME's managing
director of interest rate products to "ensure a seamless
transition," CME said in a news release.
She will be replaced by Sean Tully, who led the credit and fixed
income trading group at WestLB, a Germany-based commercial banking
firm. He had worked at WestLB's London office. He will take on his
new responsibilities in CME's New York office.
Ross was based at CME's Chicago headquarters. During her tenure,
Ross worked on the merger between the Chicago Mercantile Exchange
and the Chicago Board of Trade.
Through the link-up with CBOT, CME was able to add heavily
traded U.S. Treasury futures and federal-funds futures to its
interest-rate product line.
CME's core interest-rate product is Eurodollar futures, which is
tied to expectations for the three-month London Interbank Offered
Rate. The Libor represents the cost of borrowing U.S. dollars in
the London interbank offered, and is considered a benchmark for
determining borrowing costs for businesses and households.
CME is the dominant exchange for rate futures trading, but it
has faced increased competition in recent years. Bank-financed
challenger ELX Futures LP and NYSE Euronext Inc. (NYX) have listed
products modeled after CME's Eurodollar and Treasury contracts.
Ross did not immediately respond to a request for comment. Her
replacement, Tully, will report to Derek Sammann, who is CME's
director of foreign exchange and interest rate products.
-By Howard Packowitz, Dow Jones Newswires; 312-750-4132;
howard.packowitz@dowjones.com
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