DePaul University
College of Commerce Department of Finance
$1,000,000 over four years to establish the Fred Arditti Center for Risk Management

Fred Arditti, noted economist and distinguished professor, was a pioneer in the global futures industry – transforming how businesses and individuals manage risk. He played a key role in helping Chicago secure its international stature in the world of finance. He joined DePaul University in 1990 after holding a number of prominent positions in the securities industry. His textbook, "Derivatives," remains an essential classroom resource on the subject.

DePaul University established the Fred Arditti Center for Risk Management to honor the achievements of this great Chicagoan, who died in 2005. Consistent with Fred Arditti’s philosophy, the Center will produce graduates who are well-educated and well-trained to "do things."

The Center will design and implement an innovative curriculum in risk management and financial engineering, conduct rigorous research through the appointment of Arditti Scholars, and offer internships to meet the needs of students and the industry.

Blending vigorous intellectual leadership with useful research, the Fred Arditti Center will raise DePaul University’s visibility in the field – and produce “real world” graduates well prepared for careers in the financial markets.

Northwestern University
Kellogg School of Management
$1,000,000 over four years in support of derivatives and capital markets education

Chicago is a thriving economic powerhouse and the country’s second largest financial center. Many of the nation’s largest banks, brokerage houses and commodity firms are headquartered here. Keeping pace is Northwestern University’s Kellogg School of Management, one of the finest and most innovative business schools in the country.

The school’s constantly evolving curriculum mirrors the ever changing dynamics of the market. In fact, many courses at Kellogg – indeed, entire subjects – did not exist just a decade ago. Kellogg is committed to nourishing a culture in which new ideas quickly turn into learning opportunities for students.

A new sequence of class offerings enables talented undergraduates to obtain a Certificate in finance by mastering graduate-level material and technical skills. With the launch of a new assets management course, MBA students gain more sophisticated and practical experience managing funds in capital markets. New PhD courses and fellowships focus on derivatives and related capital markets research.

Ensuring the ongoing vitality and relevance of Kellogg’s programs makes good business sense – as the school prepares students to truly excel in today’s challenging marketplace.

University of Chicago
Graduate School of Business
$1,500,000 over four years in support of an Initiative on Global Markets

There is no business school that influences business education and practice more than the University of Chicago Graduate School of Business. Among its ranks are six Nobel laureates whose influential work has come to be known world-wide as the "Chicago School of Economics." Within this intellectual framework and culture, the University of Chicago launched an Initiative on Global Markets. This is the first step toward establishing a permanent center with this focus at the Graduate School of Business.

The Initiative will provide leadership and training to support the development of markets, products, and public policies to improve financial efficiency around the globe. It will conduct extensive research, bring the best young academics of international note to Chicago, and engage exceptional students in projects to develop and improve international financial markets.

In undertaking joint ventures and programs with other educational institutions, corporations and finance ministries from around the world, the Initiative will establish Chicago as the pre-eminent source of knowledge, expertise, and activity regarding international financial markets.

University of Illinois at Chicago
College of Business Administration
$250,000 in support of an International Futures and Options Center

In 2006, the University of Illinois at Chicago (UIC) College of Business Administration established an International Center for Futures and Derivatives (ICFD) with a one-year CME Trust grant. The 2008-2009 school year marks the third grant-year for CME Trust and UIC.

The mission of ICFD is to:

• Foster research and innovation in futures and derivatives
• Leverage existing connections between UIC, China and the financial exchanges in Chicago
• Promote understanding of derivatives and futures in risk management and economic growth
• Attract and prepare students for careers in futures and derivatives

ICFD’s activities clearly illustrate this focus. Among an impressive list of activities, an annual international conference for researchers and financial firms in China and seminars between academic and financial professionals surrounding Chinese financial markets marked two groundbreaking events. In addition, visiting scholars from Peking and Renmin Universities were hosted for advanced research on futures and options.

Plans call for development of new courses in electronic trading and pricing methodologies for futures and derivatives, joint sponsorship of two conferences with the Cass Business School of London University in London and Chicago. ICFD will hire two new faculty with research and teaching expertise in futures and derivatives.

University of Illinois at Urbana-Champaign
College of Business
$1,000,000 over four years for the Initiative for Financial Risk and Markets

Combining a first-rate faculty with the resources of a Big-Ten school, the University of Illinois at Urbana-Champaign is a world-class teaching institution. Its College of Business ranks among the finest business schools in the country.

The Initiative for Financial Risk and Markets will build on the University’s renowned excellence in business education. Recognizing that financial risk and its management are critical ideas for both the State of Illinois and the U.S. economy, the Initiative’s curriculum and related programs will focus on risk management and capital markets. The center piece of this Initiative will provide seed funds to operate a Markets Information Lab in the new Business Instructional Facility which opened fall 2008. Here, top-notch faculty with real-world financial market experience will meet with students to share advanced software and other analytical learning tools. The Lab will also facilitate research on the emerging discipline of behavioral finance. In fall 2008, the College named six undergraduate students as CME Trust Scholars who will support the lab and its outreach efforts. Two new courses relating to computer financial modeling were offered in 2008 through the grant.

Going forward, the CME Trust’s support will allow the The Initiative for Financial Risk and Markets to succeed in providing the intellectual leadership need to attract and train tomorrow’s most promising students – and to produce the most promising financial leaders for the national and global marketplace.