In keeping with our world-renowned reputation as an innovative financial services company, we formed the Competitive Markets Advisory Council (CMAC) 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 CFI by selecting the annual recipient of the CME Group Fred Arditti Innovation Award and the CME Group-MSRI Prize in Innovative Quantitative Applications.

The following dignitaries serve as members of CMAC:

• John P. Gould, Steven G. Rothmeier Distinguished Service Professor of Economics, University of Chicago Graduate 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 Advisors, LLC
• Robert C. Merton, Nobel Prize-Winning Economist and John and Natty McArthur University Professor, Harvard Business School
• Michael H. Moskow, Vice Chairman and Senior Fellow for the Global Economy, The Chicago Council on Global Affairs
• Robert J. Shiller, Stanley B. Resor, Professor of Economics, Yale University and Chief Economist, Macro Securities Research, LLC

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

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