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Futures Hall of Fame 2013

The FIA today announced the induction of 12 new members into the Futures Hall of Fame, which was established in 2005 to commemorate outstanding contributions to the global futures and options community.

“Since its inception, the Futures Hall of Fame has honored the accomplishments and contributions of 105 remarkable individuals from around the world,” said Walt Lukken, president and chief executive officer of FIA. “We are grateful for the work these inductees have done in laying the foundation for the success of our industry.

This year’s inductees were:


William T. Bagley

William Bagley was appointed by President Gerald Ford to serve as the first Chairman of the Commodity Futures Trading Commission shortly after the agency was established in 1974. With flare and humor, he set a permanent imprint on the agency’s structure and functions during an era of governmental reform and transparency. He also served as one of the founding board members of the Futures Industry Association. Futures Hall of Fame Member Leo Melamed wrote to Bill after his resignation from the CFTC, “No one other than you alone knows what is involved in setting up a brand new federal agency…so to you I take my hat off and say—well done.”

At 85, he continues to practice law in the San Francisco area for the law firm Nossaman LLP, capping a legal career that spans 60 years and includes admission to the U.S. Supreme Court bar. He has served as a member of the University of California Board of Regents and was named alumnus of the year in 2002 by the California Alumni Association. He has served on the California Public Utilities Commission and the California Transportation Commission. He also served in the California legislature, representing Marin and Sonoma counties and successfully authoring more than 500 pieces of civil law legislation.


Jeffrey C. Borchardt

Jeffrey Borchardt has dedicated more than 30 years of his career to the futures industry. Over the course of his career at the Kansas City Board of Trade he has held various positions in the areas of compliance, regulation, finance and operations. He was appointed President and Chief Executive Officer of the KCBT in 2004 and participated as a member of the KCBT Executive Committee in that capacity.

He first joined the KCBT in 1982 as a commodities investigator/auditor. He was promoted to Vice President-Compliance in 1987, Senior Vice President and Chief Financial Officer in 1994, and Executive Vice President and Chief Operating Officer in 2000. His entire professional career has been spent at the KCBT, furthering the exchange’s growth, competitiveness and strategic initiatives.

In addition to his leadership at the KCBT, he has worked with the Commodity Markets Council since its inception in 2006 and was involved with its predecessor, the National Grain Trade Council, since 2004. He currently serves the CMC as a director, executive committee member and treasurer.


William J. Brodsky

William Brodsky has been a pivotal figure in the listed derivatives markets for more than 35 years, serving as the top executive at several exchanges and spearheading the development of several major product innovations. He started in the industry in 1968 as a securities lawyer, then joined the American Stock Exchange in 1974 and became its head of options trading in 1976. He moved to the Chicago Mercantile Exchange in 1982 and was named the exchange’s President and Chief Executive Officer in 1985. During his 15 years at CME, he played a central role in the launch of the Globex electronic trading system and the introduction and expansion of stock index futures. In 1997, he moved across town to the Chicago Board Options Exchange as the exchange’s Chairman and Chief Executive Officer. During his 16 years at CBOE, he oversaw a period of tremendous growth in options trading as well as the development of new products such as volatility options and futures and the conversion of CBOE from a member-owned organization into a publicly-traded corporation. Throughout his career he has sought to educate end-users on the risk management benefits of futures and options and encourage greater use of these products as investment tools. He also has served as a leading advocate for the options industry, frequently travelling to Washington to speak with policymakers. In 2008, he was the first leader of aderivatives exchange to be named as Chairman of the World Federation of Exchanges and served in that capacity in 2009 and 2010.


Alger Baldwin “Duke” Chapman

Duke Chapman was one of the legendary figures in the securities industry, first as an executive at the heart of one of the most amazing growth stories on Wall Street and then as the head of the Chicago Board Options Exchange during a crucial period in its history. He began his career as an attorney at the Securities and Exchange Commission and the New YorkStock Exchange and later joined Shearson, Hammill and Co. to begin a remarkable 20-year career on Wall Street. As the firm’s President and Chief Executive Officer, he negotiated a merger with a rival firm, Hayden Stone, headed by legendary dealmaker Sandy Weill. The combined firm grew rapidly through a series of mergers and acquisitions and was eventually acquired by American Express.

