Terrence A. Duffy

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Terrence A. Duffy
TerryDuffy1.jpg
Occupation President & Executive Chairman
Employer CME Group
Location Chicago
Website www.cmegroup.com

Terrence A. Duffy is a futures trader and broker who serves as the president and executive chairman of the CME Group.

He has served as executive chairman of CME Group since July 2007.[1][2]On March 12, 2012, it was announced that Duffy would assume the additional role of president of CME Group upon the retirement of Craig Donohue, who retired on May 1, 2012. Current president Phupinder Gill would move into the CEO position. [3][4]

He was chairman of the board of both CME and CME Holdings since April 2002 and has served as the executive chairman since October 2006. In 2010, he was elected to a three-year term expiring in 2013.[5] He is also president of TDA Trading, Inc.[6][7]

Duffy currently serves on the board of World Business Chicago,[8] the board of trustees of Saint Xavier University,[9] the board of directors of the Illinois Agricultural Leadership Foundation, and is co-chair of the Mayo Clinic Greater Chicago Leadership Council. He is also a member of the Economic Club of Chicago, the Executives' Club of Chicago and the President's Circle of the Chicago Council on Global Affairs.

Duffy also serves as a director of the CME Foundation.[10][11]

On Dec. 13, 2011, Duffy testified before the Senate Committee on Agriculture, Nutrition & Forestry, saying that former MF Global CEO Jon Corzine was aware of at least one firm's use of customer segregated funds to make a loan.[12][13] A Jan. 5, 2012 story in the New York Times evaluated CME Group's role in the MF Global investigation, and also examined Duffy's December 2011 testimony.[14]

Contents

Background

Duffy's path to the futures industry began when he was a bartender at a Fontana, Wisconsin lakeside tavern called "Chuck's" that was frequented by CBOT and CME traders with summer homes around the Geneva Lake area.[15] In 1984, Duffy bought a CME membership with the help of a $50,000 loan from his parents secured by a mortgage they took out on their home. Shortly after he bought his membership and while working as a broker he incurred a loss of $150,000 because of a misheard order.[16]

A member of CME since 1981 and a member of the board since 1995, Duffy was vice chairman of the board of CME Holdings Inc. from its formation in 2001, and of the CME Board from 1998 to April 2002. As the company's vice chairman, he served on the executive, compensation, nominating, strategic planning and regulatory oversight committees. He served as a member of the board of FXMarketSpace Limited, a joint venture launched in 2006 between CME and Reuters that was shuttered in October 2008.[17]

A June 2003 edition of Crain's Chicago Business referred to Duffy as a smooth-talking, flashy dressing hog trader known for his political bloodlines. His grandfather, John J. Duffy, was a 19th Ward alderman and president of the Cook County Board, and his father, John J. Duffy Jr., worked in the Cook County assessor's office.[18]

In 2002, he was appointed by President George W. Bush to serve on a National Saver Summit on Retirement Savings. He also was appointed by Bush and confirmed by the U.S. Senate in 2003 as a member of the Federal Retirement Thrift Investment Board (FRTIB).

In July 2007, just days after the CME-CBOT merger was completed, Duffy issued a press release endorsing senator and Democratic presidential candidate Hillary Clinton for the 2008 election. Duffy, a registered Republican and key Republican fund raiser, intended to remain a registered Republican, the press release said.[19][20]

In 2005, Duffy and CME CEO Craig Donohue were together honored by SFO Magazine as co-persons of the year and featured on the cover of the monthly publication.[21]

In September 2008, Duffy was honored with the Illinois Institute of Technology Stuart School of Business's first-ever Illinois Executive of the Year Award.[22]

In November 2008, Duffy was an honorary committee member of the FIA Futures Cares Charity Dinner where over $300K was raised in support of the Greater Chicago Food Depository.[23]

Education

Duffy attended the University of Wisconsin-Whitewater and quit the school to take a $58 a week runners job at the CME.

Registration Information

  • Terrence A Duffy - NFA ID 0055919

Video Interviews

Speeches

References

  1. "Board of Directors”. CME Group.
  2. Insider Filings - Terrence A. Duffy. Yahoo Finance.
  3. CME chief Donohue retiring at yearend. Crain's.
  4. Taking Stock: Chicago's Trading History. Michigan Avenue.
  5. Press Release. CME Group.
  6. A merger between CME and CBOT has been talked about for decades. CME Magazine.
  7. CME Group, Form 10-K. CME Group.
  8. Board of Directors. World Business Chicago.
  9. Trustees. Saint Xavier University.
  10. CME Foundation. CME Group.
  11. Terrence A. Duffy, Executive Chairman. CME Group.
  12. CME'S Duffy Said Corzine Knew Of Loan To MF Global Affiliate. Nasdaq.
  13. Testimony Of Terrence A. Duffy (PDF). Futures Magazine.
  14. MF Global Inquiry Turns to Its Primary Regulator. New York Times.
  15. Up from the pits. Forbes.
  16. CME Group - The futures of capitalism. The Economist.
  17. CME Group and Thomson Reuters to Close FXMarketSpace Joint Venture. CME Group.
  18. Trading Places. Crain's Chicago Business via Leo Melamed.com.
  19. Chairman Terry Duffy Endorses Hillary Clinton for President. CME Group via GWU.edu.
  20. Sweet blog extra: Clinton scores endorsement of Terry Duffy, chair of Chicago's CME Group, key LaSalle Street exchange. Chicago Sun Times.
  21. 2005 Co-Persons of the Year. SFO Magazine.
  22. 2008 Illinois Executive of the Year Award Ceremony. Illinois Institute of Technology.
  23. Futures Industry Association. FIA.
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