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Contact the IFM
The Institute for Financial Markets is a section 501(c)(3) nonprofit, industry-sponsored
educational foundation.
- The Institute for Financial Markets
info@theIFM.org
2001 Pennsylvania Avenue NW | Suite 600
Washington DC 20006
Tel: 202.223.1528
Fax: 202.296.3184
For a roster of instructors click here.
IFM Board of Trustees
Officers
-
Chairman
Peter F. Borish
Chairman and CEO, Computer Trading Corporation
Borish is the Chairman and CEO of Computer Trading Corporation (CTC), an actively managed hedge fund
which focuses on macroeconomic investing. In 1995, Borish formed CTC to manage assets in the
derivative markets using trading and risk management models which he created. Borish also is
an investor in and a member of the Board of Quadriserv, Inc., a technology driven securities
lending platform, which emphasizes price transparency and process efficiency. Previously, Borish
was senior managing director and then chairman of the Board of Directors of OneChicago, LLC
as well as CEO of Twinfields Capital Management.
From 1986 to 1994, Borish led a team of researchers, traders and systems developers
at Tudor Investment Corporation, where he was a founding partner. He was a member of the
Presidential Task Force on Market Mechanisms (also known as the "Brady Commission") that
studied the stock market decline of October 1987. From 1982 to 1985, Borish was employed at the
Federal Reserve Bank of New York where he monitored foreign exchange futures and options.
In addition to serving as the IFM's Chairman, Borish is a founding member of the Board of Directors of
Math for America and the Robin Hood Foundation, a nonideological organization that targets poverty in New York City.
- Vice Chairman
Thomas A. Russo
Executive Vice President, Legal, Compliance, Regulatory Affairs and Government Affairs and General Counsel, American International Group, Inc.
Russo joined AIG in early 2010, after serving as senior counsel in Patton Boggs' New York City office. Russo previously served as vice chairman of Lehman Brothers Inc. and chief legal officer of Lehman Brothers Holdings. While at Lehman he was responsible for the firm's corporate advisory division, which includes legal, compliance, corporate audit, government relations, and transaction management. In addition, he was chairman of Lehman Brothers' New Products and Operating Exposures committees and a member of and counsel to Lehman Brothers' Executive Committee.
Prior to joining Lehman Brothers in January 1993, Mr. Russo was a partner and member of the Management Committee of the law firm Cadwalader, Wickersham & Taft.
From 1975 to 1977, Russo was the deputy general counsel of the Commodity Futures Trading Commission and later became the first director of its Division of Trading and Markets. From 1971 to 1975, he was an associate at Cadwalader, Wickersham & Taft. He also worked as an attorney in the Division of Market Regulation of the Securities and Exchange Commission from 1969 until 1971.
Russo has written numerous articles on topics in the commodities, securities and banking fields relating to financial market regulation. He co-authored a book on the federal securities laws entitled, Regulation of Brokers, Dealers and Securities Markets. Russo also authored Regulation of the Commodities Futures and Options Markets, a two-volume treatise on the federal commodities laws. On multiple occasions, he has been listed in the National Law Journal as one of the "100 Most Influential Lawyers in America."
Russo frequently lectures on financial market issues and has testified before Congress on numerous occasions. He received his J.D. and M.B.A. degrees from Cornell University.
- Secretary/Treasurer
Mark Holder
Master of Science in Financial Engineering Program Director, Kent State University
Holder is the director of the Financial Engineering Program at Kent State University. He is responsible for management of curriculum design and program development. He also coordinates with University Development on fundraising initiatives for financial markets trading floor and manages and industry advisory board. Holder is the Editor of the Review of Futures Markets, a financial journal, was originally published by the Chicago Board of Trade and now published by Kent State University in cooperation with the IFM. Previously he also has served as chair of the Department of Finance.
Prior to joining Kent State University, Holder was a senior economist and group manager at the Chicago Board of Trade (CBOT) where he managed and coordinated activities of senior economists in the Research and Product Development Group. He designed and conducted economic research and technical studies for use in strategic planning, futures contract potential, and contract design. He also developed and managed technology issues related to research and product development of futures contracts. While at the CBOT, Holder participated in the design, launch, and marketing of the Dow Jones Industrial Average futures and futures options contracts. He also was responsible for Asian market intelligence for CBOT strategic analysis. His research articles have appeared in
Financial Management, The Journal of Futures Markets, Derivatives Quarterly, and Derivatives Use, Trading and Regulation.