In 1986 he entered the second phase of his career, serving as Chairman and Chief Executive Officer of the CBOE for 11 years. He provided leadership through the October 1987 market crash and oversaw a dramatic expansion in the range of options offered by the exchange. He also led initiatives aimed at improving investor education and cultivating new products suchas long-term options or LEAPS, and developing state-of-the-art trading and order automation systems. Former SEC Chairman Arthur Levitt described Duke Chapman as “a man of great and generous humanity” who was “perfectly comfortable in the halls of power, whether Washington or Wall Street, London or LaSalle.”


Andrea M. Corcoran

As one of the most senior officials at the Commodity Futures Trading Commission for many years, Andrea Corcoran played a central role in developing the agency’s policy framework on many issues, most notably in the area of cross-border trading. She was at the forefront of the CFTC’s response to the 1987 market crash as well as the Barings crisis in 1995, leading negotiations with 16 other international regulatory agencies on a pioneering agreement for information sharing. Twice, she received the highest award for senior executive service from Presidents Reagan and Clinton for her work on the policy responses to these events. In addition, she drafted the bankruptcy provisions that eventually became the CFTC’s Part 190 rules, and she was the first Director of the CFTC’s office of international affairs, serving as the head of that division from 1997 to 2006.

Her work helped give the CFTC extraordinary stature among other regulatorsand helped establish a pragmatic and effective approach to cross-bordertrading widely imitated by other regulators and other markets. Currently sheis a consultant to foreign governments on international policy issues.


Craig S. Donohue

Under the leadership of Craig Donohue, CME Group expanded and transformed its business through corporate restructuring, electronic trading, mergers and acquisitions, global strategic investments, and extensions into new businesses, including OTC clearing, index services and technology offerings.

He was instrumental in designing and achieving CME’s demutualization and initial public offering, which made CME the first publicly-traded financial exchange in the United States. He served as Chief Executive Officer of CME from 2004 until 2012. During that time, CME Group’s market capitalization increased by 550 percent. Throughout his career at CME he played an important role in transforming CME from a century old, trading floor-based business model to a modern, global electronic powerhouse, with electronic trading now comprising the vast majority of total trading volumes.

He led the successful completion of more than $20 billion in mergers and acquisitions, including CME’s historic merger with the Chicago Board of Trade in 2007 and the acquisition of both the New York Mercantile Exchange and Commodity Exchange Inc. in 2008. He aggressively led the company’s global expansion, with approximately $1 billion of strategic investments and commercial partnerships with leading exchanges and clearinghouses in Brazil, Mexico, Japan, India, Singapore, Malaysia, Korea, Dubai and South Africa. During this time, he has also globalized the organization, significantly expanding the workforce outside of the U.S. and developing infrastructure and operating presence across four continents.


John G. Gaine

Jack Gaine assumed the role of President Emeritus at the Managed Funds Association in February 2008 following a 10-year tenure as President. While at MFA, early on he recognized that the field of alternative investments had explosive growth potential well beyond managed futures products which were then the focus of MFA’s activities. In the wake of the Long-Term Capital Management episode, he recognized that MFA would have to broaden its scope to encompass regulatory and legislative issues affecting hedge funds as well as those of commodity pool operators and commodity trading advisors. He was instrumental in making MFA not only the key advocate for CPOs and CTAs but the global voice of the hedge fund industry, a position it enjoys today.

Under his leadership, MFA addressed the enormous challenges of increased legislative and regulatory threats, allowing MFA to assume its significant representative role for all market participants in this international industry. Prior to MFA, he worked in private practice specializing in commodities and related areas, and, from 1977 to 1981, he served as General Counsel of the Commodity Futures Trading Commission.


Anthony J. Leitner

Anthony Leitner worked for 24 years at Goldman Sachs as one of the most senior lawyers in its securities division, covering equities and fixed income markets and broker-dealer regulation as well as advising the firm as it establisheda futures commission merchant subsidiary and expanded its presence in the over-the-counter derivatives markets. He was equally comfortable with futures and securities laws and had a unique ability to bridge the gap between these two bodies of law with creative and effective solutions. He also had an extraordinary grasp of the practical side of the business and brought to every legal discussion a clear understanding of the operational functions of a broker-dealer and an FCM.

As a member of the FIA Law & Compliance Division, he participated in a host of projects aimed at developing rules for new products and more efficient approaches to setting margin requirements. Throughout his long career, he was always generous with his time and expertise and never turned down an opportunity to help the industry move forward.


