News Release

University of Maryland Finance Professor Albert Kyle to Receive CME Group-MSRI Prize in Innovative Quantitative Applications

Mon Apr 01 2019

CHICAGO, April 1, 2019 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, and the Mathematical Sciences Research Institute (MSRI) announced its eleventh Innovative Quantitative Applications Prize recipient. Albert Kyle, Charles E. Smith Chair Professor of Finance at the University of Maryland is the 2018 CME Group-MSRI Prize winner for his work in market microstructure. A ceremony honoring Kyle will take place at the Chicago Cultural Center on Monday, April 8, at 9:30 a.m. CT.

Past CME Group-MSRI Prize winners have included distinguished luminaries in economics and mathematics. Five out of 11 of these past recipients have gone on to receive the Nobel Prize in Economic Sciences. A complete list of past recipients is available at

The CME Group-MSRI Prize recognizes individuals who contribute original concepts in mathematical, statistical or computational methods for the study of the markets' behavior and global economics. Kyle has done extensive research on this year's panel topic. He is best known for his work on market microstructure, including topics such as high frequency trading, informed speculative trading, market manipulation, price volatility, the informational content of market prices, market liquidity and contagion.

"I am honored to join the distinguished roster of CME Group-MSRI Prize winners," said Kyle. "I have spent my academic lifetime building quantitative, game-theoretic models of speculative trading which try to capture how asset managers process information and trade on it. It is fitting that this work would be recognized by a global marketplace like CME Group."

Kyle is a Fellow of the American Finance Association in (2013) and a Fellow of the Econometric Society (2002). He has been a board member of the American Finance Association (2004-2006). He holds an honorary doctoral degree from the Stockholm School of Economics (2013). He was a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission, 1987), a consultant to the SEC (Office of Inspector General), CFTC, and U.S. Department of Justice, a member of NASDAQ's economic advisory board (2004-2007), a member of the FINRA economic advisory board (2010-2014) and a member of the CFTC's Technology Advisory Committee (2010-2012).

"We applaud the selection of Professor Albert Kyle for this prestigious award," said Leo Melamed, Chairman Emeritus of CME Group and founder of the CME Group-MSRI Prize in Innovative Quantitative Applications. "His pioneering work in market microstructure has made a significant impact on our industry, and on the field of economics."

"These days, markets function at high speed, and algorithmic trading is common. Trying to understand or improve these processes without mathematics would be unthinkable," said David Eisenbud, Director of MSRI and Professor of Mathematics at the University of California, Berkeley. "Albert Kyle's work on mathematical models of such problems captures their essential elements without losing their richness."

The panel discussion, which will focus on topics related to equity market design, will precede the award ceremony. Several distinguished economists and academics will be participating in the panel, including:

  • Jose Scheinkman, Charles and Lynn Zhang Professor of Economics, Columbia University and 2014 CME-MSRI Prize Recipient
  • Eric Budish, Professor of Economics, University of Chicago Booth School of Business
  • Anna Obizhaeva, Professor of Economics, New Economic School
  • S. Viswanathan, F. M. Kirby Professor of Investment Banking, Duke University

Members of the media can attend the award ceremony where CME Group will present Kyle with the CME Group-MSRI Prize medal and $50,000 cash award. Email Liz Mannebach at for more information and to register.

The CME Center for Innovation's mission is to identify, foster and showcase examples of significant innovation and creative thinking pertaining to markets, commerce or trade in the public and private sectors. For more information on the CME Center for Innovation, visit

About MSRI

The Mathematical Sciences Research Institute (MSRI) in Berkeley, California, is one of the world's preeminent centers for collaborative research in the mathematical sciences. MSRI advances mathematical research through workshops and conferences since its founding in 1982, and over 1,700 mathematicians are hosted by MSRI each year. A rotating committee of renowned mathematical scientists governs the Institute's scientific program with a vision of the field that is perpetually renewed. A Board of Trustees, composed of accomplished business and academic leaders, oversees the Institute's strategy, and assures its operational and financial welfare. The Institute has been funded primarily by the National Science Foundation with additional support from other government agencies, private foundations, corporations, individual donors, and over 100 academic institutions.

MSRI also serves a wider community through the development of human scientific capital, providing postdoctoral training to extraordinary young scientists and increasing the diversity of the research workforce. The Institute advances the education of young people with conferences on critical issues in mathematics education and the creation of a nationwide Math Circles movement engaging children in math as a hobby. MSRI strives to make mathematics accessible and exciting to those outside the field through the National Math Festival, sponsorship of Numberphile, YouTube's most popular informal mathematics channel, film production for public television, and the Mathical Book Prize for youth literature.

About CME Group

As the world's leading and most diverse derivatives marketplace, CME Group ( enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest ratesequity indexesforeign  exchangeenergyagricultural products and metals.  The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.  With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and, E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec, EBS, TriOptima, and Traiana are trademarks of BrokerTec Europe LTD, EBS Group LTD, TriOptima AB, and Traiana, Inc., respectively.  Dow Jones, Dow Jones Industrial Average, S&P 500 and S&P are service and/or trademarks of Dow Jones Trademark Holdings LLC, Standard & Poor's Financial Services LLC and S&P/Dow Jones Indices LLC, as the case may be, and have been licensed for use by Chicago Mercantile Exchange Inc.  All other trademarks are the property of their respective owners. 




CME Group Media Contacts: Alex Rapoport, 312.930.3193,,; Investor Contact: John Peschier, 312.930.8491; Mathematical Sciences Research Institute: Jennifer Murawski, 510.642.0771,,

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