Dennis Named FI Head at CME

Mike Dennis has been named global head of fixed income at CME Group, a move that sees Tim McCourt cede responsibility for the asset class and focus on managing the group’s other asset classes including FX and the EBS spot platform.

Dennis will take up his role in August, and also lead BrokerTec, CME’s OTC platform for US Treasuries, as well as US, UK and European repo trading. He will report to Terry Duffy, chair and CEO of CME Group.

He joins from ABN Amro Clearing USA, where he was chief commercial officer in the US. Prior to that Dennis was director of prime brokerage and clearing services at Société Générale. He also worked in clearing at Advantage Futures, served as an interest rate trader at Peak 6 Investments and acted as a market-maker in back-month Eurodollar futures and cash Treasuries for a proprietary trading firm in CME open outcry and electronic markets in the early 2000s. He began his career in 2002 in the corporate investment banking division of JP Morgan Chase Chicago, and has served on several market oversight committees as a member and former member of the CME and CBOT exchanges, respectively.

“We are extremely pleased to add the expertise of Mike Dennis, a long-time industry professional, to our leadership team to oversee our significant and growing interest rates business, which increased 14% in Q2,” says Duffy. “As a former trader himself, Mike’s deep trading, clearing and prime brokerage knowledge, as well as his hands-on markets experience, will bring a unique perspective to this role that will benefit our clients and our organisation.

“At the same time, we will continue to rely on Tim’s oversight of our other financial asset classes including equities, FX and crypto as those markets continue to expand to new users around the globe,” he adds.