CME Group, the world’s largest and most diverse derivatives exchange, today announced that it has named Michael O’Connell as managing director, Clearing Business Development. O’Connell will be responsible for developing CME Clearing products and services. He will report to Kim Taylor, managing director and president, CME Clearing.
"Michael’s deep knowledge of financial markets will be a tremendous asset to CME Group as we work to extend our centralized clearing capability and the safety and soundness we deliver to the global marketplace," said Kim Taylor, managing director and president, CME Clearing. "CME Clearing leads the
industry in providing customers with the security they need to operate in today’s challenging market conditions. We look forward to applying Michael’s expertise as we continue to provide our customers with transparent, liquid markets for risk management."
O’Connell, 48, who has more than 20 years of experience in the global derivatives industry, joins CME Group from Northern Trust Corporation, where he most recently served as Senior Vice President within Corporate & Institutional Services, and was part of its Global Consulting team. Prior to Northern Trust, O’Connell was managing director, head of Equity Derivative Trading/Risk at Bank One NA. His background also includes trading and trading management roles at the Chicago Board Options Exchange, D.E. Shaw & Co and Hull Trading Company, respectively.
O’Connell earned his bachelor’s degree in biology and physics from Lawrence University, and is a Series 7 and 63 registered representative.
CME Clearing is the world’s largest derivatives clearing organization, processing more than two billion contracts a year. By acting as the counterparty to every trade, CME Clearing virtually eliminates counterparty risk, meaning that for every trade completed on the exchange, CME Clearing guarantees the financial soundness of both parties. CME Clearing leads the industry in providing a comprehensive set of risk management services that provides market participants with the confidence they need to operate, invest and grow.