Members of the Board
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Thomas F. Callahan
Executive Vice President, NYSE Euronext and CEO of NYSE Liffe U.S
Callahan is executive vice president of NYSE Euronext and CEO of NYSE Liffe U.S., the U.S. trading platform of NYSE Euronext. He was named
to the position in June 2008, after a 15-year career at Merrill Lynch.
Prior to joining NYSE Euronext, Callahan served as head of Merrill Lynch Global Financial Futures
and Options, where he was responsible for global listed derivatives for debt, equity, FX and commodity
products. Callahan rose from a junior trader on the Treasury desk in New York to head of global futures.
While at Merrill Lynch in both New York and London, Callahan held numerous positions including head of Global Debt
Financing, co-head of Global Prime Brokerage, head of European Vanilla Interest Rate Trading and Sales, head of
Global Money Markets trading. He also worked as a senior trader in ML Government Securities.
Callahan began his career at Prudential Securities in 1992, and is a 1991 graduate of Harvard
University. He also has served as a board member for the Futures Industry Association (FIA).
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Alger "Duke" B. Chapman
Director, The Cambridge Group
Chapman currently serves as a director with The Cambridge Group. Prior
to joining the firm he served as chairman of ABN AMRO Financial Services, Inc. from 1997 to 2004 .
He served as chairman and chief executive officer of the Chicago Board Options Exchange (CBOE) from 1986 to 1997.
During his career, Chapman served as chief executive officer of Shearson Hamill and later
as co-chairman of Shearson Loeb Rhodes, and ultimately vice chairman of American Express
International Bank Co. after American Express acquired Shearson. He also worked for the
Securities and Exchange Commission, and as vice president of the New York Stock Exchange.
Chapman currently serves on several boards including HDO, Inc.; Prime
Holdings, Inc.; and the Advisory Board for the Review for Futures Markets.
- John M. Damgard
President, Futures Industry Association
Damgard has served as president of the Futures Industry
Association (FIA) since 1982. He has been the voice of the futures industry
before Congress and regulatory agencies in the U.S. and abroad and in the
press. He has guided the association and the industry through stock market
crashes, the Barings crisis and the terrorist attacks of September 2001. He
has championed competitive markets, cross-border trading and fought to
protect the industry from costly new taxes and unnecessary regulations. He
is also founder of the Institute for Financial Markets.
Prior to joining the FIA, Damgard directed the Washington office of ACLI
International. Before that he served as deputy assistant and acting assistant
secretary of agriculture and was responsible for the major marketing and regulatory
functions at the US Department of Agriculture (USDA). During his stint at the USDA, he
was responsible for obtaining exclusive federal jurisdiction over the futures
markets. Damgard served on the White House staff as assistant to Vice President Spiro Agnew.
- Michael C. Dawley
Managing Director, Goldman, Sachs & Co. and Futures Industry Association, Chairman
Dawley is Managing Director and the futures product leader with Goldman, Sachs & Co. In 1985, he joined Goldman Sachs in Chicago and moved to New York in 1996. Prior to joining Goldman Sachs, he worked for E.F. Hutton and traded independently for several years.
In addition to his professional responsibilities, Dawley serves as a director and as chairman of the board of The Clearing Corporation ("CCorp") and is a member of the CME Clearing House Risk Committee, the Commodity Futures Trading Commission's Global Markets Advisory Committee and the advisory board of Kent State University's Masters of Financial Engineering Program. He is a member of the Chicago Mercantile Exchange and the Chicago Board of Trade, now a merged corporation, CME Group, and previously served as vice chairman of the Brokertec Futures Exchange.
- Daniel A. Driscoll
Executive Vice President & Chief Compliance Officer, National Futures Association
Driscoll is executive vice-president and chief operating
officer of National Futures Association (NFA), the industry wide, self-regulatory
organization for the U.S. futures industry for more than 4,200 firms and 55,000
associates. He joined NFA as vice president of Compliance in 1982 and in 2000, was
named executive vice president and chief compliance officer. He assumed the role
of chief operating officer in 2003.
