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Competitive Markets Advisory Council (CMAC)

The CME Group Competitive Markets Advisory Council (CMAC) was originally organized by Nobel Laureates Myron Scholes and Gary Becker in partnership with Leo Melamed in March 2004. CMAC 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, analyses, 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.

CMAC Members

  • John P. Gould, Steven G. Rothmeier Distinguished Service Professor of Economics, University of Chicago Booth School of Business and Chairman of CMAC
  • 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
  • Myron Scholes, Nobel Laureate and Frank E. Buck Professor of Finance, Emeritus, Stanford University
  • Robert J. Shiller, Sterling Professor of Economics, Yale University and Chief Economist

The following CME Group senior-level officials also serve as members of CMAC:

  • Terrence A. Duffy, Executive Chairman & President, CME Group
  • Phupinder S. Gill, Chief Executive Officer, CME Group
  • Leo Melamed, Chairman Emeritus, CME Group and Vice Chairman of CMAC
  • John F. Sandner, Retired Chairman, CME Group