Kimberly S. Taylor

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Kim Taylor
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Location Chicago, Illinois, USA

Kimberly S. Taylor is the former president, clearing and post-trade services, at the CME Group. She was appointed to that newly created position on December 9, 2016 and stepped down in December of 2017.[1] She was previously president, global operations, technology & risk at the CME Group, starting in September 2014.[2]

Earlier, Taylor was president, CME Clearing at CME Group.[3] Taylor assumed this role in July 2007 with the merger of CME and the Chicago Board of Trade.

Background[edit]

Taylor grew up in Michigan and had planned to become a lawyer, but she lost interest in the law after graduating from college and instead ended up earning an MBA from Eastern Michigan University in 1986, when women were still rare on business school campuses.

She was hired in 1989 as a CME analyst by John McPartland and advanced by taking options pricing courses, volunteering for Saturday work and taking up challenges such as a last-minute trip to Hungary to launch a new exchange.[4]

She held the position of president of the CME's clearing house starting in January 2004, having previously been managing director, risk management (previously senior vice president under CME's former title structure) in the Clearing House Division, from October 1998 to December 2003. In that role, she managed CME Clearing’s exposure to counterparty risk, including monitoring market volatility, setting minimum performance bond requirements and negotiating cross-margin programs.

After the CME began clearing all CBOT contracts in January 2004, Taylor guided the clearinghouse through several crises, including the 2005 failure of Refco and the implosions of Bear Stearns and Lehman Bros. in 2008 and MF Global in 2011.[5] When MF Global customers were cut off from their trading accounts, she worked around the clock to move thousands of accounts to other firms.

Taylor has held a variety of positions in the clearing house, including vice president, from January 1996 to January 1998 and senior director from July 1994 to December 1996. She joined CME in 1989 as an analyst.

Taylor is also a member of the Women In Listed Derivatives' Steering Committee.

In September 2014, Crain's Chicago Business named her No. 9 on its list of the top 20 most powerful women in Chicago business.[6]

Education[edit]

Taylor received her bachelor's degree in 1983 from Alma College, Alma, Mich., and her MBA in 1990 from Eastern Michigan University, Ypsilanti, Mich.

John Lothian News Special Report: Residual Interest, February 2013[edit]

A rule proposed by the Commodity Futures Trading Commission (CFTC) designed to strengthen safeguards for customer deposits at futures commission merchants (FCMs) is threatening to overhaul the futures brokerage system.

The proposed “residual interest” provision introduced last fall, and discussed in a CFTC roundtable on February 5, would require substantial increases in margin buffers by FCMs.

The meeting led by Robert Wasserman, chief counsel of the CFTC’s Division of Clearing and Risk, included panelists Mike Dawley of Goldman Sachs and FIA chairman and Kim Taylor, CME Clearing president who argued that the increased margin requirements under the proposal are substantial. Dawley said the rule, if passed in its current form, would be “one of the most monumental events” in his 30 years in the industry.

John Lothian News has put together a special report on this critical issue. The deadline for comments on this proposed rule is February 15, 2013.

References[edit]

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