CME Group named insider Jack Tobin chief financial officer, succeeding Lynne Fitzpatrick, who is set to become the derivatives exchange’s first female CEO in March 2027. Tobin, CME’s chief accounting officer since 2015, will become deputy CFO in November before taking the finance chief role. The transition follows CME’s June announcement that longtime leader Terry Duffy plans to step down to make way for Fitzpatrick. The leadership change comes as traditional derivatives exchanges (markets for futures and options) expand beyond core businesses while facing competition from perpetual futures (contracts without an expiry date) and fast-growing prediction markets. Tobin joined CME in 2002 and has more than 35 years of financial experience. Matthew Render, who joined CME as deputy chief accounting officer in August, will succeed Tobin. CME shares had gained more than 1% this year through the last close.