The Chicago Board of Trade has promoted Bryan Durkin to executive vice president and chief operating officer. In this newly created position, Durkin, formerly senior vice president of exchange operations, will be managing, implementing and overseeing all programs and systems for the open-outcry and electronic-trading platforms.
One of Durkin's largest tasks, he says, will be to oversee the electronic-trading platform, which went live last November. Near the same time, CBOT moved much of its volume over to a new clearing interface, the CME/CBOT Common Clearing Link.
While the implementation process may be completed, he says, "We just purchased a Steinway grand piano. Now we're fine tuning it."
Durkin also looks forward to CBOT's wireless initiative, with hopes of rolling out hand-held devices to all floor traders. Wireless devices, says Durkin, allow traders to "be within a pit environment, but record information electronically."
Isn't wireless dead? No, responds Durkin. "The focus is on efficiency and reducing costs."