MINNEAPOLIS, MINNESOTA, U.S. — MGEX, a designated contract market (DCM) and derivatives clearing organization (DCO), announced on Oct. 8 results of its annual board of directors election, held Oct. 7.

Re-elected to the board was incumbent Scott A. Cordes from Country Hedging, Inc. Newly-elected directors were Albert Cyrlin, Martin F. Farrell and Joseph L. Tabet. Each will serve two-year terms, effective immediately.

MGEX Chief of Staff and Assistant Corporate Secretary Jesse Marie Bartz reported seven candidates ran for four open board positions. A total of 315 votes on proxies were received.

The newly-elected board will meet Oct. 19 to elect the executive committee, board officers and appoint the four public directors.

"The Exchange would like to welcome the three new directors to the Board," Mark G. Bagan, president and chief executive officer, MGEX said. "This is an exciting time for MGEX given our recent reincorporation which was completed in September. Additionally, on behalf of MGEX, I would like to thank outgoing directors Christopher T. Matzdorf, Scott O. Hedin and Scott D. Nagel for their board service and dedication to the MGEX membership."