Richard L. Sandor

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Richard L. Sandor
Richard L. Sandor.png
NationalityAmerican
Academic career
FieldFinance, Environmental Finance
Alma mater Brooklyn College (BA) University of Minnesota (PhD)
Doctoral
advisor		 Jacob Schmookler
Influences Ronald Coase
ContributionsFounder, Chairman & CEO of American Financial Exchange (AFX),
Founder of Chicago Climate Exchange (CCX)
AwardsDoctor of science, honoris causa , Swiss Federal Institute of Technology (ETH)

Richard L. Sandor is an American businessman, economist, and entrepreneur. He is chairman and CEO of the American Financial Exchange (AFX) established in 2015, which is an electronic exchange for direct interbank/financial institution lending and borrowing. The AFX flagship product, the AMERIBOR benchmark index, reflects the actual borrowing costs of thousands of regional and community banks across the U.S. and is one of the short-term borrowing rates, along with the Secured Overnight Financing Rate, vying to replace U.S. dollar Libor as a benchmark in the U.S. [1]

Contents

Sandor is chairman and CEO of Environmental Financial Products LLC, which specializes in inventing, designing and developing new financial markets with a special emphasis on investment advisory services. He is widely recognized as the "father of financial futures" [2] for his pioneering work in developing the first interest rate futures contract in the 1970s, when he served as chief economist and vice president of the Chicago Board of Trade (CBOT). [3]

Sandor is also the founder of the Chicago Climate Exchange (CCX) – the world's first exchange to facilitate the reduction and trading of all six greenhouse gases. [4] In 2007, he was named the "father of carbon trading" by Time Magazine for his work in designing, developing and launching CCX and affiliated exchanges. [5] Among Sandor's academic roles, he is currently the Aaron Director Lecturer in Law and Economics at the University of Chicago Law School [6] and an honorary Professor at the University of Hong Kong and the School of Economics at Fudan University. He formerly taught at graduate and undergraduate levels at several universities throughout California, Illinois, New York, China and England.

On February 7, 2013, the University of Chicago Law School announced that Sandor and his wife Ellen R. Sandor are the principal donors to a $10 million endowment in law and economics at the University of Chicago Law School. The Sandors made the gift in honor of Sandor's mentor, Nobel Laureate Ronald Coase, Clifton R. Musser Professor Emeritus of Economics at the Law School. In their honor, the Institute for Law and Economics has been renamed the Coase-Sandor Institute for Law and Economics. [7] [8]

Sandor is known for asserting that the next financial revolution will be in the convergence of the financial markets and the environment. [9] He is often credited for founding the field of environmental Finance. His first book Good Derivatives: A Story of Financial and Environmental Innovation, [10] was published by John Wiley & Sons in April 2012.

Early life

Sandor received his Bachelor of Arts degree from Brooklyn College and holds a Ph.D. in economics from the University of Minnesota.

The Father of Financial Futures

As a professor on sabbatical from the University of California, Berkeley in the 1970s, Sandor became the chief economist and vice president of the Chicago Board of Trade (CBOT). [11] At the CBOT, Sandor not only pioneered the first interest rate futures contract, [12] but the most widely traded and imitated interest-rate futures in the world, the Treasury bond futures contract. [13] This revolutionized the field of finance and earned him the title of "father of financial futures." Sandor originally coined the term "derivatives" [14] to describe the futures and options contracts that were traded on the Chicago exchanges. Its definition was subsequently expanded to include not only regulated products on futures transactions, but any customized product traded off the exchange, i.e. bilateral OTC transactions. Sandor was honored by the CBOT and the City of Chicago in 1992 for the creation of financial futures.

Sandor was also a strong proponent of electronic trading at a time when most exchanges favored open-outcry. In fact, he had presented the case and designed the platform for electronic trading as early as 1970 – even before the concept of electronic trading was patented. [15] At Berkeley, he was the project leader of the California Commodity Research Project (CCARP), which looked at the feasibility of establishing a for-profit, all-electronic exchange in at the time when none existed. [16]

At the CBOT, Sandor championed innovative financial instruments such as event-linked derivatives. Sandor served as vice chairman of the CBOT Insurance Committee and was the originator and co-author of the catastrophe and crop insurance futures and options contracts. [17]

From 1991 to 1994, Sandor was chairman of the Chicago Board of Trade Clean Air Committee, [18] which developed the first spot and futures markets for sulfur dioxide (SO2) emission allowances and supervised the annual allowance auctions conducted on behalf of the U.S. Environmental Protection Agency. [19] He also led the effort to create the Dow Jones Sustainability Index (DJSI) – the first global index that tracks the financial performance of leading sustainability-driven companies worldwide. [20]

