CHICAGO, March 9, 2017 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced the appointment of a new member to its Competitive Markets Advisory Council (CMAC), Jacob Frenkel, Chairman of the Board of Trustees for the Group of Thirty (G-30), a private, nonprofit, international body comprised of financial industry leaders; as well as Chairman of the Board of Governors of Tel Aviv University and Chairman of JPMorgan Chase International.
Frenkel also served as Chairman and CEO of the G-30 from 2001-2011, as Vice Chairman of American International Group, Inc. from 2004-2009, and as Chairman of Merrill Lynch International from 2000-2004. Previously, he served two terms as Governor of the Bank of Israel from 1991-2000. Prior to this, he was the Economic Counselor and Director of Research at the International Monetary Fund, and the David Rockefeller Professor of International Economics at the University of Chicago. He is the recipient of the 2002 Israel Prize in Economics, among numerous other distinctions.
CMAC was established in March 2004 by Nobel Laureates Myron Scholes and Gary Becker in partnership with CME Group Chairman Emeritus Leo Melamed. The Council consists of financial experts, including Nobel Prize winners, who serve as a "think tank" to develop and provide advice to the CME Board in the form of policy, analysis, position papers and other strategic recommendations on significant market issues. Notably, CMAC plays an integral leadership role within the CME Group Center for Innovation by selecting the annual recipients of the CME Group Melamed-Arditti Innovation Award and the CME Group-MSRI Prize in Innovative Quantitative Applications.
"I am pleased to join this group of my former University of Chicago Colleagues and other distinguished economists at the Competitive Markets Advisory Council of the CME Group," said Frenkel.
"I am delighted that Dr. Frenkel has accepted our nomination to become a member of the CMAC," said Leo Melamed, CME Group Chairman Emeritus and CMAC Vice Chairman. "The addition of this accomplished economic thought leader will strengthen the Council's commitment to fostering innovation and dialogue on issues that impact the global markets."
"The CMAC provides our Board with groundbreaking insights and cutting-edge analysis from some of the world's top economic thought leaders," said CME Group Chairman and Chief Executive Officer Terry Duffy. "We are honored that Dr. Frenkel, an influential expert on global market issues, will be joining the Council."
Current CMAC Members are:
- John P. Gould, CMAC Chairman and Steven G. Rothmeier Distinguished Service Professor of Economics, University of Chicago Booth School of Business
- Leo Melamed, CMAC Vice Chairman and Chairman Emeritus, CME Group
- Lars Peter Hansen, David Rockefeller Distinguished Service Professor of Economics and Statistics, University of Chicago and Nobel Laureate in Economic Sciences (2013)
- Andrew Lo, Charles E. and Susan T. Harris Professor of Finance and Director of the Laboratory for Financial Engineering, MIT Sloan School of Management
- Robert C. Merton, School of Management Distinguished Professor of Finance, MIT Sloan School of Management and Nobel Laureate in Economic Sciences (1997)
- Michael H. Moskow, Vice Chairman and Senior Fellow for the Global Economy, The Chicago Council on Global Affairs
- Myron Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford University Graduate School of Business and Nobel Laureate in Economic Sciences (1997)
- Robert J. Shiller, Sterling Professor of Economics, Yale University and Nobel Laureate in Economic Sciences (2013)
Additionally, the following CME Group senior executives also serve as members of CMAC:
- Terry Duffy, CME Group Chairman and Chief Executive Officer
- Bryan Durkin, CME Group President
For additional information about CMAC, please visit http://www.cmegroup.com/company/center-for-innovation/competitive-markets-advisory-council.html.
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. Through its exchanges, CME Group offers the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange,energy, agricultural products and metals. CME Group provides electronic trading globally on its CME Globex platform. The company also offers clearing and settlement services across asset classes for exchange-traded and over-the-counter derivatives through its clearinghouses CME Clearing and CME Clearing Europe. CME Group's products and services ensure that businesses around the world can effectively manage risk and achieve growth.
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