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Charles Gallup, chairman of the MGEX board of directors, said Horsager has been an excellent leader through a time of great change at MGEX. “We regretfully accept his resignation at MGEX,” said Gallup. “From the onset of his tenure, he has had his eye on the future of MGEX and how to best position the exchange to be a competitive and vital force in providing agricultural risk management tools. We wish Kent all the best in his endeavors beyond the Minneapolis Grain Exchange.”
During his tenure at MGEX, Horsager spearheaded innovative advances in two primary areas: agricultural derivatives and electronic trading. In December 2004, MGEX will launch five financially settled, electronically traded, agricultural index futures and options contracts. These contracts, the first of their kind in the grain futures industry, will offer innovative ways to manage inter- and intra-commodity spread trading and risk management opportunities in corn, soybeans and three classes of wheat. MGEX will also add an evening electronic trading session to its flagship hard red spring wheat contract.
“I have enjoyed working with the MGEX board of directors, members and staff and together we have set in motion a strategy that will provide enduring value and opportunities for our Exchange,” said Horsager. “The addition of the unique agricultural index futures and options contracts and the adoption of electronic trading will allow the Minneapolis Grain Exchange to expand the rich tradition of price discovery and risk transfer upon which it was built.”
Horsager was named president and chief executive officer of the Minneapolis Grain Exchange in June 2000. Prior to his role as president and CEO of MGEX, Horsager was an MGEX member and president of Horsager Trading Company. He was an MGEX director from 1991 through 1999, serving as chairman of the board of directors from 1996-1999.
MGEX, established in 1881, is the only market for hard red spring wheat, National Corn Index, National Soybean Index, Hard Red Spring Wheat Index, Soft Red Winter Wheat Index and Hard Red Winter Wheat Index futures and options. For more information, visit www.mgex.com.
