CME Group Foundation was created in 2008 and endowed with a gift of $16 million from the Chicago Mercantile Exchange Trust (CME Trust). CME Trust, with assets of approximately $50 million, was established by the Chicago Mercantile Exchange (CME) in 1969, under the direction of its then chairman, Leo Melamed, to provide financial protection to customers in the event a CME member firm became insolvent or unable to meet its obligations to its customers. Because there never was a need for the endowment to be used for its intended purpose, CME Trust received approval to distribute its net income to public charities in 2005. In addition to the Foundation’s annual grant payout, .CME Trust expects to make a contribution annually to CME Group Foundation for its grantmaking.