Redding will be responsible for developing and executing the company's global product development, sales and research strategy. He assumes the permanent role effective today and will report to Craig Donohue, CME's Chief Executive Officer.
"Rick has done an outstanding job of leading our Products & Services team to achieve great results," said Donohue. "I am confident that his extensive industry knowledge, leadership capabilities and familiarity with all aspects of our products and services will continue to serve CME well as we execute our growth strategy."
Redding has been with CME for 16 years, including serving for over the past 10 years as head of the exchange's equity product line. During this time, he helped develop CME's stock index futures and options complex, where CME now has a 95 percent market share in stock index futures trading. Other new products launched under Redding's leadership were the Russell 2000®, the S&P Midcap 400™, and the NASDAQ 100®.
Redding's role in developing and executing the strategy for CME's E-mini™ product line has led to tremendous volume growth during the last five years, and electronic trading of equity products at CME now accounts for 92 percent of all equity product trading at CME.
He joined the company as an Economic Analyst in 1988 and, until moving into Products & Services, held positions of increasing responsibility in CME's market surveillance and product marketing functions.
Before joining CME, Redding held financial analysis positions at U.S. Medical Equipment from 1983-85 and First RepublicBank from 1986-88, both in Houston, Texas. He earned a bachelor's degree in economics and finance from Houston Baptist University in 1983 and a MBA degree in finance from the University of Houston in 1986.
Chicago Mercantile Exchange Inc. (www.cme.com) is the largest futures exchange in the United States. As an international marketplace, CME brings together buyers and sellers on its trading floors and GLOBEX® electronic trading platform. CME offers futures and options on futures primarily in four product areas: interest rates, stock indexes, foreign exchange and commodities. The exchange moved about $1.4 billion per day in settlement payments in 2003 and managed $39.5 billion in collateral deposits at Jan. 31, 2004, including $1.5 billion in deposits for non-CME products. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME), which is part of the Russell 1000® Index.
