CME Group Chairman and CEO Terry Duffy, who has led the derivatives marketplace for more than 25 years, will step down from his role next year and transition to executive chairman. Lynne Fitzpatrick, currently president and chief financial officer, will take over as CEO and join the board of directors effective March 1, 2027.

A Career From the Trading Floor

Duffy’s departure marks the end of one of the longest tenures in modern financial exchange leadership. He joined CME as a runner in the lean hog pit in 1980, purchased a seat to become a member, and founded TDA Trading in 1981. He joined the Chicago Mercantile Exchange board in 1995 and rose through a series of leadership positions, as reported by the Chicago Tribune.

Under Duffy’s leadership, CME Group transitioned from floor-based to electronic trading and became the first U.S. exchange to go public. He completed the industry’s first merger with crosstown rival the Chicago Board of Trade in 2007, followed by the acquisition of the New York Mercantile Exchange in 2008. He also guided the company through the 2008 global financial crisis.

Fitzpatrick’s Turn

Fitzpatrick joined CME Group in 2006 after stints as an investment banker at Credit Suisse and UBS. She currently oversees finance, corporate accounting, and regional operations. Duffy said in a statement that “leading CME Group through more than 25 years of transformative growth has been among the highest honors of my life.” CME Group traded an average daily volume of 28.1 million contracts last year.

Analysts say the transition appears well-planned. Duffy has long been viewed as the architect of CME’s modern identity, but the exchange’s institutional processes and growing product suite suggest it can sustain momentum beyond any single leader. Fitzpatrick’s investment banking background positions her to navigate the increasingly complex capital requirements and regulatory negotiations that come with running a global derivatives marketplace. Market participants will watch closely to see whether she pursues new asset classes — such as expanded crypto or environmental derivatives — with the same acquisitive zeal that characterized the Duffy era.

The transition comes as derivatives markets face evolving regulatory landscapes and growing demand for risk management tools tied to interest rates, cryptocurrencies, and climate markets. Duffy was inducted into the Futures Industry Hall of Fame by the Futures Industry Association last year.