The departure of Jim McNulty from CME has been a long time
in the making. It's hard to say when exactly it started, in the
proverbial smoke-filled room (maybe even a literal smoke-filled
room - this was Daley's Chicago after all, not Bloomberg's New
York). But the ball was set rolling in earnest when Scott
Gordon was eased aside from the chairmanship and replaced by
Gordon and McNulty made a great team, a team that brought
the Merc to the point where it could launch the first exchange
IPO in the US, setting a formidable benchmark for success in
the midst of a bear stock market. But, they weren't the only
team in town, and when Gordon went, it seemed logical that
McNulty would follow. When, in October last year, Craig Donohue
was named as the second man in a newly created 'office of the
ceo', it seemed like the clock was ticking.
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