Sandor has held a variety of senior executive positions in financial service companies, such as Drexel Burnham Lambert, Kidder Peabody and Banque Indosuez. [21] Sandor has served on numerous Exchange committees and boards, including the Chicago Board of Trade (CBOT), the Chicago Mercantile Exchange (CME), IntercontinentalExchange (ICE), London International Financial Futures Exchanges (Liffe) and the International Advisory Board of Marché à Terme International de France (MATIF). [22] Sandor played an advisory role in helping Swiss Options and Financial Futures Exchange (SOFFEX)[ citation needed ] become the world's first electronic exchange. [23] Teaming up with Boston-based Battery Ventures, Sandor also helped to promote Liffe's electronic trading platform [24] and is credited for Liffe's successful contract – the universal stock futures contract. [25] He also assisted the New York Mercantile Exchange (NYMEX) on the design of the options contract for crude oil. [26]

Sandor has served several times as an advisor to the Commodity Futures Trading Commission (CFTC) on matters related to financial, energy and environmental futures. [27]

The Father of Carbon Trading

Using Environmental Financial Products as the incubator, Sandor founded the Climate Exchange PLC (CLE) family of companies. They include Chicago Climate Exchange (CCX); the Chicago Climate Futures Exchange [28] (CCFE), a futures branch of the former; and European Climate Exchange (ECX), Europe's leading exchange operating in the European Union Emissions Trading Scheme (EU ETS) and the benchmark for world carbon prices. Additional global affiliates included the Tianjin Climate Exchange in China, the Montreal Climate Exchange [29] in Canada and Envex in Australia. The emissions covered under the Chicago Climate Exchange were larger than that of Germany under the European Union Emissions Trading Scheme. It included 50 states and all major sectors of the U.S. economy. [30] Its membership represented 17 percent of the companies in the Dow Jones Industrial Average, and 20 percent of the largest CO2-emitting electrical utilities in the U.S., and 11 percent of Fortune 100 companies. [31]

Sandor and EFP are turning their focus to the feasibility of a market-based mechanism as a tool to address water quality and quantity issues. This follows on extensive studies done by Sandor and his team while still at Chicago Climate Exchange (CCX). Sandor and his group of researchers studied the potential of a water quantity exchange for the state of New Mexico; the viability of a water market in the Great Lakes region; [32] examined the potential benefits of implementing a rules-based exchange for water resources in Alberta, Canada; [33] and helped develop a pilot nutrient trading effort in Pennsylvania. [34]

In August 2002, Sandor was chosen by Time magazine as one of its "Heroes for the Planet" for his work as the founder of the Chicago Climate Exchange. [35] Five years later, he appeared in Time magazine's fifth annual list of "Heroes of the Environment" for his work as "the father of carbon trading." In 1992 Sandor served as an expert advisor to the UN Conference on Trade and Development on tradable entitlements for the reduction of greenhouse gas emissions. [36]

In June 2010, CLE was acquired by the IntercontinentalExchange (ICE). [37]

Awards

In November 2004, Sandor was the recipient of an honorary degree of Doctor of Science (Honoris Causa) by the Swiss Federal Institute of Technology (ETH) of Zurich, Switzerland [38] for his work on the design and implementation of innovative and flexible market-based mechanisms to address environmental concerns. In 2010, Sandor received the John H. Dales Memorial "Leadership in Environmental Markets Award" from the Environmental Markets Association. [39] [40]

Sandor is the recipient of the McGraw-Hill Energy Award (1999), the Life Time Achievement award from the Global Association of Risk Professionals (2001), [41] and the Milken Institute's award for Distinguished Economic Research (2003). [42] In May 2005, Sandor was named by "Treasury and Risk Management" magazine as one of the "100 Most Influential People in Finance." [43] He is also the recipient of the 2008 Financial Management Association's Outstanding Financial Executive Award, [44] and the Ernst & Young's Entrepreneur of the Year 2009 Award in the "green" category. [45] In 2012, Sandor received the World Federation of Exchanges (WFE) Award for Excellence. He was selected for this award in recognition of his work at the epicenter of environmental and financial markets for more than four decades. [46]

Board affiliations

Sandor was a former director of American Electric Power (AEP), [47] one of the largest utilities in the United States and of the Volatility Exchange. [48] Sandor also served on the board of Clean Energy Trust, [49] a Chicago-based not-for-profit, [50] the Smithsonian Tropical Research Institute and Lincoln Park Zoo. He is an advisory board member for the Center for Financial Stability, [51] [52] a member of the Advisory Board of the Digital Dollar Project, a member of the Marie Selby Botanical Gardens Board of Trustees and a Senior Fellow at the Milken Institute. [53] Sandor and his wife, Ellen Sandor, are collectors of photography and are involved in numerous civic and charitable activities. They are major benefactors of the Art Institute of Chicago. He also served as a trustee for the International Center of Photography, New York. Ellen is the founder and director of (art)n [54] and an advisory board chair of the Gene Siskel Film Center.

