In addition, CME announced that it will donate a collection of books on financial markets to Renmin University, which will form the core of a special research section on futures, risk management and financial derivatives at the RUC Library. The Chicago Mercantile Exchange Collection will be housed in the new College of Finance building currently under construction at RUC.
The announcement took place in Beijing at a reception hosted by CME following the Financial Street Forum on China and East Asian Prospects of Financial Cooperation. The Forum was organized by Renmin University, the Development Center of the State Council of PRC and U.S.-China Business Development association.
The degree is intended to benefit international managers in the financial services industries and government officers responsible for the administration of exchanges and financial institutions. Participants in the 18-month graduate program will spend six months studying at UIC and the remaining 12 months at Renmin.
CME will sponsor three full tuition scholarships to participants in the program to cover the cost of tuition for the UIC part of the program, scheduled to begin in spring 2004. In addition, CME experts and professionals with years of industry experience will teach and lecture in the program, and students will have the opportunity to participate in internships at CME during their Chicago-based studies.
"Education will play a critical role in the continued development of China's financial markets and their integration into the global economy," said CME Chairman Terry Duffy. "CME takes great pride in joining with world-class institutions such as the University of Illinois at Chicago and Renmin University of China in sponsoring this important educational program for Chinese MBA students," Duffy said. "As we continue our ongoing efforts to facilitate the education and development of the next generation of futures traders and market users, we are pleased to participate in this innovative MBA program and provide these students with hands-on experience in the futures markets."
"Through this educational sponsorship, CME strengthens our longstanding interest in Asia by forging lasting relationships with key institutions. This will make a significant contribution toward greater understanding and strategic use of the essential tools of financial risk management," said CME Chairman Emeritus and Senior Policy Advisor Leo Melamed in announcing the program at the Beijing reception. "The joint MBA program in Financial Risk Management and Investments can serve as a springboard for select Chinese scholars to learn about financial markets and risk management from industry experts who understand the field both in theory and practice, while our donation to the RUC Library will benefit all the students at RUC's College of Finance." Melamed will receive an honorary professorship at Renmin University from the University President in Beijing on Sept. 24.
UIC Chancellor Sylvia Manning praised the CME/Renmin/UIC alliance : "The co-sponsorship with the Chicago Mercantile Exchange and Renmin University (Beijing) of an MBA with a focus on Financial Risk Management and Investments is an example of excellence in business-university collaboration. UIC has a long established tradition of working with business in Illinois and with the CME in particular to strengthen our students' education through linking faculty expertise and corporate vision. The alliance among the leading futures exchange in the United States, one of China's top universities and UIC will produce the MBA talent sought by today's corporate recruiters."
Yulu Chen, Dean of the School of Finance at Renmin University of China, welcomes the linkage: "China now plays an important role in the world's economy and continues with its unprecedented 20 consecutive years of economic growth. Chin's leading universities have an important responsibility to future leaders of banking, investment companies and government to educate them in the fields of modern risk management and investment. The collaboration among Renmin's financial faculty, UIC's finance faculty and experts from the CME, the largest futures exchange in the United States, will promote understanding of these key issues and provide opportunities for research and discussion among scholars in areas of importance to China, the United States and the global economy."
The finance major at Renmin University of China has played an important role in Chinese education. The university published Chin's first textbook in finance and also graduated China's first group of Ph.D.'s in finance. The School of Finance is proud of having China's top scholars in Public Finance, Finance and Investment Economics on its faculty.
UIC is the largest university in Chicago, the third largest city in the United States. It is one of the main campuses of the University of Illinois, one of the premier public institutions of higher education in the nation and world, founded in 1867. UIC has 25,000 students, 12,000 faculty and staff, 15 colleges and Illinois's major public medical center. It has a $1.25 billion budget with $233.7 million in funded research, 5,568 degrees awarded, and a 100-building, 244-acre campus located just west of Chicago's downtown and financial districts. UIC is one of the nation's major research institutions with $195 million in annual research expenditures. The College of Business Administration of UIC is ranked nation-wide 23rd for its graduate program in finance. Success Magazine ranked the UIC/CBA 3rd among the top 50 business schools for entrepreneurship. In 2001, the UIC/CBA was awarded the NASDAQ Center of Entrepreneurial Excellence Award (www.uic.edu/cba/cmba).
In 1984, CME established the first international link between futures exchanges: a mutual offset trading link with Singapore Exchange Derivatives Trading Ltd. (SGX). This link enables traders to establish positions on one exchange and offset them on the other. CME remains committed to fostering the growth of the derivatives industry throughout Asia. Specifically, it is working with its partner exchanges in Asia to develop new customers for derivatives; make electronic access to CME markets broader, more efficient and cost-effective; and develop new joint opportunities with its partners in Asia, including the Korea Futures Exchange (KOFEX), Nihon Kezei Shimbun (NKS), Tokyo Stock Exchange (TSE), Singapore Exchange Derivatives Trading Ltd. (SGX) and Shanghai Futures Exchange (SHFE).
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 $1.5 billion per day in settlement payments in the first half of 2003 and managed $29.1 billion in collateral deposits at June 30, 2003. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME), which is part of the Russell 1000® Index.
