CME Group Announces Appointment of Mike Dennis as Global Head of Fixed Income

CME Group, the derivatives marketplace, 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.

Duffy said:

“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. 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.”

As note din the update:

“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.”

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 derivatives marketplace, CME Group says it “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 claim to “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 says that it “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 central counterparty clearing providers, CME Clearing.”

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