Academic affiliations

Sandor is a member of the TERI School of Management Advisory Committee in India. Sandor previously taught at the University of California, Berkeley, Stanford University, Columbia University Graduate School of Business and at the Kellogg Graduate School of Management at Northwestern University, where he was the first Martin C. Remer Distinguished Professor of Finance.

Publications

Books

Academic publications

Book chapters

Articles

Sandor was a monthly contributor to Environmental Finance magazine [66] of London, for the column How I See It, since 1999.

Conference/convention papers

See also

Related Research Articles

In finance, a derivative is a contract that derives its value from the performance of an underlying entity. This underlying entity can be an asset, index, currency, or interest rate, and is often simply called the underlying. Derivatives can be used for a number of purposes, including insuring against price movements (hedging), increasing exposure to price movements for speculation, or getting access to otherwise hard-to-trade assets or markets.

<span class="mw-page-title-main">Emissions trading</span> Market-based approach used to control pollution

Emissions trading is a market-oriented approach to controlling pollution by providing economic incentives for reducing the emissions of pollutants. The concept is also known as cap and trade (CAT) or emissions trading scheme (ETS). One prominent example is carbon emission trading for CO2 and other greenhouse gases which is a tool for climate change mitigation. Other schemes include sulfur dioxide and other pollutants.

Environmental finance is a field within finance that employs market-based environmental policy instruments to improve the ecological impact of investment strategies. The primary objective of environmental finance is to regress the negative impacts of climate change through pricing and trading schemes. The field of environmental finance was established in response to the poor management of economic crises by government bodies globally. Environmental finance aims to reallocate a businesses resources to improve the sustainability of investments whilst also retaining profit margins.

<span class="mw-page-title-main">Commodity market</span> Physical or virtual transactions of buying and selling involving raw or primary commodities

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In finance, a futures contract is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset transacted is usually a commodity or financial instrument. The predetermined price of the contract is known as the forward price or delivery price. The specified time in the future when delivery and payment occur is known as the delivery date. Because it derives its value from the value of the underlying asset, a futures contract is a derivative.

<span class="mw-page-title-main">Chicago Mercantile Exchange</span> Financial and commodity derivative exchange

The Chicago Mercantile Exchange (CME) is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an agricultural commodities exchange. For most of its history, the exchange was in the then common form of a non-profit organization, owned by members of the exchange. The Merc demutualized in November 2000, went public in December 2002, and merged with the Chicago Board of Trade in July 2007 to become a designated contract market of the CME Group Inc., which operates both markets. The chairman and chief executive officer of CME Group is Terrence A. Duffy, Bryan Durkin is president. On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX. CME, CBOT, NYMEX, and COMEX are now markets owned by CME Group. After the merger, the value of the CME quadrupled in a two-year span, with a market cap of over $25 billion.

<span class="mw-page-title-main">Chicago Board of Trade</span> Options and futures exchange in Chicago

The Chicago Board of Trade (CBOT), established on April 3, 1848, is one of the world's oldest futures and options exchanges. On July 12, 2007, the CBOT merged with the Chicago Mercantile Exchange (CME) to form CME Group. CBOT and three other exchanges now operate as designated contract markets (DCM) of the CME Group.

