Chicago Mercantile Exchange (CME) is establishing an integrated technology and enterprise computing division which will be headed by its new chief information officer (CIO) Jim Krause.
CME says combining two critical areas of its electronic trading business into one division will enable it to increase capacity, improve service and reduce production costs.
Craig Donohue, CME's CEO comments: "Our realigned technology structure will create a stronger partnership between our technology groups, ensuring the individuals on our team are better able to focus on meeting the needs of our customers and leveraging resources beyond divisional boundaries."
Krause replaces Scott Johnston who has resigned from the Exchange. Krause has been with CME since 1985 and has served as MD, operations and enterprise computing, since 2001.
He has been involved with all major technology initiatives that have taken place at CME during the last 20 years and was instrumental in developing and launching the first version of Globex in 1992. He subsequently led the launch of the second version of the trading system in 1998.
In his new role Krause will continue to report to CME president and COO Phupinder Gill and will have four direct reports - MD and CTO Charlie Troxel, MD of IT John Falck, director of clearing technology Andres Meza and director of enterprise computing Robert Johnson.
As part of the new structure CME has also promoted Maz Chadid to managing director, trading operations and cacilities. He will also report to Gill.
Chadid, who has been with the exchange since 1985, is responsible for launching and managing the Globex Control Centre. He will also continue to lead CME's trading floor operations, facilities administration, security and telecommunications functions.