Coin World News Report:
The Chicago Mercantile Exchange Group has appointed Mike Dennis as Global Head of Fixed Income, the latest move in its drive to boost its interest rate business. Dennis, who has extensive experience in trading and clearing, will reportedly assume the role starting from August 5th. He will report directly to Terry Duffy, Chairman and CEO of the Chicago Mercantile Exchange Group.
New Leadership in Fixed Income
In his new position, Dennis will oversee the Chicago Mercantile Exchange Group’s portfolio of SOFR and U.S. Treasury futures and options contracts, including 30-year bonds and 2-year, 5-year, and 10-year notes. Additionally, he will also lead the Chicago Mercantile Exchange Group’s electronic cash trading platform, BrokerTec, which handles U.S. Treasury benchmarks and repurchase agreements in the U.S., European Union, and the UK.
Most recently, he served as Head and Chief Commercial Officer of ABN AMRO Clearing USA LLC, where he played a key role in launching fixed income clearing for the company. Clearing is a generic term that means many different things depending on the subject and related industry. The most common case is the mutual exchange of checks and promissory notes between banks and the settlement of differences, or the total amount of claims settled by a clearinghouse. In the financial and banking industry, the meaning of the term clearing varies with more specific business models. Moving checks from the bank of deposit to the bank on which they are drawn. Clearing is a generic term that means many different things depending on the subject and related industry. The most common case is the mutual exchange of checks and promissory notes between banks and the settlement of differences, or the total amount of claims settled by a clearinghouse. In the financial and banking industry, the meaning of the term clearing varies with more specific business models. Moving checks from the bank of deposit to the bank on which they are drawn. Reading this term and repurchase plan. His career includes significant roles at Societe Generale, Advantage Futures, and Peak 6 Investments.
Commenting on the appointment, Duffy said, “We are thrilled to have Mike Dennis’ expertise, built over a long career in the industry, join our leadership team to oversee our significant and growing interest rate business, which grew 14% in the second quarter. As a former trader, Mike’s deep understanding of trading, clearing, and prime brokerage, as well as his hands-on market experience, will bring a unique perspective to this role that will benefit our clients and organization.”
Decades of Interest Rate Trading
Dennis’ appointment is part of the Chicago Mercantile Exchange Group’s broader strategy to strengthen its leadership position in the derivatives market. Dennis began his career in 2002 at J.P. Morgan, working in the firm’s corporate investment banking division in Chicago. He brings over two decades of interest rate trading experience to the Chicago Mercantile Exchange Group.
Earlier this year, the Chicago Mercantile Exchange Group reported strong figures for the fourth quarter and full year 2023, with revenues reaching $1.4 billion and operating income of $863 million. Net income for the quarter reached $815 million.
Furthermore, total revenues for the full year 2023 were $5.6 billion, with operating income of $3.4 billion and net income of $3.2 billion. Recently, the group reported that foreign exchange futures trading volumes for the second quarter of 2024 reached a historic high, with significant growth in multiple currency pairs.
