McCourt Assumes Responsibility for CME’s FX Business

As part of a raft of management changes at CME Group, Tim McCourt, who has been running the Merc’s equity and alternative investment business, will assume the role of global head of equity and FX products.

McCourt joined CME is 2013 from the Royal Bank of Scotland, where he was a director in delta one trading, prior to which he worked for almost 10 years at JP Morgan in its equities trading business. Sean Tully will continue in his role as global head of Rates and OTC products.

Elsewhere, Sunil Cutinho, who previously led CME Clearing and served in a variety of technology roles since joining the company in 2002, has been appointed chief information officer. Overseeing the company’s enterprise technology, Cutinho will replace Kevin Kometer who is retiring at mid-year.

Julie Holzrichter, chief operating officer since 2014, will assume an expanded role to oversee both global operations and CME Clearing. Suzanne Sprague has been promoted to the management team as global head of clearing and post-trade services, reporting to Holzrichter. Sprague has served as managing director, credit, collateral and liquidity risk and banking for CME Clearing since 2015.

“CME Group has a proven history of evolving our business to meet changing market demands and opportunities,” says chairman and CEO Terry Duffy. “This is an exciting and dynamic time for financial markets. We are fortunate to have built a strong leadership team, each person with a track record of working successfully across our company. As we continue to transform our business, we are restructuring our management team to further sharpen our focus and enhance our ability to achieve our strategic priorities for our clients, shareholders and employees.

“On behalf of everyone at CME Group, I want to thank Kevin for all he has done to help our company advance, not only through technology, but through countless other contributions over his nearly 30-year career,” he continues. “I also want to thank John for his leadership over the last 20 years, as he has been a part of so many milestones for our company. I look forward to continuing to work with John to deliver value to CME Group’s clients and shareholders. Also, I am excited that John will be a big part of transitioning and continuing to mentor Lynne in her new role. Looking ahead, I am pleased with this new structure and the leaders we now have in place to move our company forward.”