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Also Known As Duffy
CEO of CME Group
Terrence A. Duffy is a chairman and chief executive officer of CME Group, Inc.(CME)
Duffy began working at the Chicago Mercantile Exchange in 1980. He joined the CME board in 1995. He served as vice chairman from 1998 to 2002 and as chairman from 2002 onwards. Duffy led the company's substantial mergers and acquisitions, including most notably when Chicago Mercantile Exchange acquired its cross-town rival Chicago Board of Trade, followed by acquisitions of New York Mercantile Exchange and later NEX Group. Duffy has served in the chairman and chief executive role since November 2016.
In 2003, Duffy was appointed by President Bush and confirmed by the U.S. Senate as a member of the Federal Retirement Thrift Investment Board (FRTIB), a position he held until 2013.
On October 17, 2006, the Chicago Mercantile Exchange announced a merger with the Chicago Board of Trade in an $8 billion deal. The combined exchanges would be known as the CME Group, and would represent the world's largest market for financial derivatives contracts. Duffy and his counterpart at the Chicago Board of Trade, Charles Carey, negotiated the deal, along with other executives. Duffy served as chairman of the combined company, and is credited with leading the CME Group's acquisition of the New York Mercantile Exchange in 2008. He began to serve as executive chairman and president in 2012, and in November 2016 took on an expanded role as chief executive officer.
In 2018, Duffy led CME Group's acquisition of London-based NEX Group. In 2021 he negotiated a deal to move CME Group's technology to Google Cloud in order to increase access to the company's products. In addition, Google invested $1 billion in CME Group.
Duffy and his wife, Jenny, have two children.
Duffy received a Doctor of Public Service, honoris causa, from Saint Xavier University in 2019 and a Doctor of Humane Letters from DePaul University in 2007
Terrence A. Duffy was born in 1958 to John J. Duffy and Barbara Duffy. His grandfather, John F. Duffy, was a Chicago alderman who eventually became Cook County Board president.
Duffy grew up on Chicago's southwest side in the Mount Greenwood neighborhood and graduated from Leo High School in 1976. The neighborhood was home to many Chicago police and firefighters, and Duffy has said that while growing up he thought one of these positions would be his career path.
Duffy attended the University of Wisconsin-Whitewater. While going to school, he worked nights at a bar called Chuck's in Lake Geneva, an affluent resort town popular with wealthy Chicagoans. There he met Vincent Schreiber, a Chicago Mercantile Exchange trader who convinced Duffy to take up a career in trading and eventually became his professional mentor.