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References

  1. ↑ "PRIMER: Ameribor and its role in the Libor transition". International Financial Law Review. 25 August 2020. Retrieved 7 April 2021.
  2. ↑ Resolution signed by William F. O'Connor (Chairman of the Board). Board of Trade of the City of Chicago. July 21, 1992
  3. ↑ Speaker: Richard Sandor. Financial Times World Energy Council Energy Leaders Summit. October 2009. Retrieved November 2011.
  4. ↑ Leila Abboud. Economist Strike Gold in Climate-Change Fight. The Wall Street Journal. March 13, 2008. Retrieved November 2011.
  5. ↑ James Cameron. Heroes of the Environment: Richard Sandor. Time Magazine. October 17, 2007. Accessed November 2011.
  6. ↑ Richard Sandor (6 October 2010). "The University of Chicago – The Law School". Law.uchicago.edu. Retrieved 1 February 2014.
  7. ↑ "Coase-Sandor Institute for Law and Economics | University of Chicago Law School". Law.uchicago.edu. Retrieved 1 February 2014.
  8. ↑ "Sandors' Leadership Gift Names Coase-Sandor Institute in Honor of Mentor | University of Chicago Law School". Law.uchicago.edu. 7 February 2013. Archived from the original on 18 March 2013. Retrieved 1 February 2014.
  9. ↑ "December'99: The World According to Richard Sandor". Derivatives Strategy. Archived from the original on 25 April 2012. Retrieved 1 February 2014.
  10. ↑ Sandor, Richard L. (3 April 2012). Good Derivatives: A Story of Financial and Environmental Innovation: Richard L Sandor, Ronald Coase: 9780470949733: Amazon.com: Books. John Wiley & Sons. ISBN   978-0470949733.
  11. ↑ "Carbon Market Design: Issues and Opportunities: Bios and Abstracts". Archived from the original on 17 January 2012. Retrieved 12 December 2011.
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  13. ↑ William B. Crawford Jr. (3 October 1993). "Pioneer Still Trying to Change The World With Futures". Chicago Tribune .
  14. ↑ My Word is My Bond: voices From Inside The Chicago Board of Trade, Arlene Michlin Bronstein. Hoboken, New Jersey: John Wiley & Sons, Inc. 2008. p.313
  15. ↑ Paul E. Schaafsma of Foley & Lardner LLP. The Next Patent Frontier- Financial Product Patents. FindLaw: For Legal Professionals. February 18, 2003. Retrieved November 2011.
  16. ↑ Phillipa Leighton Jones. Sandor Paper Could Aid Defense. eFinancial News. November 4, 2002. Retrieved November 2011.
  17. ↑ Daniel P. Collins. Richard Sandor: Inventing Markets out of Thick Air. allBusiness. October 1, 2007. Retrieved November 2011.
  18. ↑ Michael Himick Ed. Securitized Risk Strategic Opportunities for Insurers and Investors. The Glenlake Publishing Company Ltd. 1998. p. xi
  19. ↑ Taylor, Jeffrey, and Rose Gutfeld. "CBOT Selected to Run Auction for Polluters." Wall Street Journal. September 25, 1992, p. C1
  20. ↑ "The DJSI—a story of financial innovation." How I See It. Environmental Finance. Dec 2001–Jan 2002
  21. ↑ The World According to Richard Sandor Archived 25 April 2012 at the Wayback Machine . DerivativesStrategy.com. December 1999. Retrieved November 2011.
  22. ↑ NABE Washington Economic Policy Conference 2005 Session 22 – The Role of Climate Exchange in Efficient Pollution Reduction (Speakers) Archived 1 June 2012 at the Wayback Machine . March 21, 2005. Retrieved November 2011.
  23. ↑ Richard L. Sandor. Good Derivatives: A Story of Financial and Environmental Innovation. Hoboken, New Jersey: John Wiley & Sons Inc. 2011. Chapter 14
  24. ↑ Leah McGrath Goodman. Blackstone's Battery Mates, Dealmaker. March/April 2007. Battery Dealmaker Archived 7 April 2012 at the Wayback Machine
  25. ↑ Patrick L. Young and Charles Sidey, Single Stock Futures – A Trader's Guide, West Sussex: John Wiley & Sons Ltd. 2003. p. xiv
  26. ↑ The Volatility Exchange volx.us Archived 21 September 2011 at the Wayback Machine
  27. ↑ CFTC Names Members of the Energy Markets Advisory Committee. CFTC Press Release: PR5496-08. May 02, 2008. Accessed November 2011.
  28. ↑ "ccfe.com". ccfe.com. Retrieved 1 February 2014.
  29. ↑ "MCeX – Home". Mcex.ca. Archived from the original on 31 May 2012. Retrieved 1 February 2014.
  30. ↑ "ICE Document" (PDF). Retrieved 1 February 2014.
  31. ↑ "CCX: Cap-and-Trade in the United States," Chicago Climate Exchange, December 2008.
  32. ↑ Jacob Bunge. Carbon Trading Pioneer Dips Toe into Water Markets. Wall Street Journal. July 18, 2011. Retrieved November 2011.
  33. ↑ Richard L. Sandor, Michael J. Walsh and Jeffrey. K. O'Hara. "The Potential Benefits of an Organized Exchange for the Sustainable Use of Water in Alberta." June 2010.
