Contact the IFM
The Institute for Financial Markets is a section 501(c)(3) nonprofit, industry-sponsored
For a roster of instructors click here.
- The Institute for Financial Markets
2001 Pennsylvania Avenue NW | Suite 600
Washington DC 20006
IFM Board of Trustees
Members of the Board
Peter F. Borish
Chairman and CEO, Computer Trading Corporation
Peter Borish has over three decades of experience in the financial futures and derivatives markets. Borish is the Chairman and CEO of Computer Trading Corporation where he creates trade and risk management models used to manage assets in the derivatives markets. He also serves as an investor in and Board Member of CharityBuzz.com, an innovative company that assists not-for-profits. Borish has also served as CEO of Twinfields Capital Management, a global macro hedge fund focused on the fixed income sector, and Chairman of the Board of Directors of OneChicago, LLC. For ten years Borish was a founding partner and Director of Research for Tudor Investment Corporation. His career began at the Federal Reserve Bank of New York where he monitored foreign exchange futures and options.
Borish serves as Chairman of the Institute for Financial Markets, and he is a founding member of the Board of Directors of the Robin Hood Foundation. Previously, he served as a Board Member of the Futures Industry Association (FIA), a Special Advisor to the Board of Directors of the Chicago Board of Trade, and as a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission). Borish earned his Masters of Public Policy from the Gerald R. Ford School of Public Policy at the University of Michigan and Bachelors of Arts in Economics from the same university.
- Vice Chairman
Thomas A. Russo
Executive Vice President and Senior Counsel AIG
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, 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.
- Co-Vice Chairman
President, Gary DeWaal & Associates LLC
De Waal is currently president of Gary De Waal and Associates LLC, a NY-based consulting firm specializing in advice regarding financial services regulatory matters. Previously, De Waal served as a Senior Managing Director and Group General Counsel of Newedge, as well as a member of its global Executive Committee, where he oversaw the Group's worldwide Legal, Compliance, Financial Crimes Prevention (including AML), and Regulatory Developments departments. In June 2010, he was selected as one of the top five general counsels in the world (in a competition among 3,000 individuals) by the International Law Office in association with the Association of Corporate Counsel.
Previously he worked for the U.S. Commodity Futures Trading Commission's Division of Enforcement, and at Mudge Rose Guthrie & Alexander, a Wall Street corporate law firm whose principal partner was once Richard Nixon. DeWaal graduated in 1980 with JD and MBA degrees from the SUNY Buffalo. He also earned a BA degree in English and economics from the State University of New York at Stony Brook.
Product Development & Research Director, Hong Kong Mercantile Exchange
Holder oversees the research, design and development of new derivatives contracts to be traded on HKMEx. He also supports the exchange's internal and external training programs. He also serves as director of the annual Asia-Pacific Futures Research Symposium. Holder previously served as the director of the Masters of Science in Financial Engineering (MFSE) Program at Kent State University.
Prior to joining university, Holder was a senior economist and group manager at the Chicago Board of Trade 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.
Holder is a frequent speaker at industry forums and has published over 40 research papers and articles appearing in journals such as Financial Management, Journal of Futures Markets, Applied Economics, Derivatives Quarterly and others. He holds a Bachelor of Construction Engineering and an MBA from the University of Akron, as well as a PhD in Business Administration from Kent State University.
Thomas F. Callahan
Executive Vice President, NYSE Euronext and Chief Executive Officer 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).
Chief Executive Officer, MEFF (Mercado Español de Futuros Financieros)
Centelles has served as Chief Executive Officer of MEFF, the Spanish derivatives exchange group, since May 2006. He joined MEFF at its inception in 1989 and served as deputy chief executive officer, where his responsibilities included developing the derivatives business including bond futures, futures and options on the Ibex-35, equity options, single stock futures and the interconnection of the Spanish futures and options markets with those of France, Germany and Portugal.
Centelles previously worked for Bank of America's Barcelona office, where he was in charge of large public and private corporate clients in Catalonia, selling financial services and obtaining risk approval for these clients. He also was responsible for a growing number of corporate accounts, multinationals' subsidiaries, and cash management related to the interbank market. Between 1988 and 1989, he worked as Capital Markets Manager for Spain, reporting to the General Financial Manager. His duties included obtaining mandates from customers, designing issues, and deciding underwriting prices for both short- and long-term issues. Centelles is a graduate of Economics from the Universidad Comercial de Deusto in Bilbao and received his MBA from IESE in Barcelona.
- John M. Damgard
Senior Special Advisor, Futures Industry Association
Damgard served as president of the Futures Industry Association (FIA) from 1982 to March 2012, and now serves as a special advisor.
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 - Ex Officio
Managing Director, Co-Head of Futures and Derivatives Clearing Services ,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 and 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
MF Global Holdings Ltd., Executive Vice President and General Counsel
Ferber currently serves as Executive Vice President and General Counsel of MF Global Holdings Ltd. Before that she was general counsel and chief regulatory officer for International Derivatives Clearing Group, 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., which 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.
