The chairman emeritus will be leaving the CME Group board at the end of his term in May.
Leo Melamed, chairman emeritus, CME Group
Derivatives industry veteran Leo Melamed will retire from the CME Group board of directors, where is serving as chairman emeritus, at the conclusion of his current term in May 2018, officials say.
After his retirement, Melamed will act as a consultant to the CME Group for the next two years. “After that time, Melamed will continue to retain his title as chairman emeritus,” officials add.
“Melamed is recognized as the founder of financial futures and introduced the international monetary market in 1972,” according to CME Group officials. “He has served as chairman emeritus of CME Group since 1997 and as a board member since 1967. Melamed was CME chairman of the board from 1968 until 1976 and held various board leadership positions over the last three decades. He also played a leading role in the development of the CME Globex electronic trading system in 1992.”
“Bringing the CME Group from butter and eggs to a financial institution has been a work of love,” Melamed says in a prepared statement. “I offer my thanks to all the CME officials, board members, and employees over the years, without whose efforts it could not have been accomplished. I also want to thank Chairman and CEO Terry Duffy for his outstanding leadership, and wish him and the Board continued success.”
In addition to his CME Group responsibilities, Melamed serves as chairman and CEO of Melamed & Associates, a consulting group, and as advisor to the National Futures Association, the International Advisory Council of the CSRC in China, and Leap Innovations.
“On behalf of the CME Group Board and Management Team, we sincerely thank Leo Melamed for his decades of service to our company and our industry,” said “Leo’s invention of financial futures and pioneering of electronic trading shaped the financial markets as we know them today, and his contributions will continue to have an impact in the future,” says Terry Duffy, CME Group chairman and CEO, in a statement.
In addition to Melamed’s exit, the CME Group announced that Jack Sandner, the that retired chairman will be stepping down from the board of directors when his current term in May 2018 end. Like Melamed, Sandner will serve as a consultant to CME Group for two years, officials say.
Sandner has served on the CME Group Board since 1978 and as a member of CME for more than 45 years, officials say. He served as chairman of CME from 1980-82, 1985-87 and 1990-97, and as special policy advisor to CME from 1998 to 2005. He also served as chairman of E*Trade Futures, LLC, from 2003 to 2013 and as president and CEO of RB&H Financial Services, a futures commission merchant and clearing firm, from 1985 to 2003.
The CME Group exchanges offer global benchmark products across major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals, officials say. The CME Group brings buyers and sellers together via the CME Globex electronic trading platform, and operates CME Clearing, which offers clearing and settlement services across asset classes for exchange-traded and over-the-counter derivatives.
Need a Reprint?