CME Group Promotes Tim McCourt as Global Head of Financial & OTC Products

(Source: LinkedIn)

CME Group, the world's leading derivatives marketplace, announced the promotion of Tim McCourt as its Senior Managing Director, Global Head of Financial & OTC Products, succeeding Sean Tully, the Senior Managing Director, Global Head of Rates & OTC Products for CME Group since 2022 who will retire on June 2, 2023, after more than a decade as senior managing director in charge of the businesses.

"We appreciate the leadership Sean provided over the past decade for our financial products businesses, which included the successful migration to SOFR derivatives that now serve as the leading tool for hedging short-term interest rates," said Terry Duffy, Chairman and CEO of CME Group. "We are fortunate to have Tim McCourt, who has extensive experience across financial products, to lead these important business lines that allow our clients to manage risk in key asset classes."

McCourt joined the Group as Global Head of Equity Products in April 2013 before being promoted to Global Head of Equity and FX Products in February 2022. previously, he held also held roles at Royal Bank of Scotland Business and J.P. Morgan, according to his LinkedIn profile. In his new role, he will oversee the company's interest rates, equity index, foreign exchange and cryptocurrency futures and options markets, as well as the company's BrokerTec cash treasuries platform and EBS spot FX platform.

Previously, CME Group had reported its highest daily volume on record​, with 66,250,862 contracts traded on March 13, 2023, including a record Interest Rate futures and options volume of 41,904,908 contracts and a record Equity Index futures and options volume of 17,805,973 contracts.