Taylor will succeed Phupinder Gill, who is currently President, CME Clearing House. As previously announced, Gill will assume the newly created role of President and Chief Operating Officer of Chicago Mercantile Exchange Holdings and CME on Jan. 1, 2004. In this role, Gill will oversee CME's Information Technology, Operations and Clearing House divisions and work closely on implementing strategic initiatives with Craig S. Donohue, who will become Chief Executive Officer of CME Holdings and CME on Jan. 1, 2004.
"Kim has been my right hand at the Clearing House for the past five years, as an integral part of the day-to-day operation and strategic management of our Clearing House," said Gill. "In addition, Kim is leading the effort to implement the CME/CBOT Common Clearing Link, which will enable CME to begin providing clearing and related services for all Chicago Board of Trade products. This is an immense project. When fully implemented in January 2004, we estimate that the Common Clearing Link will clear about 85 percent of U.S. futures and futures options volume, based on 2002 volume levels."
In her new role as President, CME Clearing House, Taylor will continue to report to Gill. She will serve on CME's management team and oversee the operation of CME's Clearing House, which guarantees, clears and settles every contract traded on CME. The CME Clearing House 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.
Also effective Jan. 1, 2004, Timothy J. Doar will replace Taylor as Managing Director, Clearing and Risk Management in the CME Clearing House Division.
Additional information about Kimberly S. Taylor
Since 1998, Taylor has been Managing Director, Risk Management (previously Senior Vice President under CME's former title structure) in the Clearing House Division. She manages the Clearing House's exposure to counterparty risk, including monitoring market volatility, setting minimum performance bond requirements and negotiating cross-margin programs. CME promoted Taylor to Vice President in 1998, Senior Director in 1996, to Director, Financial Management in 1994 and to Financial Manager in 1992, all within the CME Clearing House. She began her CME career as a senior business development analyst in 1989.
Before joining CME, Taylor held a variety of sales-related positions with Sprint and MacDonald Broadcasting Corp. Taylor received her bachelor's degree in 1983 from Alma College, Alma, Mich., and her MBA in 1990 from Eastern Michigan University, Ypsilanti, Mich.
Additional information about Timothy J. Doar
Doar currently is Director, Financial Management in the CME Clearing House Division, overseeing collateral program development, bank and custodian relationship management, counterparty risk evaluation and risk assessment. He was responsible for the development and implementation of CME's Interest Earning Facility (IEF), IEF2 and IEF3 collateral programs, which enable CME clearing firms to satisfy their performance bond and security deposit requirements with a wider variety of collateral, including money market mutual funds, commercial paper or corporate notes. As Director, Doar also was responsible for the development and implementation of several CLEARING 21® systems, such as organization and account, banking and asset management, and settlement.
Doar has worked in a variety of clearing house roles during his 15 years with the company, including Manager, Trade Processing Systems, Operations Project Manager and Clearing House Supervisor. In addition, he traded on CME's open outcry floor from 1991 to 1992 and has held a number of back-office positions with futures commission merchants (FCMs). He earned his bachelor's degree in 1977 from Denison University, Granville, Ohio, and his MBA in 1984 from DePaul University, Chicago.
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. CME is a wholly owned subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE: CME), which is part of the Russell 1000® Index.