Prior to NFA, Driscoll served in a number of capacities at the Commodity
Futures Trading Commission, and ultimately in the role of deputy director in the
Commission's Division of Trading and Markets. He also serves on the faculty of
professors of the Regulatory Compliance Association.
- Laurie R. Ferber
Executive Vice President & General Counsel, MF Global, Ltd.
Laurie R. Ferber is general counsel and a member of the Office of the CEO for MF Global
Ltd., a leading intermediary offering customized solutions in global cash,
derivatives and related markets. As a member of the Office of the CEO, Ferber
helps develop and implement the firm's corporate strategy. She is also responsible
for managing litigation, compliance and regulatory matters for the company. Before
joining MF Global, Ferber was general counsel and chief regulatory officer for
International Derivatives Clearing Group, LLC where she was responsible for all legal
and regulatory affairs, including compliance and a variety of corporate governance
issues. From 1987 to 2008, she held a number of business and legal positions at
Goldman, Sachs & Co. that included serving as co-general counsel of the
Fixed Income, Currency and Commodities Division, developing new businesses,
creating a new function to coordinate global regulatory relationships,
and transitioning the firm to a Bank Holding Company.
Ms. Ferber began her career in 1980 as an associate at Skadden, Arps,
Slate, Meagher & Flom. She has served on the Ethics Committee of the
Electric Power Supply Association and the Technology Advisory Committee
for the Commodity Futures Trading Commission. Ferber serves as a
trustee of the New York University School of Law, where she earned her J.D.
- Scott Gordon
Chief Executive Officer, Rosenthal Collins Group
Gordon joined Rosenthal Collins Group as President
and chief executive officer in March 2004. In September 2007, he added the title
of chairman to his CEO responsibilities. Prior to his arrival at RCG, Gordon was
president and chief operating officer of Tokyo-Mitsubishi Futures, a wholly owned
subsidiary of The Bank of Tokyo-Mitsubishi, Ltd.
Gordon served as chairman of the board of the Chicago Mercantile Exchange
from 1998 to 2002, where he guided the CME through the development and execution of a
strategic plan that transformed the exchange from a mutual membership organization
to a for-profit stock corporation, the first U.S. financial exchange to take this
step. He served as a director of the exchange from 1982 to 2004.
Gordon's career in the futures industry spans more than 30 years. During that time,
he has been a trader, a floor broker, a clearing firm executive and an exchange official.
From 1974 through 1983, he held various trading and management positions with Rosenthal &
Co., and from 1983 until 1988, he held similar positions at Dellsher Investment Company.
From 1989 to 2004 he served in senior executive roles with Tokyo-Mitsubishi Futures and
its predecessor firms. He is a former member of the CME, as well as the Chicago Board of Trade
and the Chicago Board Options Exchange. Gordon was a founding Board member of OneChicago,
and also served on the Board and Executive Committee of the National Futures Association (NFA).
- Arthur W. Hahn
Partner, Katten Muchin Rosenman LLP
Hahn is a partner with Katten Muchin Rosenman LLP and a member of the firm's
Executive Committee and Chairman of its National Financial Services Practice. He has
a multi-disciplined practice, representing major international banks and brokerage firms in connection
with their cash and derivatives products, including interfacing with exchanges, regulatory
compliance, principal trading and sales practices issues, litigation and enforcement
matters. Hahn also represents international equity and commodity exchanges and clearing
houses in connection with their business structuring, trading rules, technology initiatives, cross-border SEC
and CFTC licenses and international insolvency issues.
Hahn currently serves as vice-chair of the Financial Products and Services Committee
of the American Bar Association Section of International Law; serves on the Executive Committee
and is a Board member and former chairman of the Illinois Council on Economic Education; is a
member and chairman of the Subcommittee on International Bankruptcy of the Commodity Futures
Trading Commission Global Markets Advisory Committee and is an Editorial Board Member of the
Capital Markets Law Journal for the Oxford University Press.
