CME Group, the world’s leading derivatives marketplace, recently announced the appointment of Mike Dennis as Global Head of Fixed Income. In this role, 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. 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.
The company reported that its interest rates business increased by 14% in Q2. With Dennis' 22 years of interest rate trading experience, his appointment is expected to offer a unique perspective that will benefit the company's clients and organization.
Tim McCourt, on the other hand, 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 CME Group Chairman and Chief Executive Officer Terry Duffy.
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. 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 and 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.
Dennis holds a B.S. in finance from Marquette University and has Series 3, 63, 7, and 24 licenses. CME Group's interest rate market includes benchmark futures and options products in U.S. Treasuries, SOFR, Fed Funds, TBAs, and €STR. 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. Today the company's shares have moved -0.5% to a price of $195.5. Check out the company's full 8-K submission here.
