Changing of the guard

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 Terry Duffy.

Gordon and McNulty made a great team, a team that brought the Merc to the point where it could launch the first exchange...