Hahn was the founding Faculty Chairman of the Chicago Kent Illinois Institute of
Technology Graduate School of Financial Services Law (serving from 1988 through 1999) and
is a Trustee of the Ravinia Festival. Hahn lectures and writes frequently on subjects
relating to financial services. He is recognized as 2007 Illinois Super Lawyer.
- David M. Hardy
Hardy is a derivatives industry executive who was most recently head of Strategic
Market Development at MF Global UK. While there, he worked on exchange ventures including
Project Rainbow. Previously he was group chief executive, LCH. Clearnet Group Limited
where he chaired the Group Management Committee and had overall responsibility for the
Group's strategic objectives and financial targets. Prior to the creation of LCH Clearnet Group in 1991,
Hardy served as chief executive, The London Clearing House Ltd.(LCH).
Hardy has worked in clearing since 1985, and became managing director of the London Clearing House
division of the International Commodities Clearing House in 1987. This division subsequently became
London Clearing House Ltd. (LCH). Early in his career Hardy spent 12 years with Barclays Bank
where he worked for the bank and its affiliates.
Hardy is a member of the Commodity Futures Trading Commission Global Markets Advisory
Committee (GMAC). In the UK, he has served on the Boards of the Futures and Options Association
and the Financial Service Authority's Financial Services Practitioner Panel, which represents a
cross-section of regulated firms. From 1993 to 1999, he served on the boards of the International
Petroleum Exchange (1993-1999) and the London Commodity Exchange from 1991 until its merger with
the London International Financial Futures and Options Exchange in 1996.
- Edward A. Kwalwasser
Senior Counsel, Proskauer Rose LLP
Kwalwasser is a senior counsel in Proskauer Rose LLP, New York City office.
He joined the firm in 2005 after serving as group executive vice president of the
New York Stock Exchange (NYSE) in charge of the Exchange's Regulatory Group, which comprised the
Divisions of Member Firm Regulation, Market Surveillance, and Enforcement. While at the NYSE, he was a
member of the Exchange's Management Committee. Previous to joining the NYSE, Kwalwasser was
an associate director of the Security and Exchange Commission's (SEC) Division of Market Regulation
in charge of broker-dealer examination program as well as its broker-dealer net capital office.
He counsels major financial institutions, including full service broker-dealers, domestic and
foreign investment banks, clearing brokers, investment advisors, hedge funds and
depository and settlement institutions on a wide range of regulatory and enforcement
matters. Kwalwasser advises clients on SEC and SRO regulations and compliance, best
practices, complex trading strategies, securities lending activities, investment product
development, internal investigations, civil and administrative enforcement proceedings
as well as securities arbitrations. Kwalwasser was a member of the Board of
Directors of the Depository Trust Corporation and a founding Director of the SEC Historical Society.
- Robert G. Pickel
Executive Vice Chairman, International Swaps and Derivatives Association, Inc.
Pickel is the Executive Vice Chairman of
the International Swaps and Derivatives Association, Inc. Previously, he was
the general counsel of ISDA, serving in that capacity since November 1997.
Prior to joining ISDA, Pickel was assistant general counsel in the Legal
Department of the Amerada Hess Corporation, an international oil and gas company,
from 1991 to 1997. He has also worked at the law firm of Cravath, Swaine &
Moore in New York and London, where he helped draft the 1991 ISDA Definitions.
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Neal A. Shear
Global Head of Securities, UBS Investment Bank
Shear joined UBS Investment Bank in early 2010 as Global Head of Securities.
He spent more than 25 years at Morgan Stanley, where he was most recently
Co-Head of Sales and Trading and had the responsibility across Equities and
Fixed Income. In addition, he helped to lead the firm into emerging markets
through purchasing banks in China and Russia. Prior to assuming the role,
Shear was one of the original founding members of Morgan Stanley’s global
commodities business in the then-new areas of oil, natural gas, power and
agriculture, and served as Head of Commodities Business and Trading.
Prior to joining Morgan Stanley, he was a trader at Citicorp from
1978 to 1979 and J. Aron & Company, the commodity
subsidiary of Goldman, Sachs & Company, from 1979 to 1982.
Shear has served as a Director of Securities Industry and Financial Markets
Association (SIFMA). Shear received his B.S. from the University of
Maryland and his MBA from Cornell University.
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