Mr. McNulty's 26 years of experience in global financial markets, management, technology, and exchange and over-the-counter trading includes serving as General Partner with O'Connor & Associates. A leading futures and options trading organization, O'Connor was widely recognized as a pioneer in applying sophisticated risk management technology and quantitative techniques to securities, futures and options markets. In 1992, several O'Connor businesses were purchased by Swiss Bank Corp. (SBC), allowing Mr. McNulty to bring O'Connor's cutting-edge approach to the company's global Capital Markets and Treasury organization. SBC later merged with United Bank of Switzerland to form UBS AG.

Immediately before joining CME, Mr. McNulty served as Managing Director and Co-Head of the Corporate Analysis and Structuring Team in the Corporate Finance Division of the investment banking firm now known as UBS Warburg. He was a frequent international lecturer on shareholder value creation, cost of capital, capital structure and dividend policy. As a member of the firm's Corporate Finance Technology Committee, Mr. McNulty designed and launched a global Corporate Finance Web portal incorporating more than 20 sector and product Web sites. He also founded the company's Analytical Resources Team. At SBC, he was responsible for designing a number of risk management advisor tools used to counsel multinational corporations and investment managers.

From 1984 to 1987, Mr. McNulty was the founder and President of Hayes & Griffith Futures, Inc., and a director of Intermarket Publishing Corp. Previously, he held foreign exchange management positions with Harris Bank and Citibank, including Treasurer for Citibank in Mexico City. Euromoney Currency Reports named him the top foreign exchange forecaster in 1982 and 1983.

Mr. McNulty is on the Boards of Directors of the National Futures Association (NFA), World Business Chicago and the University of Illinois at Chicago College of Liberal Arts and Sciences Board of Visitors. He received a master of science degree in Anglo-Irish studies in 1974 from University College, Dublin, Ireland, and a bachelor's degree in liberal arts and sciences in 1973 from the University of Illinois, Chicago. A fourth-generation Chicagoan, he and his wife, Jamie K. Thorsen, Executive Managing Director and Global Head of Foreign Exchange at the Bank of Montreal, reside in the Chicago area with their three children.

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