McCourt New OTC Head at CME

CME Group says that current FX head Tim McCourt will serve in an expanded role as global head of financial and OTC products, following the retirement of Sean Tully, the firm’s head of Interest Rates and OTC Products, on 2 June 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,” says CME Group chairman and CEO 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.”

McCourt, who joined CME is 2013, is currently global head of equity and FX products, a role he has held since February 2022, when he was promoted to the Merc’s management team. Going forward, CME says he will oversee the company’s interest rates, equity index, foreign exchange and cryptocurrency futures and options markets, as well as the its BrokerTec cash treasuries platform and EBS spot FX platform.

Tully has been with CME for almost 12 years, he joined from WestLB, where he spent over 12 years, most latterly as global head of rates, credit and emerging markets. Prior to that he worked for almost 11 years at Citi, latterly as global head of USD linear rates and CAD rate derivatives.