CHICAGO, Sept. 30, 2011 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace, today
announced it has appointed Gary
Morsches as Managing Director of its energy business.
Morsches will be based in New York
and will be responsible for leading CME Group's global energy
complex, which provides leading benchmark products across the
entire energy spectrum. He will join CME Group on September 30, 2011, and will report to
Kendal Vroman, Managing Director,
Commodity Products, OTC Services and Information Products at CME
Group.
"We are very pleased to have Gary join the CME Group energy
team," said Vroman. "Gary brings a history of success in building
businesses in the energy sector that will be invaluable to us as we
continue to build on our existing energy complex and offer
innovative new products that help customers meet their business
needs and manage risk."
The CME Group Energy complex offers the most benchmarks in its
asset class, with market participants trading an average daily
volume of 1.7 million contracts on CME Globex, CME ClearPort and
the trading floor. The NYMEX WTI crude oil contract, for
example, is the largest, deepest, most liquid global energy
benchmark, trading more than one million futures and options
contracts daily. In options, approximately 98 percent of WTI crude
oil and 50 percent of Brent crude oil are traded on CME Group's
markets.
Morsches, 52, joins CME Group with 30 years of experience in the
energy industry, most recently working as Partner and Managing
Director for Boston Consulting Group where he advised clients in
the energy space on business strategy and development.
Morsches also previously served as President and Chief
Executive Officer of Conectiv Energy, responsible for the
commercial, risk management, operational and construction
activities for a 4,200 megawatt power generation fleet. Morsches
also has held senior management positions for leading energy
companies such as Mirant Corporation, Southern Company Energy and
Marketing, Enron and Access Energy Company. He was a member
of NYMEX, helping to develop the exchange's natural gas complex,
and began his career as a refinery process engineer with Diamond
Shamrock Refining and Marketing.
Morsches earned an MBA degree from the University of Texas at San Antonio and a bachelor's
degree in chemical engineering from the University of Dayton.
As the world's leading and most diverse derivatives marketplace,
CME Group (www.cmegroup.com) is where the world comes to manage
risk. CME Group exchanges offer the widest range of global
benchmark products across all major asset classes, including
futures and options based on interest rates, equity indexes,
foreign exchange, energy, agricultural commodities, metals, weather
and real estate. CME Group brings buyers and sellers
together through its CME Globex® electronic trading platform and
its trading facilities in New York
and Chicago. CME Group also operates CME Clearing, one of the
world's leading central counterparty clearing providers, which
offers clearing and settlement services for exchange-traded
contracts, as well as for over-the-counter derivatives transactions
through CME ClearPort®. These products and services ensure that
businesses everywhere can substantially mitigate counterparty
credit risk in both listed and over-the-counter derivatives
markets.
CME Group is a trademark of CME Group Inc. The Globe Logo, CME,
Globex and Chicago Mercantile Exchange are trademarks of Chicago
Mercantile Exchange Inc. CBOT and the Chicago Board of Trade are trademarks of the
Board of Trade of the City of
Chicago, Inc. NYMEX, New York Mercantile Exchange and
ClearPort are registered trademarks of New York Mercantile
Exchange, Inc. COMEX is a trademark of Commodity Exchange,
Inc. All other trademarks are the property of their
respective owners. Further information about CME Group (NASDAQ:
CME) and its products can be found at www.cmegroup.com.
CME-G
SOURCE CME Group