  34. ↑ Pennsylvania Nutrient Trading Executive Summary, Chicago Climate Exchange, November 17, 2009.
  35. ↑ Katherine Ellison. Heroes: Richard Sandor, His Market is a Gas. Time Magazine Special Report. August 26, 2002. Retrieved November 2011.
  36. ↑ UNCTAD, Global Greenhouse Emissions Trader – a quarterly newsletter dedicated to greenhouse gas emissions trading, December 1997, Retrieved November 2011
  37. ↑ "IntercontinentalExchange, Inc. - Press Releases". Archived from the original on 23 April 2012. Retrieved 12 December 2011.
  38. ↑ Peter C. Fusaro, Marion Yuen. Green Trading Markets: Developing the Second Wave. Oxford, United Kingdom: Elsevier Ltd. 2005. p.221.
  39. ↑ "EMA :: Welcome to Environmental Markets Association". Archived from the original on 30 November 2011. Retrieved 12 December 2011.
  40. ↑ Leadership in Environmental Markets Award. Environmental Markets Association. March 22, 2011. Retrieved November 2011.
  41. ↑ GARP Honor Richard Sandor with the Life Time Achievement Award [ permanent dead link ]. Global Association of Risk Professionals. February 22, 2001. Retrieved November 2011.
  42. ↑ Milken Institute Awards its 2003 Distinguished Economic Research Prize [ permanent dead link ], Milken Institute Newsroom, April 3, 2003. Retrieved November 2011.
  43. ↑ 100 Most Influential People In Finance. Treasury & Risk magazine. June 2005. Retrieved November 2011.
  44. ↑ Financial Times World Energy Council Energy Leaders Summit: Speaker Details. October 13, 2009. Retrieved November 2011.
  45. ↑ Winners for Ernst & Young Entrepreneur Of The Year 2009 Awards in Midwest Announced. Ernst & Young. June 26, 2009. Retrieved November 2011.
  46. ↑ "Financial Futures and Environmental Markets pioneer Dr. Richard Sandor to receive 2012 WFE Award for Excellence | World Federation of Exchanges". World-exchanges.org. 18 September 2012. Archived from the original on 28 December 2013. Retrieved 1 February 2014.
  47. ↑ American Electric Power: About Us.
  48. ↑ Industry Icon Richard Sandor Joins Board of The Volatility Exchange (VolX) Archived 28 November 2011 at the Wayback Machine . The Volatility Exchange. November 03 2010.
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  51. ↑ Jeff van den Noort. "centerforfinancialstability.org". centerforfinancialstability.org. Retrieved 1 February 2014.
  52. ↑ Jeff van den Noort. "Richard L. Sandor". Center for Financial Stability. Retrieved 1 February 2014.
  53. ↑ "About | Richard L. Sandor". Milken Institute. Archived from the original on 8 August 2004. Retrieved 1 February 2014.
  54. ↑ "PHSColograms | artn | Chicago". artnlab. Retrieved 18 December 2023.
  55. ↑ "Good Derivatives: A Story of Financial and Environmental Innovation – Richard L Sandor, Ronald Coase". Wiley. 2 April 2012. Retrieved 1 February 2014.
  56. ↑ Arditti, Fred D; Sandor, Richard L (1973). "A Note on Variable Patent Life". The Journal of Industrial Economics. 21 (2): 177–183. doi:10.2307/2098136. JSTOR   2098136.
  57. ↑ "The Journal of Industrial Economics – Wiley Online Library". Blackwellpublishing.com. Archived from the original on 12 December 2011. Retrieved 1 February 2014.
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  59. ↑ Sandor, Richard L (1972). "Some Empirical Findings on the Legal Costs of Patenting". The Journal of Business. 45 (3): 375–378. doi:10.1086/295464. JSTOR   2351491.
  60. ↑ Sandor, Richard L. (1973). "Innovation by an Exchange: A Case Study of the Development of the Plywood Futures Contract". The Journal of Law & Economics. 16 (1): 119–136. doi:10.1086/466758. JSTOR   724828 . Retrieved 18 December 2023.
  61. ↑ Sandor, Richard L; Sosin, Howard B (1975). "The Determinants of Mortgage Risk Premiums: A Case Study of the Portfolio of a Savings and Loan Association". The Journal of Business. 48 (1): 27–38. doi:10.1086/295709. JSTOR   2352406.
  62. ↑ "Home".
  63. ↑ Michael S. Canter & Joseph B. Cole & Richard L. Sandor (2 February 1997). "Insurance Derivatives: A New Asset Class for the Capital Markets and a New Hedging Tool for the Insurance Industry". Journal of Applied Corporate Finance. 10 (3). Ideas.repec.org: 69–81. doi:10.1111/j.1745-6622.1997.tb00148.x . Retrieved 1 February 2014.
  64. ↑ "Archived copy". Archived from the original on 22 April 2016. Retrieved 20 December 2011.{{cite web}}: CS1 maint: archived copy as title (link)
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