Energy exchange operator CME Group named a new managing director for its global energy business.
Gary Morsches was named as Managing Director for its energy business today. With 30 years of experience in the energy industry, Morsches will lead the company’s global energy complex which specializes in price transparency for energy commodities and includes trade in the West Texas Intermediate oil futures contract.
CME Group says it is responsible for the trading of approximately 98% of WTI crude oil options as well as 50% of Brent crude oil options. Its WTI contract trade includes trading of more than one million futures and options contracts daily.
Morsches previously worked as Partner and Managing Director at Boston Consulting Group, where he focused on business strategy and development within the energy industry. With an MBA from the University of Texas at San Antonio and a chemical engineering degree from the University of Dayton, Morsches is the newest addition to the CME Group Energy team and will be based in New York.
“We are very pleased to have Gary join the CME Group energy team,” said Managing Director of Commodity Products and OTC Services and Information Products Kendal Vroman. “Gary brings a history of success in building businesses in the energy sector that will be invaluable to us as we continue to build on our existing energy complex and offer innovative new products that help customers meet their business needs and manage risk.”
Photo Caption: Traders work in the crude oil and natural gas options pit on the floor of the New York Mercantile Exchange on June 20, 2011 in New York City.