The trustees of CME Trust announced on June 19 $1.75 million in grant commitments to three universities for higher education in financial markets and early childhood education.
-- A grant of $1 million over four years was awarded to Loyola University Chicago School of Business Administration (http://www.luc.edu/) in support of its Center for Integrated Risk Management and Corporate Governance. CME Trust funds will be used to promote excellence in teaching and learning in both existing and new derivative courses at the graduate and undergraduate levels, to promote research initiatives in futures, options, and risk management and to provide financial assistance to outstanding graduate students.
-- University of Illinois at Chicago College of Business Administration (http://www.uic.edu/) received $250,000 in support of its International Center for Futures and Derivatives, established one year ago with a $250,000 CME Trust grant. Funded activities leverage the university's existing relationships in China and include an annual international conference, seminars and workshops that foster collaboration between academic and financial professionals and public officials, research and publications on futures and options and new class offerings.
-- A grant of $500,000 over two years was awarded to Erikson Institute (http://www.erikson.edu/), a nationally recognized graduate school for early childhood educators and child development professionals. In partnership with the Chicago Public Schools (CPS) Office of Early Childhood Education, Erikson Institute will create a professional development program for teaching mathematics in CPS early childhood classrooms. Over three years, nearly 300 teachers and more than 9,000 young children will be impacted by this program.
"One of the salient goals of CME Trust is to make Chicago the center of financial market education," said Leo Melamed, CME Trust trustee and Chairman Emeritus of CME. "By making large grant commitments, we are strategically investing in some of Chicago's most effective university programs."
"We are dedicated to working with institutions in mathematical reasoning and problem solving for the betterment of our economy," said Terry Duffy, CME Trust trustee and Executive Chairman of CME. "Effective mathematics education for young children builds a strong foundation for future mathematics learning and contributes significantly to school achievement in later years."
The funded programs are aligned with CME Trust's charitable mission supporting nonprofit organizations primarily in the Chicago region that:
-- promote teaching and learning specific to financial markets, futures
-- promote the education of disadvantaged children and youth; and,
-- promote the health and well-being of children.
Chicago Mercantile Exchange Trust was established by CME in 1969, under the direction of its chairman, to provide financial protection to customers in the event a CME member firm became insolvent or unable to meet its obligations to its customers. However, no CME customer has ever suffered losses due to a member's adverse financial condition. In 2005, the CME Trust received approval to distribute the net income of the Trust to public charities. The trustees of the CME Trust are Craig S. Donohue, Terrence A. Duffy, Leo Melamed, William P. Miller II, James E. Oliff, John F. Sandner and Howard J. Siegel. -CME