CME Group Appoints Mike Dennis to Lead Global Fixed Income Division

Monday, 08/07/2024 | 14:54 GMT by Jared Kirui

Dennis' responsibilities include managing futures and options contracts on SOFR and US Treasuries, as well as leading BrokerTec.

Previously, he was the Principal and Chief Commercial Officer at ABN AMRO Clearing USA LLC.

CME Group has appointed Mike Dennis as the Global Head of Fixed Income in the latest effort to boost its interest rates business. Dennis, who is experienced in trading and clearing, will reportedly take on this role beginning August 5. He will directly report to CME Group's Chairman and CEO, Terry Duffy.

New Leadership for Fixed Income

In his new position, Dennis will manage CME Group's portfolio of futures and options contracts on SOFR and US Treasuries, including the 30-year bond and 2-, 5-, and 10-year notes. Additionally, he will lead BrokerTec, CME Group's electronic cash trading platform, which handles US Treasury benchmarks and repo trading in the US, EU, and UK.

Most recently, he served as Principal and Chief Commercial Officer at ABN AMRO Clearing USA LLC, where he played a pivotal role in launching a fixed-income clearing and repo initiative. His career includes significant roles at Societe Generale, Advantage Futures, and Peak 6 Investments.

Speaking about the appointment, Duffy mentioned: "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. 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 organization."

Decades of Interest Rate Trading

Dennis's appointment is part of CME Group's broader strategy to strengthen its leadership in the derivatives marketplace. Dennis began his career at JP Morgan Chase in 2002, working in the Corporate Investment Banking Division in Chicago. He brings over two decades of interest rate trading experience to CME Group.

The company posted strong figures across key metrics for the fourth quarter and full year 2023 early this year, with revenue reaching $1.4 billion and operating income at $863 million. The quarter's net income amounted to $815 million.

Additionally, total revenue for the full year 2023 amounted to $5.6 billion, operating income was $3.4 billion, and net income stood at $3.2 billion. Most recently, the group reported record-high FX futures trading volumes for the second quarter of 2024, with significant growth across multiple currency pairs.