United States financial services
CME announces retirement of two former chairmen
February 9th 2018 | United States | Financial markets and instruments | CME Group
On February 7th CME Group Inc announced the retirement of two of its former chairmen from the company's supervisory board. Leo Melamed and Jack Sandner will step down in May 2018. However, both Mr Melamed and Mr Sandner will stay on as consultants to CME Group for a period of two years after their retirement, with Mr Melamed retaining the role of chairman emeritus.
Both men have been credited with building CME Group into the world's largest futures exchange operator. Mr Melamed served as the chairman of the company's board from 1968 to 1976. He was responsible for the launch of the International Monetary Market, which enabled the trading of interest rates and currency futures, in 1972. Mr Melamed was appointed the chairman emeritus of the CME Group in 1997. Meanwhile, Mr Sandner served the chairman of the exchange operator for three terms spanning from 1980 to 1997.
Last week, CME Group's full-year net income more than doubled to US$4.1bn. This was partly owing to a one-off tax benefit of US$1.5bn related to the revaluation of deferred tax liabilities. Revenues for 2017 inched 1% higher to US$3.6bn owing to a rise in clearing and transaction fees while operating expenses were almost flat at US$1.3bn.
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