The
Chicago Mercantile Exchange (
CME) (often called "the Chicago Merc", or "the Merc") is an
American financial and commodity
derivative exchange based in
Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the
Chicago Butter and Egg Board, an agricultural commodities exchange. Originally, the exchange was a non-profit organization. The Merc
demutualized in November 2000,
went public in December 2002, and merged with the
Chicago Board of Trade in July 2007 to become a designated contract market of the
CME Group Inc., which operates both markets. The chief executive officer of CME Group is Phupinder Gill, Terrence A. Duffy is the president and executive chairman of the board, and Leo Melamed is chairman emeritus. On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX. The Merc, CBOT, NYMEX and COMEX are now markets owned by the
CME Group.