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CME Group Awards Bengt Holmstrom CME Group-MSRI Prize In Innovative Quantitative Applications

CHICAGO, Oct. 15, 2013 /PRNewswire/ -- CME Group and the Mathematical Sciences Research Institute (MSRI) announced Dr. Bengt Holmstrom, economics professor at Massachusetts Institute of Technology ( MIT), as the 2013 recipient of the CME Group-MSRI Prize in Innovative Quantitative Applications. He will be honored at an award ceremony at W Chicago-City Center on Monday, October 21, at 10:30 a.m.

Preceding the award ceremony, James J. Angel, Associate Professor at Georgetown University, Eric Budish, Associate Professor of Economics at the University of Chicago, Bryan Durkin, Chief Operating Officer at CME Group, Terry Hendershott, Associate Professor of Finance at the University of California, Berkeley and Myron Scholes, Frank E. Buck Professor of Finance Emeritus, Stanford University; will participate in a panel discussion on the topic: "Liquidity and High Frequency Trading" prior to the award ceremony.  The panel will be moderated by David Eisenbud, Director, Mathematical Sciences Research Institute. 

The eighth annual CME Group-MSRI Prize recognizes individuals who contribute original concepts in mathematical, statistical or computational methods for the study of the markets' behavior and global economics.

"I'm deeply gratified to receive the CME Group-MSRI Prize and to join the exceptional list of financial economists who have gotten it before," said Dr. Bengt Holmstrom.  "It is a true honor."

"CME Group is proud to present the coveted CME Group-MSRI prize for innovative Quantitative Applications to Professor Bengt Holmstrom of MIT," said Leo Melamed, CME Group Chairman Emeritus.  "Professor Holmstrom's book Inside and Outside Liquidity is at the forefront of current market discussions, and liquidity exemplifies the successful markets at CME Group."

"Professor Holmstrom's research on the impact of liquidity and the role that governmental intervention can play have produced extraordinary insights into macroeconomics and the recent global financial crises," said David Eisenbud, Director of MSRI and Prize Selection Committee member. "MSRI is proud to be collaborating with CME Group in acknowledging Professor Holmstrom's innovative analysis and its contribution to the mathematics community."

Media can attend the award ceremony where CME Group will present Holmstrom with the CME Group-MSRI Prize medal and $25,000 cash award. Email Lindsey Noel at to register.

Currently, Holmstrom is the Paul A. Samuelson Professor of Economics at MIT and holds a joint appointment with MIT's Sloan School of Management. He was also head of the Economics Department from 2003-2006 and has held faculty positions at Yale University and Northwestern University prior to joining MIT.  Primarily a contract theorist, Holmstrom has done seminal work in the theory of incentives with applications to the theory of the firm, to labor markets and to corporate finance.  His 2010 book, Inside and Outside Liquidity, co-authored with Jean Tirole, illustrates his recent research on the supply of liquidity and its relevance for financial crises. 

The 2013 CME Group-MSRI Prize Selection Committee includes: Lars Peter Hansen, prize committee chair, David Rockefeller Distinguished Service Professor in the Departments of Economics and Statistics at the University of Chicago and 2008 recipient of the CME-MSRI Prize; David Eisenbud, Director, Mathematical Sciences Research Institute; Sanford J. Grossman, Chairman and CEO, Quantitative Financial Strategies, Inc. and 2009 recipient of the CME-MSRI Prize; Leo Melamed, Chairman Emeritus, CME Group; Jose A. Scheinkman, Edwin W. Rickert, Professor of Economics, Columbia University, Department of Economics; Myron Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford Graduate School of Business; and Nancy L. Stokey, Frederick Henry Prince Distinguished Service Professor in Economics, University of Chicago.

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