CME Group Appoints Tim McCourt as Global Head of Financial & OTC Products

CME Group announced the retirement of Sean Tully, Senior Managing Director, Interest Rates and OTC Products, effective June 2, 2023.

Rhea-AI Summary

CME Group announced the retirement of Sean Tully, Senior Managing Director, Interest Rates and OTC Products, effective June 2, 2023. Tim McCourt has been appointed as his successor, assuming the role of Senior Managing Director, Global Head of Financial & OTC Products. McCourt has extensive experience in financial products, previously serving as Global Head of Equity & FX Products since February 2022. Under Tully's leadership, CME successfully migrated to SOFR derivatives. The company also reported a record single-day trading volume of 66.2 million contracts on March 13, 2023, highlighting strong market activity in interest rates and equity index contracts.

Positive

• Tim McCourt's appointment may provide fresh perspectives to the company.
• Strong trading volume with 66.2 million contracts traded indicates robust market demand.

Negative

• Sean Tully's retirement may raise concerns about leadership continuity in financial products.

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• Sean Tully to Retire in June

CHICAGO, March 30, 2023 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that it has appointed Tim McCourt to serve in an expanded role as Senior Managing Director, Global Head of Financial & OTC Products, following the retirement of Sean Tully, Senior Managing Director, Interest Rates and OTC Products, on June 2, 2023.

"We appreciate the leadership Sean provided over the past decade for our financial products businesses, which included the successful migration to SOFR derivatives that now serve as the leading tool for hedging short-term interest rates," said CME Group Chairman and Chief Executive Officer Terry Duffy. "We are fortunate to have Tim McCourt, who has extensive experience across financial products, to lead these important business lines that allow our clients to manage risk in key asset classes."

Prior to the new role, McCourt served as Global Head of Equity & FX Products since February 2022, when he was promoted to the Management Team. Going forward, he will oversee the company's interest rates, equity index, foreign exchange and cryptocurrency futures and options markets, as well as the company's BrokerTec cash treasuries platform and EBS spot FX platform. McCourt joined CME Group in 2013 as Executive Director, Equity Index Products.

On March 13, CME Group reported a record single-day trading volume of 66.2 million contracts across its markets – including a record 41.9 million interest rate contracts and a record 17.8 million equity index contracts. The same day, a record 15.5 million SOFR futures were traded, while a record 6.2 million SOFR options traded on March 14.

About CME Group

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) 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 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 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 leading central counterparty clearing providers, CME Clearing.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec and EBS are trademarks of BrokerTec Europe LTD and EBS Group LTD, respectively. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

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View original content:https://www.prnewswire.com/news-releases/cme-group-appoints-tim-mccourt-as-global-head-of-financial--otc-products-301786151.html

SOURCE CME Group

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who is Tim McCourt and what will be his role at CME Group?

Tim McCourt is appointed as Senior Managing Director, Global Head of Financial & OTC Products, overseeing key business lines including interest rates and foreign exchange.

What prompted Sean Tully's retirement from CME Group?

Sean Tully is retiring after a decade of leadership in financial products, notably during the migration to SOFR derivatives.

How did CME Group perform in trading volume recently?

CME Group achieved a record trading volume of 66.2 million contracts on March 13, 2023, featuring significant activity in interest rate and equity index contracts.

What are the implications of McCourt's new role for CME Group?

McCourt's extensive experience in financial products is expected to enhance CME's leadership and operations in financial markets.