Coin World News Report:
The Chicago Mercantile Exchange Group has announced the appointment of Mike Dennis as the Global Head of Fixed Income, the latest move in its drive to advance its interest rate business. Dennis brings extensive experience in trading and clearing, and reportedly will assume the position 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 role, Dennis will oversee the Chicago Mercantile Exchange Group’s SOFR and U.S. Treasury futures and options portfolio, including 30-year bonds and 2-year, 5-year, and 10-year bonds. In addition, he will also lead the Chicago Mercantile Exchange Group’s electronic cash trading platform, BrokerTec, which handles U.S. Treasury benchmarks and repos in the U.S., EU, and UK.
Most recently, he served as the Head and Chief Commercial Officer of ABN AMRO Clearing USA LLC, where he played a crucial role in launching fixed income clearing for the company. Clearing is a generic term that can mean many different things depending on the subject and industry. The most common case is the mutual exchange of checks and drafts between banks, as well as the settlement of the differences, or the total amount of claims settled by a clearinghouse. In the financial and banking industry, the meaning of clearing varies due to more specific business models. The transfer of checks from the bank where they were deposited to the bank on which they are drawn. Clearing is a generic term that can mean many different things depending on the subject and industry. The most common case is the mutual exchange of checks and drafts between banks, as well as the settlement of the differences, or the total amount of claims settled by a clearinghouse. In the financial and banking industry, the meaning of clearing varies due to more specific business models. The transfer of checks from the bank where they were deposited to the bank on which they are drawn. Reading this clause and the repo plan. His career includes significant roles at Societe Generale, Advantage Futures, and Peak 6 Investments.
Commenting on this appointment, Duffy mentioned, “We are delighted to have Mike Dennis, a seasoned industry professional with extensive knowledge, join our leadership team to oversee our important and growing interest rate business, which grew 14% in the second quarter. As a former trader, Mike’s deep trading, clearing, and prime brokerage knowledge, along with his hands-on market experience, will bring a unique perspective to this role that will benefit our customers 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 bank’s corporate investment banking division in Chicago. He brings over two decades of experience in interest rate trading to the Chicago Mercantile Exchange Group.
Earlier this year, the Chicago Mercantile Exchange Group reported strong data for the fourth quarter and full-year 2023, with revenues reaching $1.4 billion and operating income of $863 million. The net income for the quarter reached $815 million.
Furthermore, the total revenue for the full-year 2023 was $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 in the second quarter of 2024 hit a record high, with significant growth in multiple currency pairs.
