Terrence A. Duffy

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Terrence A. Duffy
TerryDuffy1.jpg
Occupation President & Executive Chairman
Employer CME Group
Location Chicago
Website www.cmegroup.com

Terrence A. Duffy is the president and executive chairman of the CME Group. He has served as executive chairman since 2006, and assumed the additional role of president when Craig Donohue retired in 2012.[1][2] He joined the CME board in 1995 and served as chairman since 2002 and as vice chairman from 1998-2002.

From the time he joined the exchange in 1981 until he assumed the chairman role in 2002, Duffy was president of his own firm, TDA Trading, Inc.[3][4]

Duffy serves as co-chair of the Mayo Clinic Greater Chicago Leadership Council and he is also a member of the Economic Club of Chicago, the Executives' Club of Chicago and the President's Circle of the Chicago Council on Global Affairs.[5]


Background

Duffy's path to the futures industry began when he was a bartender at a Fontana, Wisconsin lakeside tavern called "Chuck's" that was frequented by CBOT and CME traders with summer homes around the Geneva Lake area.[6] In 1984, Duffy bought a CME membership with the help of a $50,000 loan from his parents secured by a mortgage they took out on their home. Shortly after he bought his membership and while working as a broker he incurred a loss of $150,000 because of a misheard order.[7]

A member of CME since 1981 and a member of the board since 1995, Duffy was vice chairman of the board of CME Holdings Inc. from its formation in 2001, and of the CME Board from 1998 to April 2002. As the company's vice chairman, he served on the executive, compensation, nominating, strategic planning and regulatory oversight committees. He served as a member of the board of FXMarketSpace Limited, a joint venture launched in 2006 between CME and Reuters that was shuttered in October 2008.[8]

A June 2003 edition of Crain's Chicago Business referred to Duffy as a smooth-talking, flashy dressing hog trader known for his political bloodlines. His grandfather, John J. Duffy, was a 19th Ward alderman and president of the Cook County Board, and his father, John J. Duffy Jr., worked in the Cook County assessor's office.[9]

In 2002, he was appointed by President George W. Bush to serve on a National Saver Summit on Retirement Savings and in 2003 he was appointed by Bush and confirmed by the U.S. Senate as a member of the Federal Retirement Thrift Investment Board (FRTIB), which administers the Thrift Savings Plan, a retirement savings plan for federal employees. He served in this role until 2013.

In July 2007, just days after the CME-CBOT merger was completed, Duffy issued a press release endorsing senator and Democratic presidential candidate Hillary Clinton for the 2008 election. Duffy, a registered Republican and key Republican fund raiser, intended to remain a registered Republican, the press release said.[10][11]

In September 2008, Duffy was honored with the Illinois Institute of Technology Stuart School of Business's first-ever Illinois Executive of the Year Award.[12]

In November 2008, Duffy was an honorary committee member of the FIA Futures Cares Charity Dinner where over $300K was raised in support of the Greater Chicago Food Depository.[13]

Education

Duffy attended the University of Wisconsin-Whitewater and quit the school to take a $58 a week runner job at the CME. In 2007, he received a Doctor of Humane Letters from DePaul University.

Registration Information

  • Terrence A Duffy - NFA ID 0055919

Video Interviews

Speeches

References

  1. CME chief Donohue retiring at yearend. Crain's.
  2. Taking Stock: Chicago's Trading History. Michigan Avenue.
  3. A merger between CME and CBOT has been talked about for decades. CME Magazine.
  4. CME Group, Form 10-K. CME Group.
  5. Terrence A. Duffy, Executive Chairman. CME Group.
  6. Up from the pits. Forbes.
  7. CME Group - The futures of capitalism. The Economist.
  8. CME Group and Thomson Reuters to Close FXMarketSpace Joint Venture. CME Group.
  9. Trading Places. Crain's Chicago Business via Leo Melamed.com.
  10. Chairman Terry Duffy Endorses Hillary Clinton for President. CME Group via GWU.edu.
  11. Sweet blog extra: Clinton scores endorsement of Terry Duffy, chair of Chicago's CME Group, key LaSalle Street exchange. Chicago Sun Times.
  12. 2008 Illinois Executive of the Year Award Ceremony. Illinois Institute of Technology.
  13. Futures Industry Association. FIA.