International derivatives marketplace CME Group today announced that it has appointed Tim McCourt to serve in an expanded role as Senior Managing Director, Global Head of Financial & OTC Products, following the retirement of Sean Tully, Senior Managing Director, Interest Rates and OTC Products, on June 2, 2023.
“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 CME Group Chairman and Chief Executive Officer Terry Duffy. “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.”
Prior to the new role, Mr McCourt served as Global Head of Equity & FX Products since February 2022, when he was promoted to the Management Team. Going forward, 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.
Mr McCourt joined CME Group in 2013 as Executive Director, Equity Index Products.
On March 13, CME Group reported a record single-day trading volume of 66.2 million contracts across its markets – including a record 41.9 million interest rate contracts and a record 17.8 million equity index contracts. The same day, a record 15.5 million SOFR futures were traded, while a record 6.2 million SOFR options traded on March 14.
