CHICAGO, Feb. 19, 2014 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced that Myron S. Scholes, Nobel Laureate in Economic Sciences and the 'Frank E. Buck' Professor of Finance, Emeritus, at the Stanford Graduate School of Business, has returned to the CME Group'sCompetitive Markets Advisory Council (CMAC).
CMAC was organized by Scholes and CME Group Chairman Emeritus Leo Melamed in March 2004. The Council consists of financial experts, including Nobel Prize winners, who serve as a "think tank" to develop and provide advice to the 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.
"When Leo and I developed the concept for CMAC, we wanted to provide a forum for open discussion on issues that impact the global markets," said Myron Scholes. "Years later, it's exciting to see how the committee has grown and continues to accomplish the goals we set out for it. I am delighted to be a part of it once again."
"I am very pleased that Myron Scholes has agreed to accept our request to return as a member of the CMAC," said Leo Melamed, CME Group Chairman Emeritus and CMAC Vice Chairman. "When we created this illustrious Council back in 2004, we expected that it would serve as a sounding board for competitive market issues. Our expectations were more than fulfilled. Clearly, Myron's return will serve to expand the CMAC's continued success."
"CME Group plays an active role in the global markets and CMAC provides a forum for us to gain insight and ideas from very prominent financial market experts," said CME Group Executive Chairman and President Terry Duffy. "We are pleased that Myron, a world-renowned expert in global markets, will be rejoining the Council."
Current CMAC Members are:
- John P. Gould, Steven G. Rothmeier Distinguished Service Professor of Economics, University of Chicago Booth School of Business and Chairman of CMAC
- Gary S. Becker, Nobel Prize-Winning Economist and Professor of Economics and Sociology, University of Chicago
- David D. Hale, International Economist and Founder, Hale Global Advisors, LLC
- Andrew Lo, Charles E. and Susan T. Harris Professor of Finance and Director of the Laboratory for Financial Engineering, MIT
- Robert C. Merton, Nobel Prize-Winning Economist and School of Management Distinguished Professor of Finance, MIT
- Michael H. Moskow, Vice Chairman and Senior Fellow for the Global Economy, The Chicago Council on Global Affairs
- Robert J. Shiller, Sterling Professor of Economics, Yale University and Chief Economist
Additionally, the following CME Group senior-level officials also serve as members of CMAC: Terry Duffy, CME Group Executive Chairman & President; Phupinder Gill, CME Group Chief Executive Officer; Leo Melamed, CME Group Chairman Emeritus and Vice Chairman of CMAC; and John F. Sandner, CME Group Retired Chairman.
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. CME Group exchanges offer 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 commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the world's leading central counterparty clearing providers, which offers clearing and settlement services across asset classes for exchange-traded contracts and over-the-counter derivatives transactions. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk.
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SOURCE CME Group