Terrence A. Duffy, Executive Chairman and President of CME Group, recently addressed a crowd of University of Colorado Denver Business School faculty, staff, and students as well as members of the business community. Part of the Business School’s “Knowledge Exchange” series, the event was held in the CoBank Lecture Hall in the Business School building. In his presentation, titled “Managing Risk in Today’s Global Markets,” Duffy discussed the CME Group’s role as “a risk management center for the world,” the need for business to have values again, and the present and future of derivatives, both nationally and globally.
As the Chairman and President of CME Group, the world’s leading and most diverse derivatives marketplace, Duffy was able to provide unique insight into the topic of market risk. In fact, CME Group handled nearly 3 billion contracts worth approximately $1 quadrillion in notional value in 2012.
Of particular interest to students, who will likely be entering the job market soon, Duffy provided hope for a rebound in job availability. He estimated that 67 percent of the nation is in his age group (he is in his mid-fifties), and that a large number of people will be leaving the job market in the near future, creating a shortage of workers and increased job opportunities.
Also of note was Duffy’s message of the importance of discipline. While taking risks is inherent in being innovative and successful, Duffy noted, it is important to have the discipline to leverage risk properly. He stressed the idea that most people don’t get second chances when they make a big mistake, so it is important to take calculated risks and deal with integrity. While he acknowledges that “shortcuts work,” Duffy emphasized the short-term nature of success gained using shortcuts. “Stay focused and do the right thing,” says Duffy, and you will ultimately be set for long-term success.
In addition to his experience as Executive Chairman and President of CME Group, Duffy was appointed by President Bush in 2002 to serve on a National Saver Summit on Retirement Savings. He was also appointed by President Bush and confirmed by the U.S. Senate in 2003 as a member of the Federal Retirement Thrift Investment Board (FRTIB). Duffy has been a member of CME since 1981.
Duffy is a member of the Economic Club of Chicago, the Executives’ Club of Chicago and the President’s Circle of Chicago Council on Global Affairs. Since 2003, he has been recognized as one of the top 100 Irish Business Leaders by Irish America Magazine. He currently serves on the Board of Directors of World Business Chicago, the Board of Trustees of Saint Xavier University, the Regional Advisory Board of The American Ireland Fund and is co-chair of the Mayo Clinic Greater Chicago Leadership Council. Duffy attended the University of Wisconsin – Whitewater. In 2007, he received a Doctorate of Humane Letters from DePaul University.