Bryan T. Durkin
Director at CME
Board
About Bryan T. Durkin
Independent Equity Director at CME Group (age 64), serving since 2020. Former President, Chief Commercial Officer, and Chief Operating Officer of CME Group with 30+ years in derivatives exchange operations and regulation; served as Advisor to the CEO from May 2020 to September 2021. He brings deep technology, global operations, regulatory, and market surveillance expertise; current board committee memberships: Clearing House Oversight Committee (CHOC) and Risk Committee (RC). Independent under Nasdaq standards; not classified as a CFTC “public director.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| CME Group | President; previously Chief Commercial Officer; Chief Operating Officer | President from 2016; CCO since 2014; COO since 2007 | Led global integrations post-merger with CBOT (2007) and acquisition of NYMEX (2008); oversaw Technology, Global Operations, International, Data Services; Crisis Management Team member |
| CME Group | Advisor to the CEO | May 2020 – Sept 2021 | Senior advisory role during board service transition |
| CBOT | Executive Vice President & Chief Operating Officer; head of Office of Investigations and Audits | Prior to joining CME Group | Primary liaison to U.S. and foreign regulators; oversaw CBOT clearing outsourcing |
External Roles
| Organization | Role | Tenure | Notes/Impact |
|---|---|---|---|
| COMEX Governors Committee | Member | Historical | Industry governance contribution |
| CFTC Technology Advisory Committee; Energy & Environmental Markets Advisory Committee | Member | Historical | Regulatory policy/market oversight input |
| Bursa Malaysia Derivatives Berhad; Bursa Malaysia Derivatives Clearing Berhad | Director | Historical | Strategic investment/commercial arrangement involvement |
| Misericordia | Board of Advisors | Current | Civic engagement |
| Lewis University | Board of Trustees | Current | Academic governance |
Board Governance
- Committee assignments: CHOC and RC member; not a committee chair (CHOC chaired by Howard J. Siegel; RC chaired by Dennis A. Suskind).
- Independence: Board determined all non-executive directors are independent except CEO Terrence Duffy; Durkin classified independent; not on CFTC “public director” roster.
- Attendance: Board held 6 regular and 1 special meeting in 2024; each director attended >75% of combined board/committee meetings; eight board-level committees met 52 times with 99% average attendance.
- Executive sessions: Quarterly independent director executive sessions chaired by Lead Independent Director.
- Risk oversight scope of committees he serves: CHOC oversees clearing house risk management, policy frameworks, product approvals; RC oversees ERM framework, risk appetite, cybersecurity, compliance, operational resiliency.
Fixed Compensation
| Component | 2024 Amount | Detail |
|---|---|---|
| Annual cash stipend | $95,000 | Standard cash retainer |
| Committee membership retainer (per committee) | $12,000 | For board committees |
| Committee chair retainer | $25,000 | Not applicable to Durkin (not chair) |
| Functional committee meeting fees | $1,000–$1,250 per meeting | Clearing house risk/interest rate swaps/functional exchange committees |
| Lead Director stipend | $50,000 | Not applicable (Durkin not Lead Director) |
| Fees earned or paid in cash (Durkin) | $121,500 | Includes cash stipend, committee retainers, functional fees, any rounding adjustments |
Notes:
- Directors may elect to receive part/all of cash stipend in shares; if leaving the board early, unearned stipend must be repaid.
Performance Compensation
| Equity Element | 2024 Detail | Vesting/Performance |
|---|---|---|
| Annual equity stipend (standard) | $145,000 | Granted as shares; no vesting restrictions; under Director Stock Plan |
| Stock awards value (Durkin) | $145,187 | Calculated using 6/25/2024 closing price of $194.10; over-base values reflect elective conversion of cash to stock |
| Options/PSUs for directors | None disclosed | Directors receive shares; no option grants; no performance metrics tied to director equity |
Additional plan features:
- Director Stock Plan authorizes issuance via non-qualified options, restricted stock, and common shares; compensation committee recommends annual equity stipends.
- Deferred Compensation: Non-executive directors can defer under Director Deferred Compensation Plan; plan returns are market-based; no pensions/health benefits for directors.
Other Directorships & Interlocks
| Category | Entity | Role | Potential Interlock |
|---|---|---|---|
| Public company boards (past 5 years) | None disclosed for Durkin | — | None indicated |
| Exchange/industry boards | Bursa Malaysia Derivatives; Bursa Malaysia Derivatives Clearing | Director (historical) | Strategic relationships; historical, not current |
| Regulatory advisory | CFTC advisory committees | Member (historical) | Policy engagement; no disclosed conflict |
Expertise & Qualifications
- Technology and information security oversight via leadership of CME’s technology/trading operations subject to CFTC systems safeguards.
- Market regulation/surveillance leadership at CBOT; crisis management experience at CME.
- Global operations, international business integration, and client/market development breadth.
- Committee-aligned skills matrix indicates Global Financial Services, Innovation & Strategy, Government/Regulatory, Leadership, Risk Oversight, Corporate Governance, Technology/InfoSec, Ethics & Integrity (board-level attribute matrix includes Durkin across many of these).
Equity Ownership
| Holder | Class A Shares | Class B Shares (B-1/B-2/B-3/B-4) | Notes |
|---|---|---|---|
| Bryan T. Durkin | 46,675 | — / — / — / — | None of directors/NEOs beneficially own >1% of any class. |
Ownership alignment:
- Director stock ownership guidelines: non-executive directors must hold stock valued at 2× total annual retainer ($480,000), exceeding 5× the $95,000 cash retainer; compliance within 5 years of election. As of 2024, all with ≥5 years met; others on track—Durkin was elected in 2020, within the 5-year window.
- Anti-hedging and anti-pledging policies apply; currently no pledges among directors/executives.
Governance Assessment
- Committee effectiveness: Durkin’s CHOC and RC roles place him at the core of clearing risk and enterprise risk oversight—positive signal for board risk competence.
- Independence and prior executive history: Despite his long CME executive tenure and advisory role in 2020–2021, the board affirmatively determined his independence under categorical standards; he is not a CFTC “public director.” This mix provides operational acumen with formal independence safeguards.
- Attendance and engagement: Board/committee workloads are high (52 committee meetings; 99% average attendance) and directors exceeded minimum attendance thresholds, supporting active oversight.
- Compensation alignment: Director pay balanced between cash and equity; annual equity grants are outright shares (no performance vesting), and directors can elect stock in lieu of cash, increasing alignment; robust ownership guidelines and anti-hedging/pledging further align incentives.
- RED FLAGS: No related-party transactions or pledging disclosed; no director-specific legal proceedings noted; say-on-pay support improved to 87% in 2024 following engagement and program enhancements—indicative of constructive governance response.
Overall signal: Durkin combines deep operational/regulatory expertise with independent status and service on risk-centric committees—supportive of investor confidence. The main watchpoint is his prior senior executive role, mitigated by independence determinations, formal conflict policies, and strong board processes.