Mary Schapiro is one of the very few people in Washington who have held high-level positions in the regulation of both futures and securities. She has been a commissioner and achairman at both the Securities and Exchange Commission and the Commodity Futures Trading Commission and has been an able and active force in both worlds. A lawyer by training, she began her career at the CFTC in 1989, then joined the FIA in 1984 as general counsel and senior vice president. She was named to the SEC in 1988 and served as commissioner there until 1994. During her final year at the SEC, she was named acting chairman. She subsequently became chairman of the CFTC from 1994 to 1996, where she steered the agency through the Barings crisis, the Sumitomo investigation, and a $10 million settlement with Bankers Trust related to its sales of derivatives to Gibson Greetings. From 1996 to the present she has been president of NASD Regulation, the regulatory arm of the National Association of Securities Deals.