< The 2017 Tech 40

12. Terrence Duffy
Chairman and Chief Executive Officer
CME Group
Last year: PNR

Terrence Duffy, CME Group's chief executive officer, says the innovation embedded in CME's culture takes two forms: product and technology. Duffy recalls trading "ten or 12 products" in the 1980s, "back when 100 percent of the business was done on the trading floor. Today there are thousands of products," he says. That's helped establish the $3.6 billion-in-revenue CME as an elite exchange operator, reaching virtually every country with one of the industry's most significant technological innovations, the Globex electronic trading platform. What Duffy, 58, terms "global uncertainty" and customers' need to manage risks across asset classes brought "record first-quarter results, which included our largest quarterly average daily volume ever, with record volumes in interest rate futures and options, metals futures, and equity options." He says he's now increasing his attention to technology innovation because the name of the game is distribution — not just through linking servers around the world, but also through educating and attracting more customers to CME's products and liquidity. Duffy and president Bryan Durkin sit with prominent academics, including Nobel laureates Robert Merton and Myron Scholes, on the Competitive Markets Advisory Council, a think tank that is part of the CME Group Center for Innovation.

 
The 2017 Tech 40

1. Adena Friedman NASDAQ 2. Catherine Bessant Bank of America Corp. 3. Robert Goldstein BlackRock 4. Jeffrey Sprecher Intercontinental Exchange Building Resilient Portfolios: Infrastructure’s Strategic Advantage Sponsored by IFM Investors May 9, 2025 5. Lance Uggla IHS Markit

6. Shawn Edwards & Vlad Kliatchko Bloomberg 7. David Craig Thomson Reuters 8. Michael Spencer NEX Group 9. Don Callahan Citigroup 10. Elisha Wiesel Goldman Sachs Group

11. Michael Bodson Depository Trust & Clearing Corp. 12. Terrence Duffy CME Group 13. Charles Li Hong Kong Exchanges and Clearing 14. Sean Belka Fidelity Investments 15. Chris Concannon CBOE Holdings

16. Guy Chiarello First Data Corp. 17. Steven Lieblich Citadel 18. David Rutter R3CEV 19. Blythe Masters Digital Asset Holdings 20. Alfred Spector Two Sigma Investments

21. Neil Katz D.E. Shaw Group 22. Lee Olesky Tradeweb Markets 23. Richard McVey MarketAxess Holdings 24. David Gledhill DBS Bank 25. Seth Merrin Liquidnet Holdings

26. Antoine Shagoury State Street Corp. 27. Peter Brown & Robert Mercer Renaissance Technologies 28. Lou Eccleston TMX Group 29. Peter Cherecwich Northern Trust Corp. 30. Mike Chinn S&P Global Market Intelligence

31. Chris Corrado London Stock Exchange Group 32. Neal Pawar AQR Capital Management 33. Gary Norcross Fidelity National Information Services 34. Steven O'Hanlon Numerix 35. Sebastián Ceria Axioma

36. Brian Conlon First Derivatives and Kx Systems 37. Tyler Kim MaplesFS 38. Michael Cooper BT Radianz 39. Robert Schifellite Broadridge Financial Solutions 40. Jim Minnick eVestment