CME Group Appoints Kevin Kometer as Managing Director and Chief Information Officer; James R. Krause to Retire After 23 Years of
May 13 2008 - 5:00PM
PR Newswire (US)
CHICAGO, May 13 /PRNewswire-FirstCall/ -- CME Group, the world's
largest and most diverse derivatives exchange, today announced that
Kevin Kometer, formerly Deputy Chief Information Officer, has been
appointed Managing Director and Chief Information Officer effective
June 30, 2008. Kometer succeeds James R. Krause, Managing Director
and Chief Information Officer, who will retire on June 30 following
23 years of service. Kometer will report to CME Group COO Bryan
Durkin and will be responsible for leading the company's Technology
and Enterprise Computing Division, which provides systems to
support the company's electronic trade matching, inbound and
outbound order routing, clearing, market data, trading floor
technology and other corporate processes. "Jim has been an
exemplary leader at CME Group, facilitating our growth and
expansion through global electronic trading in all of our key
products," said CME Group Executive Chairman Terry Duffy. "Jim,
along with Kevin and his team have been an integral part of this
growth, with electronic trading now representing 83 percent of our
total volume. Jim and Kevin also led the seamless technology
integration resulting from our historic merger between CME and the
CBOT. We want to thank Jim for his leadership and congratulate
Kevin on his new role as Chief Information Officer." "As a leading
technology company, CME Group continues to develop an incredibly
strong and well-respected IT management team to provide our
customers around the world with superior trading speed, reliability
and performance," said CME Group CEO Craig Donohue. "We sincerely
thank Jim for his years of extremely distinguished service, and we
are pleased to name Kevin, a 14 year veteran of CME Group, to lead
our talented IT team. Under Kevin's leadership, CME Group will
continue to maintain our strong focus on technology, as well as on
delivering operational and cost efficiencies to our global client
base." Average daily volume on CME Globex(R) in April 2008 averaged
8.2 million contracts per day, a 40 percent increase over the
year-ago period. Total volume exceeded 224 million contracts for
the month, of which 81 percent was traded electronically. In March,
the company implemented an upgrade to the CME Globex electronic
trading platform that significantly reduced message response time,
already among the fastest in the industry. The upgraded CME Globex
platform reduced CME Globex response times by more than 50 percent,
from an average of 31 milliseconds down to approximately 13.7
milliseconds. Kometer, 43, has been with the company for 14 years
and most recently served as Managing Director and Deputy Chief
Information Officer, where he had primary oversight for the
development and quality management of CME Group trading systems for
both options and futures trading, both on the trading floor and on
the CME Globex electronic trading platform. He was also responsible
for leading the effort to migrate of CBOT products traded on the
eCBOT electronic trading platform to CME Globex during the CME/CBOT
integration. Krause joined the company in 1985 and has played an
instrumental role in every major technology initiative that has
taken place at the exchange during the last 23 years, including the
design, development and implementation of the CME Globex electronic
trading platform and the Clearing 21 clearing system. CME Globex
remains the only electronic platform offered by any exchange that
is available virtually around the clock every trading day, and
under Krause's leadership, it has become the industry standard for
speed, reliability and functionality. In 2007, approximately 79
percent of the exchange's volume was electronic compared with
approximately 13 percent in 2000. In recognition of these
technology achievements, Computerworld Magazine recognized Krause
as one of its Premier 100 IT leaders in 2005, and CME has been
named to the magazine's Best Places to Work in IT list since 2005.
Additionally, the company has been named to the InformationWeek 500
every year since 2004. CME Group (http://www.cmegroup.com/) is the
world's largest and most diverse derivatives exchange. Formed by
the 2007 merger of the Chicago Mercantile Exchange (CME) and the
Chicago Board of Trade (CBOT), CME Group serves the risk management
needs of customers around the globe. As an international
marketplace, CME Group brings buyers and sellers together on the
CME Globex electronic trading platform and on its trading floors.
CME Group offers the widest range of benchmark products available
across all major asset classes, including futures and options based
on interest rates, equity indexes, foreign exchange, agricultural
commodities, and alternative investment products such as weather
and real estate. CME Group is traded on the New York Stock Exchange
and NASDAQ under the symbol "CME." The Globe logo, CME, Chicago
Mercantile Exchange, CME Group, Globex and E- mini, are trademarks
of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade
are trademarks of the Board of Trade of the City of Chicago.
Standard & Poor's, S&P 500 and S&P, S&P MidCap 400,
Standard & Poor's Depositary Receipts and SPDR are trademarks
of The McGraw-Hill Companies, Inc. NASDAQ, NASDAQ-100 and the
NASDAQ-100 Index are trademarks of The Nasdaq Stock Market, Inc.
Nikkei and Nikkei 225 are trademarks of Nihon Keizai Shimbun Inc.
The Russell 2000 Index and Russell 1000 Index are registered
trademarks of Frank Russell Co. TRAKRS and Total Return Asset
Contracts are trademarks of Merrill Lynch & Co., Inc. GSCI is a
trademark of Goldman Sachs & Co. Morgan Stanley Capital
International, MSCI, and EAFE are trademarks of MSCI. FTSE/Xinhua
China 25 is a trademark of FTSE Xinhua Index Limited. Dow Jones and
Dow Jones Industrial Average are trademarks of Dow Jones &
Company, Inc. CDR Liquid 50 NAIG is a trademark of Credit
Derivatives Research LLC. These trademarks are used herein under
license. All other trademarks are the property of their respective
owners. Further information about CME Group and its products can be
found at http://www.cmegroup.com/. CME-G DATASOURCE: CME Group
CONTACT: Media, Allan Schoenberg, +1-312-930-8189, or Laurie
Bischel, +1-312-648-8698, , or Investors, John Peschier,
+1-312-930-8491, all of CME Group Web site: http://www.cme.com/
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