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CIO Values: James Krause, Managing Director & CIO, CME Group
Get out and know your end users and understand their needs.
3 Min Read
Career Track
James KrauseManaging Director and CIO, CME Group, a CME/Chicago Board of Trade Company |
How long at current company: More than 20 years
Career accomplishment you're most proud of: Seeing the evolution of our electronic trading platform, Globex. We started to plan this system in 1987; prior to its launch in 1992, we were a 100% floor-based exchange. I've been involved in nearly every aspect since its launch, and today 5.3 million contracts trade electronically every day, representing nearly 80% of our volume.
How I measure IT effectiveness: We do a lot of customer satisfaction surveys--surveys of our end users, the people actually trading. The results from these are key for me and my team since they let us know if we're doing our job. We also can measure our success through the growth in electronic trading as well as two important electronic trading measures: speed and reliability.
Decision I wish I could do over: You always try to make the best decision you can with the facts you have. I tend not to look back or dwell on the past.
On The Job
Size of IT team: Size of IT team: Approximately 700 people
Three top initiatives for current year:
In July, we completed our merger with the Chicago Board of Trade. In January, we'll integrate its products onto our Globex platform, adding another 3 million contracts that trade electronically every day.
We continue to expand the trading functionality of our platform to trade options on futures contracts. Approximately 15% of our options products trade electronically today, so we are working to increase that percentage.
We launched a joint venture with Reuters this year to trade currencies called FXMarketSpace, and last year we acquired London-based SwapStream. We're working closely with our product teams to build out those trading platforms.
Vision
The next big thing for my business will be ... further consolidation in the coming years, and everyone will be looking for ways to grow globally. As a business, CME Group has gone through rapid growth, and IT will continue to look for ways to advance our business for customers and shareholders.
Advice for future CIOs: 1) Maintain your integrity. 2) Do the right thing for your organization. 3) Show enthusiasm. 4) Make it a fun place to work. 5) Get out and know your end users and understand their needs.
Personal
Colleges/degrees: Computer science degree from Michigan State University; MBA from Southern Illinois University
Leisure activity: Golf
Best book read recently: Bob Mitchell's Match Made In Heaven: A Tale Of Golf
Last vacation: Hawaii
If I weren't a CIO I would be ... a pilot.
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