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).
- Micah S. Green
Partner, Patton Boggs LLC
Green has a full range of experience in market and industry leadership, crisis management, and legislative and regulatory advocacy. Most recently, Green was President and Co-CEO of the Securities Industry and Financial Markets Association (SIFMA), which was formed by a merger between The Bond Market Association and the Securities Industry Association. He had served as president and CEO of The Bond Market Association for seven years at the time of the merger, and had gained extensive knowledge of the needs of different types of markets, businesses, and products during his 20 year tenure at the Association, increasing the group’s membership and global coverage, expanding the range and depth of services available to members through legal/regulatory and market standards and practices initiatives, and shepherding the industry during times of stress (e.g. post 9/11 market issues). Earlier in his career, Green was Tax Legislative Counsel at MCI Communications, and worked in the public sector on Capitol Hill.
- 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.
- 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.
John J. Lothian
President & CEO, John J. Lothian & Company, Inc.
Lothian is a media executive, Internet entrepreneur and commodity trading advisor. He currently is the president and Chief Executive Officer of John J. Lothian & Company, Inc. and publisher of John Lothian News. In addition, the founder of MarketsWiki and MarketsReformWiki. Lothian is a Commodity Trading Advisor (CTA) and managing director of John J. Lothian Managed Futures LLC, a National Futures Association member. He also is member of the U.S. CFTC Technology Advisory Committee.
Lothian started his futures career as a 17-year old driver working for CBOT member and soybean broker Thomas J. Cashman. He worked in this capacity through his college years during the summers, and also worked during the summer of 1981 as a floor messenger or runner on the Chicago Board of Trade for Shearson American Express. His first post-graduation position was as a news reporter for Knight-Ridder's Commodity News Service, a news wire service covering the futures and cash commodity and financial markets. He left Knight-Ridder in April of 1985 and joined First American Discount Corporation (FADC); founded by former CBOT Chairman William J. Mallers, Sr. He joined FADC in a news and operations role, and later advanced to head a trading desk. In subsequent years Lothian worked as LIT America, Meltdown Trading, Gerald Commodities and as trader on the
MidAmerica Commodity Exchange. He later served as a futures broker for many years, including with The Price Futures Group, Inc. from 1997 to 2012.
Walter L. Lukken - Ex Officio
President and Chief Executive Officer, Futures Industry Association
Lukken joined the FIA in March 2012. Before joining the FIA, he served as the chief executive officer of New York Portfolio Clearing, a derivatives clearinghouse jointly owned by NYSE Euronext and the Depository Trust and Clearing Corporation. Lukken also had been serving as senior vice president, Global Market Structure, Office of the General Counsel at NYSE Euronext, prior to being named CEO of NYPC.
During his career in Washington and New York, Lukken held a wide range of senior roles dealing with legislative, regulatory and industry matters. He served as counsel to the Senate Agriculture Committee, working under then-chairman Senator Richard Lugar of Indiana (R)on all legislative matters related to the oversight of the futures markets. In 2002, he was nominated by President George Bush to serve as a Commissioner of the Commodity Futures Trading Commission. During his time at the CFTC, he chaired the agency’s global markets advisory committee, and for 18 months during 2007 and 2008 he served as the government agency’s acting chairman.
- Robert G. Pickel
Chief Executive Officer, International Swaps and Derivatives Association, Inc. (ISDA)
Pickel is one of the derivatives markets' most experienced and accomplished executives and serves as the chief executive officer of ISDA. He previously served as CEO from 2001 to 2009, and was reappointed to the position in November 2011, after a brief time as executive vice chairman. He has been a highly visible figure in the ongoing regulatory discussions regarding OTC derivatives, participating in US congressional testimony and spearheading discussions with European and Asian regulatory bodies.
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 also worked at the law firm of Cravath, Swaine & Moore in New York and London, where he represented ISDA in a variety of matters and help to draft the 1991 ISDA Definitions.
Pickel graduated from Williams College and received his law degree from New York University.
Executive Vice President, Head of the Americas, Eurex
Since 2009, Vergotis has served as the executive vice president of Eurex, one of the world's leading derivatives exchanges, where he heads up Eurex’s business development efforts in the Americas. His U.S.-based team is responsible for customer relationship management, business development, marketing and educational programs for the region. Previously, Vergotis was responsible for Eurex’s sell-side business development in the Americas.
Before that, he held a variety of roles within Eurex, including product development, where he played an instrumental role in growing the exchange’s European equity options business. His mix of business and IT skills has been key in helping Eurex to promote its cutting-edge algorithmic trading solutions. Vergotis holds a bachelor’s degree in electrical and computer engineering from the National Technical University of Athens (Greece) and an MBA from Cranfield University (UK). He also is fluent in five languages.
Patricia (Trish) Foshée - Ex Officio
Institute for Financial Markets