# Terrence Duffy **Terrence "Terry" Duffy** (born 1958) has run [[CME Group]], the Chicago futures exchange, for more than two decades: chairman since 2002 and CEO since November 2016. He started as a runner on the Chicago Mercantile Exchange floor in 1980 and bought a seat in 1984. [[George W. Bush]] appointed him to the Federal Retirement Thrift Investment Board, which oversees the federal employees' Thrift Savings Plan, where he served from 2003 to 2013. ## The prediction-market contradiction Under Duffy, CME became the back end for [[FanDuel]]'s and [[DraftKings]]' prediction apps, and his public statements have kept running behind his exchange's product list: | Duffy said | CME did | |---|---| | Political event contracts are not "a good thing" | Self-certified U.S. election contracts (by March 2026) | | July 2026: "A lot of these prediction markets on sports are gambling, and I think that that is going to find its way to the Supreme Court" | Lists sports contracts, including college football, golf, tennis and soccer | | July 2026: small parlays are "susceptible to manipulation" | Self-certified football, basketball and baseball parlays (by March 2026) | His distinction is between exchange-listed contracts, which he defends, and sportsbook-style products, which he calls gambling. The courts are drawing the same line from the other direction (see [[KalshiEX v. Flaherty]]). ## Succession On June 17, 2026, CME announced that Duffy will step down as CEO on **March 1, 2027** and become executive chairman, with Lynne Fitzpatrick succeeding him as CEO. ## See also - [[CME Group]] · [[FanDuel]] · [[DraftKings]] · [[Intercontinental Exchange]] - [[Prediction Markets]] · [[Sports Betting]] · [[KalshiEX v. Flaherty]]