CME Group names Kevin Kometer MD and CIO
14 May 2008 | 2051 views | 0
Source: CME Group
CME Group, the world's largest and most diverse derivatives exchange, today announced that Kevin Kometer, formerly Deputy Chief Information Officer, has been appointed Managing Director and Chief Information Officer effective June 30, 2008.
Kometer succeeds James R. Krause, Managing Director and Chief Information Officer, who will retire on June 30 following 23 years of service.
Kometer will report to CME Group COO Bryan Durkin and will be responsible for leading the company's Technology and Enterprise Computing Division, which provides systems to support the company's electronic trade matching, inbound and outbound order routing, clearing, market data, trading floor technology and other corporate processes.
"Jim has been an exemplary leader at CME Group, facilitating our growth and expansion through global electronic trading in all of our key products," said CME Group Executive Chairman Terry Duffy. "Jim, along with Kevin and his team have been an integral part of this growth, with electronic trading now representing 83 percent of our total volume. Jim and Kevin also led the seamless technology integration resulting from our historic merger between CME and the CBOT. We want to thank Jim for his leadership and congratulate Kevin on his new role as Chief Information Officer."
"As a leading technology company, CME Group continues to develop an incredibly strong and well-respected IT management team to provide our customers around the world with superior trading speed, reliability and performance," said CME Group CEO Craig Donohue. "We sincerely thank Jim for his years of extremely distinguished service, and we are pleased to name Kevin, a 14 year veteran of CME Group, to lead our talented IT team. Under Kevin's leadership, CME Group will continue to maintain our strong focus on technology, as well as on delivering operational and cost efficiencies to our global client base."
Average daily volume on CME Globex(R) in April 2008 averaged 8.2 million contracts per day, a 40 percent increase over the year-ago period. Total volume exceeded 224 million contracts for the month, of which 81 percent was traded electronically. In March, the company implemented an upgrade to the CME Globex electronic trading platform that significantly reduced message response time, already among the fastest in the industry. The upgraded CME Globex platform reduced CME Globex response times by more than 50 percent, from an average of 31 milliseconds down to approximately 13.7 milliseconds.
Kometer, 43, has been with the company for 14 years and most recently served as Managing Director and Deputy Chief Information Officer, where he had primary oversight for the development and quality management of CME Group trading systems for both options and futures trading, both on the trading floor and on the CME Globex electronic trading platform. He was also responsible for leading the effort to migrate of CBOT products traded on the eCBOT electronic trading platform to CME Globex during the CME/CBOT integration.
Krause joined the company in 1985 and has played an instrumental role in every major technology initiative that has taken place at the exchange during the last 23 years, including the design, development and implementation of the CME Globex electronic trading platform and the Clearing 21 clearing system.