CHICAGO, Jan. 27, 2016 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced the appointment of two new members to its Competitive Markets Advisory Council (CMAC). These new members are Lars Hansen, David Rockefeller Distinguished Service Professor of Economics at the University of Chicago and 2013 recipient of the Nobel Prize in Economics; and Randall Kroszner, former member of the Board of Governors of the U.S. Federal Reserve system and Norman R. Bobins Professor of Economics at the University of Chicago Booth School of Business.
CMAC was established in March 2004 by Nobel Laureates Myron Scholes and Gary Becker in partnership with CME Group Chairman Emeritus Leo Melamed. The Council consists of financial experts, including Nobel Prize winners, who serve as a "think tank" to develop and provide advice to the CME Board in the form of policy, analysis, position papers and other strategic recommendations on significant market issues. Notably, CMAC plays an integral leadership role within the CME Group Center for Innovation by selecting the annual recipients of the CME Group Melamed-Arditti Innovation Award and the CME Group-MSRI Prize in Innovative Quantitative Applications.
"I am pleased to be joining the Competitive Markets Advisory Council of the CME Group," said Hansen. "I am glad to be part of such a distinguished group of economists and to participate in important conversations about competition and financial markets."
"It is an honor to join the CMAC and this impressive group of economic thinkers," said Kroszner. "Promoting competition while keeping the markets safe, sound and stable is a crucial balance, and I'm looking forward to taking part in valuable discussions on key issues."
"I am delighted that Dr. Hansen and Dr. Kroszner have agreed to accept the nomination request to join as members of the CMAC," said Leo Melamed, CME Group Chairman Emeritus and CMAC Vice Chairman. "The addition of these accomplished economic thought leaders will strengthen the CMAC's success as indispensable resource for competitive market issues."
"As a leader in global markets, CME Group created CMAC as a forum that provides our Board with leading-edge insights from some of the world's top economic experts," said CME Group Executive Chairman and President Terry Duffy. "We are pleased that these two influential leaders on global market issues will be joining the Council."
Current CMAC Members are:
- John P. Gould, Steven G. Rothmeier Distinguished Service Professor of Economics, University of Chicago Booth School of Business and Chairman of CMAC
- Andrew Lo, Charles E. and Susan T. Harris Professor of Finance and Director of the Laboratory for Financial Engineering, MIT
- Robert C. Merton, Nobel Prize-Winning Economist and School of Management Distinguished Professor of Finance, MIT
- Michael H. Moskow, Vice Chairman and Senior Fellow for the Global Economy, The Chicago Council on Global Affairs
- Myron Scholes, Nobel Laureate and Frank E. Buck Professor of Finance, Emeritus, Stanford University
- Robert J. Shiller, Sterling Professor of Economics, Yale University and Chief Economist
Additionally, the following CME Group senior-level officials also serve as members of CMAC:
- Terry Duffy, CME Group Executive Chairman & President
- Phupinder Gill, CME Group Chief Executive Officer
- Leo Melamed, CME Group Chairman Emeritus and Vice Chairman of CMAC
- John F. Sandner, CME Group Retired Chairman.
For additional information about CMAC, please visit http://www.cmegroup.com/company/center-for-innovation/competitive-markets-advisory-council.html.
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.
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SOURCE CME Group