The Honorable Richard G. Lugar

Senator Richard Lugar (R-Ind.) is a fifth-generation Hoosier who left office in 2012 as the longest serving member of Congress in Indiana history and the most senior Republican member of the Senate. He served six terms in the Senate and always strived to be a voice for fair and competitive markets. He was a strong supporter of the Commodity Futures Trading Commission from its inception, taking on a leadership role in overseeing the agency early in his career on the Senate Agriculture Committee.

As Chairman of the Agriculture Committee, he helped to reform the futures industry in the Commodity Futures Modernization Act of 2000 and built bipartisan support for the 1996 federal farm program reforms, ending 1930s era federal production controls. He promoted broader risk management options for farmers, research advancements, increased export opportunities andhigher net farm income. He initiated a biofuels research program to help decrease U.S. dependency on foreign oil.

In addition to being recognized as a gifted local and state leader, Senator Lugar is a respected national and international statesman, exercising leadership on critical issues such as food security, nuclear non-proliferation, energyindependence and free trade. He holds 46 honorary degrees from colleges and universities in 15 states and the District of Columbia, and was the fourth person ever named Outstanding Legislator by the American Political Science Association.


Patrick M. Parkinson

For more than 30 years, Patrick Parkinson has been at the center of shaping derivatives policy. He held a distinguished 31-year career with the Federal Reserve Board, serving as a key architect of derivatives policy. He served as the Director of the Division of Banking Supervision and Regulation and as a member of the Basel Committee on Banking Supervision. During the first half of 2009, he was an adviser to Treasury Secretary Timothy Geithner and played a leading role in the development of the Obama administration’s proposals for reforming financial institutions and markets, including a comprehensive regulatory framework for the OTC derivatives markets, which was ultimately enacted under the Dodd-Frank Act.

Earlier in his career, he focused on policy issues relating to the regulation of financial markets and the design and operation of securities settlement systems. From 1993 to 2009, he was the Principal Staff Adviser to Federal Reserve Chairmen Alan Greenspan and Ben Bernanke on issues considered by the President’s Working Group on Financial Markets. Internationally, from 1999 to 2004 he was co-chair of the CPSS-IOSCO Task Force on Securities Settlements, which drafted the first international standards for securities settlement systems and central counter parties for securities and derivatives markets. He is currently Managing Director at Promontory Financial Group, a leading strategy, risk management and regulatory compliance consulting firm focusing primarily on the financial services industry.


Todd E. Petzel

Todd Petzel’s long career in the financial markets has been distinguished by his exceptional ability to combine a deep knowledge of economics with a practitioner’s understanding of markets and investment strategy. He served as a public director for FIA from 1996 to 2012, helping guide the board and staff on a wide range of decisions with his unique perspective.

Originally a professor of economics, he began his career in the futures industry as Chief Economist at the Coffee, Sugar and Cocoa Exchange in New York and then at the Chicago Mercantile Exchange. He then moved to Commonfund, an investment manager for endowments and foundations, where he chaired the internal investment group responsible for the structure and strategy of assets under management. He is currently Chief Investment Officer of Offit Capital Advisors. Prior to joining Offit Capital he was a Founding Partner and Chief Investment Officer of Azimuth Asset Management, a New York-based fund of hedge funds.

Most recently, as a Public Director on the board of National Futures Association, he has led the way in developing meaningful improvements to customer protections. He has written extensively on finance and markets as editor-in-chief of Derivatives Quarterly (1994-2001) and as the author of Financial Futures and Options: A Guide to Markets, Applications, andStrategies (1989).


Jean-François Theodore

Jean-François Theodore is one of the founding architects of the exchange landscape in Europe and a pioneer in the wave of consolidation among exchanges.

He began his career in the French Treasury, holding a number of increasingly senior positions. In 1990, he took over as chief executive of Paris Bourse and embarked on a strategy for modernization and international expansion. In 2000, he spearheaded the creation of Euronext, the first pan-European exchange, through the merger of the Amsterdam, Brussels and Paris stock markets and related derivatives markets. After taking the company public with the listing of shares in 2001, he reached across the Channel and negotiated the acquisition of Liffe, transforming the company into one of the leading derivatives market operators in the world and greatly extending the number of markets available on Liffe’s electronic trading platform. In 2007 he completed the landmark trans-Atlantic merger ofNYSE with Euronext, a deal that united seven exchanges in six countries.






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