Innovation has always been a driving force for the exchanges that form CME Group: CME, CBOT, NYMEX, COMEX, and KCBT. We have continually embraced change and fostered an entrepreneurial spirit that has enabled both our exchanges – as well as the futures industry – to grow and prosper. We know from firsthand experience that innovation can transform business, influence the direction of civilization and alter its reality for the better.
But creative thinking and great ideas cannot exist in a vacuum – they benefit and gain momentum by being spread far and wide. Recognizing this, in 2003 CME founded the CME Center for Innovation – now called the CME Group Center for Innovation (CFI).
The CFI creates and sponsors thought-provoking original programming that identifies, showcases and fosters examples of significant innovation and creative thinking across multiple industries in both the public and private sectors. Each of the programs explores and communicates the principles behind innovation, and more importantly, showcases their application to a broad and diverse audience.
The CFI's programs help advance the application of innovation by providing a broad, multi-industry analysis of the concept. The CFI is interested in evaluating not only the principles behind innovation, but in taking a strong, hard look at innovation in action.
For further information about the CME Group Center for Innovation, please contact:
Executive Director, CME Group Center for Innovation
The CME Group Fred Arditti Innovation Award CME Group Center for Innovation’s signature program, annually honors an individual or group of individuals whose innovative ideas, products or services have created significant change to markets, commerce or trade. The award strives to celebrate innovation in action – not only the creative idea, but also the impact that practical application of the idea has made on improving the economic well-being of individuals, an industry or a nation.
The award is named after Fred Arditti, CME's chief economist from 1980 to 1982. Dr. Arditti pioneered futures contracts that transformed how businesses and individuals manage risk – most notably, the CME Eurodollar futures contract, the world's most actively traded futures contract. Later, as senior executive vice president of planning and development, he was instrumental in organizing CME's business development structure to strengthen its focus on innovation as it faced intensive competition in the new century from domestic and international markets. It was during this time that he originated weather futures.
Fred Arditti's commitment to creative thinking and innovative ideas was reflected in his many activities outside of CME. He taught courses in futures and options while serving as a professor of finance at DePaul University in Chicago, beginning in 1990. He also authored “Derivatives,” which has become one of the most assigned books on the subject at many universities. Later, Dr. Arditti served as chairman of the University of Florida's Economics Department and as a visiting professor at several institutions. He also published in various academic journals and received a number of research grants.
Dr. Arditti's lifetime achievements embody the kind of innovative thinking and practical benefit to commerce and markets that this award strives to honor.
|Past Award Recipients|
|2011||Myron S. Scholes||Advertorial|
|2011||Robert C. Merton||Advertorial|
|2010||David A. Ferrucci||Advertorial|
|2008||Michael R. Bloomberg||Advertorial|
|2005||William F. Sharpe||Advertorial|