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  News Release
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CME Trust Announces Charitable Mission

Kassie Davis Named Executive Director

Chicago, November 9, 2006 - The trustees of the Chicago Mercantile Exchange Trust today announced the charitable mission of the Trust, and the appointment of Kassie Davis, a leader in Chicago philanthropy since 1990, as the first executive director of the Trust. Ms. Davis reports to the trustees and is responsible for overall operation of the Trust, which includes grant-making strategy development, proposal review, grant evaluation, communications and investment management. The trustees are Terrence A. Duffy, Craig S. Donohue, Leo Melamed, John F. Sandner, James P. Oliff, William P. Miller II and Howard J. Siegel.

The charitable mission of the CME Trust is to enhance economic opportunity, health and education. Trust initiatives and activities will support nonprofit organizations primarily in the Chicago region, and will be designed to:

  • promote teaching and learning specific to financial markets, futures and derivatives;
  • promote the education of disadvantaged children and youth; and
  • promote the health and well-being of children.

The Chicago Mercantile Exchange Trust was established by CME in 1969, under the direction of its chairman, to provide financial protection to customers in the event a CME member firm became insolvent or unable to meet its obligations to its customers. However, no CME customer has ever suffered losses due to a member's adverse financial condition. In 2005, the CME Trust received approval to distribute the net income of the Trust to public charities. "We are very proud that the Trust is now also in a position to be able to give back to the larger community," said Leo Melamed, CME Chairman from 1969 through 1972, current Chairman Emeritus of CME and trustee of CME Trust. "We are solidifying Chicago's position as the center of education in financial markets, futures, and derivatives, while at the same time providing better educational opportunities for children in and around Chicago by focusing on their health and readiness to learn."

The CME Trust expects to make charitable contributions of approximately $3 million annually, beginning in 2006, and plans to announce its first grants later this year. "The Trustees are very pleased to welcome Kassie Davis as the first CME Trust Executive Director. Her experience will help the Trust achieve its goal of becoming an innovative philanthropic force in Chicago," said Terry Duffy, a trustee of the CME Trust and Chairman of CME. Davis was with The Chicago Community Trust from 2004 to 2006, where she was senior program officer for arts and culture with responsibility for directing leadership activities, grant-making and research in her program area. From 2000 to 2003, she served as project director of Giving Greater Chicago, a three-year initiative of the Donors Forum of Chicago promoting the creation of permanent philanthropic capital. Earlier, Davis was executive director of the Illinois Arts Council, the state agency responsible for funding the arts. Davis, who holds a B.A. degree from Stephens College and a M.B.A. degree from Loyola University of Chicago, entered the world of Chicago philanthropy in 1990 when she started the corporate contributions program at Marshall Field's.