CME Group, a derivatives exchange, has named Michael O'Connell as managing director, Clearing Business Development. O'Connell will be responsible for developing CME Clearing products and services. He will report to Kim Taylor, managing director and president, CME Clearing.
"Michael's deep knowledge of financial markets will be a tremendous asset to CME Group as we work to extend our centralized clearing capability and the safety and soundness we deliver to the global marketplace," said Kim Taylor, managing director and president, CME Clearing, in a press release. "CME Clearing leads the industry in providing customers with the security they need to operate in today's challenging market conditions. We look forward to applying Michael's expertise as we continue to provide our customers with transparent, liquid markets for risk management," she added.
O'Connell, 48, who has more than 20 years of experience in the global derivatives industry, joins CME Group from Northern Trust Corporation, where he most recently served as senior vice president within corporate and institutional services, and was part of its global consulting team. Prior to Northern Trust, O'Connell was managing director, head of equity derivative trading/risk at Bank One NA. His background also includes trading and trading management roles at the Chicago Board Options Exchange, D.E. Shaw & Co and Hull Trading Company, respectively. O'Connell earned his bachelor's degree in biology and physics from Lawrence University, and is a Series 7 and 63 registered representative.