Innovation has always been a driving force for the exchanges that form CME Group: CME, CBOT, NYMEX, and COMEX. We have continually embraced change and fostered an entrepreneurial spirit that has enabled both our exchanges – as well as the futures industry – to grow and prosper. We know from firsthand experience that innovation can transform business, influence the direction of civilization and alter its reality for the better.
But creative thinking and great ideas cannot exist in a vacuum – they benefit and gain momentum by being spread far and wide. Recognizing this, in 2003 CME founded the CME Center for Innovation – now called the CME Group Center for Innovation (CFI).
The CFI creates and sponsors thought-provoking original programming that identifies, showcases and fosters examples of significant innovation and creative thinking across multiple industries in both the public and private sectors. Each of the programs explores and communicates the principles behind innovation, and more importantly, showcases their application to a broad and diverse audience.
The CFI's programs help advance the application of innovation by providing a broad, multi-industry analysis of the concept. The CFI is interested in evaluating not only the principles behind innovation, but in taking a strong, hard look at innovation in action.
The CME Group Competitive Markets Advisory Council (CMAC) was originally organized by Nobel Laureates Myron Scholes and Gary Becker in partnership with CME Group Chairman Emeritus Leo Melamed in March 2004. CMAC consists of financial experts, including Nobel Prize winners, who serve as a “think tank” to develop and provide advice to the Board in the form of policy, analyses, position papers and other strategic recommendations on significant market issues. Notably, CMAC plays an integral leadership role within the CME Group Center for Innovation by selecting the annual recipients of the CME Group Melamed-Arditti Innovation Award and the CME Group-MSRI Prize in Innovative Quantitative Applications.