CME’s Duffy Cedes Top Title of Exchange Empire at Turning Point

From his start in the hog pit at the Chicago Mercantile Exchange, Terry Duffy spent decades turning CME Group Inc. from a business helping clients hedge prices of cattle and corn into a massive trading empire that spans products from Treasuries to crypto and oil.

Now, Lynne Fitzpatrick — a former investment banker who worked as CME’s chief financial officer — is set to take over in March as chief executive officer. The shakeup comes as investors have grown increasingly concerned about how the $90 billion exchange will beat back new rivals that have popped up to challenge the industry ...