The Clearing Corporation Charitable Foundation has given a $2 million grant to the University of Illinois College of Agricultural, Consumer and Environmental Sciences to establish a Chair in derivatives trading in the school’s department of agricultural and consumer economics.

“The generosity of the Clearing Corporation Foundation helps us build on one of our traditional research and academic strengths, dating back over 40 years ago when Tom Hieronymus was establishing the University of Illinois as a premiere institution in the futures industry,” said Dr. Robert J. Hauser, head of the Department of Agricultural and Consumer Economics in a press statement. “Given the importance of The Clearing Corporation to that industry, we are pleased to be able to recognize and honor it through the named chair.”

According to the release, directors of the foundation chose the University of Illinois because of its dedication to education relating to the derivatives industry, and the foundation intends that the derivatives industry will benefit from the University’s continuing educational focus on issues and studies that affect the industry.

Dr. Philip Garcia, the T.A. Hieronymus Distinguished Chair in Futures Markets and director of the U of I Office for Futures and Options Research, said that developing a comprehensive understanding of futures and options markets and transmitting that knowledge to their users has been an important dimension of the department’s mission. “The addition of these new resources will ensure that we will be able to maintain and strengthen this tradition. We are thankful for the generosity of The Clearing Corporation Charitable Foundation and pleased with the challenges that we will be able to address effectively in the future.”