The Chicago Mercantile Exchange, also called CME, is one of the world’s largest exchange for futures and options. Trading involves mostly futures on interest rates, currency, equities, stock indices and a small amount on agricultural products.
|Terrence A. Duffy, Chairman
Phupinder Gill, CEO
Brian Durkin, COO
Leo Melamed, Chairman Emeritus
|Products||Futures & Options on futures|
|Revenue||$3.003 billion USD (CME Group 2010 GAAP)|
The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is an American financial and commodity derivative exchange based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an agricultural commodities exchange. Originally, the exchange was a non-profit organization. The Merc demutualized in November 2000, went public in December 2002, and merged with the Chicago Board of Trade in July 2007 to become a designated contract market of the CME Group Inc., which operates both markets. The chief executive officer of CME Group is Phupinder Gill, Terrence A. Duffy is the president and executive chairman of the board, and Leo Melamed is chairman emeritus. On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX. The Merc, CBOT, NYMEX and COMEX are now markets owned by the CME Group.
Today, CME is the largest options and futures contracts open interest (number of contracts outstanding) of any futures exchange in the world, including any in New York City. The Merc trades several types of financial instruments: interest rates, equities, currencies, and commodities. It also offers trading in alternative investments, such as weather and real estate derivatives. As a Designated Self-Regulatory Organization (DSRO), the CME had primary regulatory-audit authority over firms such as MF Global.
CME also pioneered the CME SPAN software that is used around the world as the official performance bond (margin) mechanism of 50 registered exchanges, clearing organizations, service bureaus, and regulatory agencies throughout the world.