CME Group Names Michael O'Connell as Managing Director, Clearing Business Development
November 19 2008 - 10:27AM
PR Newswire (US)
CHICAGO, Nov. 19 /PRNewswire-FirstCall/ -- CME Group, the world's
largest and most diverse derivatives exchange, today announced that
it has named Michael O'Connell as Managing Director, Clearing
Business Development. O'Connell will be responsible for developing
CME Clearing products and services. He will report to Kim Taylor,
Managing Director and President, CME Clearing. "Michael's deep
knowledge of financial markets will be a tremendous asset to CME
Group as we work to extend our centralized clearing capability and
the safety and soundness we deliver to the global marketplace,"
said Kim Taylor, Managing Director and President, CME Clearing.
"CME Clearing leads the industry in providing customers with the
security they need to operate in today's challenging market
conditions. We look forward to applying Michael's expertise as we
continue to provide our customers with transparent, liquid markets
for risk management." O'Connell, 48, who has more than 20 years of
experience in the global derivatives industry, joins CME Group from
Northern Trust Corporation, where he most recently served as Senior
Vice President within Corporate & Institutional Services, and
was part of its Global Consulting team. Prior to Northern Trust,
O'Connell was Managing Director, Head of Equity Derivative
Trading/Risk at Bank One NA. His background also includes trading
and trading management roles at the Chicago Board Options Exchange,
D.E. Shaw & Co and Hull Trading Company, respectively.
O'Connell earned his bachelor's degree in biology and physics from
Lawrence University, and is a Series 7 and 63 registered
representative. CME Clearing is the world's largest derivatives
clearing organization, processing more than two billion contracts a
year. By acting as the counterparty to every trade, CME Clearing
virtually eliminates counterparty risk, meaning that for every
trade completed on the exchange, CME Clearing guarantees the
financial soundness of both parties. CME Clearing leads the
industry in providing a comprehensive set of risk management
services that provides market participants with the confidence they
need to operate, invest and grow. To learn more about CME Clearing,
please visit
http://www.cmegroup.com/clearing/cme-clearing-overview/index.html.
CME Group (http://www.cmegroup.com/) is the world's largest and
most diverse derivatives exchange. Building on the heritage of CME,
CBOT and NYMEX, 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 trading floors in Chicago and
New York. By acting as the buyer to every seller and the seller to
every buyer, CME Clearing virtually eliminates counterparty credit
risk. CME Clearing also offers $7 billion in financial safeguards
to help mitigate systemic risk, providing the security and
confidence market participants need to operate, invest and grow.
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, energy,
agricultural commodities, metals, and alternative investment
products such as weather and real estate. CME Group is listed on
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. NYMEX,
New York Mercantile Exchange, and ClearPort are 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 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.cmegroup.com/
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