Videos
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FIA warns of increased market fragmentation caused by regulation
Boca Raton, FL – FIA President and CEO Walt Lukken today released a white paper that expresses FIA’s concerns about increased fragmentation of the global listed and cleared derivatives markets due to inconsistent and duplicative regulatory frameworks.
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Manipulation law under the Commodity Exchange Act
This Law & Compliance Division webinar explored the current landscape of manipulation law under the CEA, and what these recent decisions mean both for the CFTC's enforcement program and private litigants.
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FIA announces 2019 Futures Hall of Fame inductees
FIA announced today the induction of 13 members into the FIA Futures Hall of Fame. This year’s class joins 144 other honorees in the Hall of Fame, which was established in 2005 on FIA’s 50th anniversary.
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Robert Cox
Bob Cox was a vice president at the Federal Reserve Bank of Chicago and a long-time industry leader and former member of FIA’s board. Cox was a key advisor to the Federal Reserve Bank of Chicago on matters involving central counterparty risk and derivatives, serving as vice president in the financial markets group for the bank until his death in December 2018. Before joining the Chicago Fed, Cox was the head of the listed derivatives and clearing business for HSBC in the Americas and the founder and head of the futures business of Goldman Sachs in East Asia. He also served as a board member at the Hong Kong Clearing Corporation and the Singapore International Monetary Exchange (SIMEX), and was a member of the Hong Kong Exchange Group’s Clearing Consultative Panel. In his early career he was a member of the Mid America Commodity Exchange in Chicago, where he was chairman of the Rules Committee and the Membership Committee. Cox was a graduate of Northwestern University and studied at the International School of Manila, Philippines.
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Anthony George Gero
George Gero is a managing director at RBC Wealth Management and serves on the COMEX Governors Committee. He previously was the vice president of Global Futures at RBC Capital Markets. Gero has served on the FCM committee of FIA and as the president of the International Precious Metals Institute. He also has served on the governing boards of the Cotton Exchange, NYMEX, COMEX and PHLX and as the chairman of the Commodity Floor Brokers and Traders Association. Before joining RBC in 2005, Gero was a senior vice president of Legg Mason Wood Walker and at Prudential Securities, where he served as a first vice president for 22 years. Gero has been a member of NYMEX since 1966 and served on its board of directors since 1976, and has been a member of COMEX since 1976, the American Stock Exchange since 1995, and the New York Board of Trade (eventually ICE Futures U.S.) since 1984. He was elected to the board of the Financial Instruments Exchange (FINEX) and the New York Cotton Exchange in 1995. Commodity Clearing Corporation (now ICE Clear U.S.) elected him a director in 1996. Previously, Gero served as a member of the joint task force, steering committee, swap and OTC derivative product committees of the Securities Industry Association.
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Garry Jones
Garry Jones has over 35 years of experience in financial services, and has been CEO of three of the largest derivatives and OTC exchanges in Europe: BrokerTec, LIFFE and the London Metal Exchange. Jones was part of the initial management team at BrokerTec, becoming CEO and president before running ICAP Electronic Broking (Europe) — the forerunner of NEX. Under his leadership, Brokertec became the largest global OTC trading platform. Jones then joined NYSE Euronext in 2005 and was global head of derivatives and CEO of the NYSE LIFFE exchange. In 2013, he became co-head of markets at HKEX and CEO of the London Metal Exchange. He left HKEX in 2017, remaining an advisor to the company until 2018. Jones was a founding member of the Futures and Options Association’s European Industry Council and was a member of the U.K.’s Financial Services Authority senior practitioner panel that advised on new policy initiatives. He served on the board of The Federation of European Security Exchanges and as alternate board member of the World Federation of Exchanges. Jones also served as a director of LCH.Clearnet as well as the Qatar Exchange.
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Michael Spencer
Michael Spencer began his career in 1976, as an investment analyst at Simon and Coates. In 1980, he joined Drexel Burnham Lambert where he spent three years broking futures. Between 1983 and 1986, Spencer was a director at money broker Charles Fulton, until his involvement in the new interest rate swaps market led him to set up Intercapital in 1986. Intercapital grew over 10 years from four original staffers to over 300 employees with offices in London, New York and Sydney. In October 1998, Intercapital merged with EXCO, a listed money broker. The following year it merged again with Garban to form ICAP and named Spencer as its chief executive. In 2016, ICAP sold its global hybrid voice broking business to Tullett Prebon and the remaining ICAP businesses formed a new company called NEX Group where Spencer remained as chief executive. In 2018, NEX reached an agreement to be acquired by CME Group. After completion of the transaction, Spencer joined the CME Board in addition to working as a special adviser focused on integrating the business and evolving its client offerings. Spencer was named the Ernst & Young World Entrepreneur of the Year 2010.
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ETD Volume - February 2019
Worldwide volume of exchange-traded derivatives was 2.41 billion contracts in the month of February, down 10.7% from the previous month and down 1.6% from February 2018.
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Paul Davies
Paul Davies spent over 30 years in the investment banking industry, primarily in futures and options, including 25 years at Goldman Sachs where he last served as managing director and chief executive officer of Goldman Sachs Futures in Singapore. Davies was instrumental in the formation and growth of FIA Asia (now part of FIA), serving as chairman of its board of directors and setting the organization on the successful path it has followed to this day. Davies began his career in banking at Hill Samuel Bank in London prior to his move to Goldman Sachs in 1992. In 1996, he was sent to Singapore for a threemonth assignment which eventually turned into a stay of over 20 years. Throughout his career, Davies had various sales and operations roles in Hong Kong, Tokyo and Singapore. He served in a variety of leadership roles across the Asia-Pacific region, including chairman of the Singapore Exchange Derivatives Advisory Committee, a member of the Singapore Exchange Disciplinary Committee and chairman of the board of directors for the DTCC Data Repository in Singapore. Since his departure from Goldman Sachs, Davies has been managing his private investments and serving as director at Pimp My Tuk-Tuk, a philanthropic venture that raises funds to help the underprivileged children of Sri Lanka.
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Phupinder Gill
Phupinder Gill retired as CEO of CME Group in 2016, after four years running the firm’s day-to-day operations and implementing strategic initiatives to expand CME’s core business into new areas of listed, overthe-counter and emerging markets. He first joined the company in 1988.
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