Richard L. Sandor is an American businessman, economist, and entrepreneur. He is chairman and CEO of the American Financial Exchange (AFX) established in 2015, which is an electronic exchange for direct interbank/financial institution lending and borrowing. The AFX flagship product, the AMERIBOR benchmark index, reflects the actual borrowing costs of thousands of regional and community banks across the

U.S The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

. and is one of the short-term borrowing rates, along with the Secured Overnight Financing Rate, vying to replace U.S. dollar Libor as a benchmark in the U.S. Sandor is chairman and CEO of Environmental Financial Products LLC, which specializes in inventing, designing and developing new financial markets with a special emphasis on investment advisory services. He is widely recognized as the "father of financial futures" for his pioneering work in developing the first interest rate

futures contract In finance, a futures contract (sometimes called a futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset ...

in the 1970s, when he served as chief economist and vice president of the

Chicago Board of Trade The Chicago Board of Trade (CBOT), established on April 3, 1848, is one of the world's oldest futures and options exchanges. On July 12, 2007, the CBOT merged with the Chicago Mercantile Exchange (CME) to form CME Group. CBOT and three other excha ...

(CBOT). Sandor is also the founder of the Chicago Climate Exchange (CCX) – the world's first exchange to facilitate the reduction and trading of all six

greenhouse gases A greenhouse gas (GHG or GhG) is a gas that absorbs and emits radiant energy within the thermal infrared range, causing the greenhouse effect. The primary greenhouse gases in Earth's atmosphere are water vapor (), carbon dioxide (), methane ...

. In 2007, he was named the "father of carbon trading" by ''Time Magazine'' for his work in designing, developing and launching CCX and affiliated exchanges. Among Sandor's academic roles, he is currently the Aaron Director Lecturer in Law and Economics at the

University of Chicago Law School The University of Chicago Law School is the law school of the University of Chicago, a private research university in Chicago, Illinois. It is consistently ranked among the best and most prestigious law schools in the world, and has many dist ...

and an honorary Professor at the University of Hong Kong and the School of Economics at Fudan University. He formerly taught at graduate and undergraduate levels at several universities throughout California, Illinois, New York, China and England. On February 7, 2013, the University of Chicago Law School announced that Sandor and his wife

Ellen R. Sandor Ellen R. Sandor (born 1942) is an American new media artist. She is also founder of the Chicago-based (art)n, a collective of artists, scientists, mathematicians, and computer experts. Ellen Sandor and (art)n create sculptures that contain compu ...

are the principal donors to a $10 million endowment in law and economics at the University of Chicago Law School. The Sandors made the gift in honor of Sandor's mentor, Nobel Laureate Ronald Coase, Clifton R. Musser Professor Emeritus of Economics at the Law School. In their honor, the Institute for Law and Economics has been renamed the Coase-Sandor Institute for Law and Economics. Sandor is known for asserting that the next financial revolution will be in the convergence of the financial markets and the environment. He is often credited for founding the field of environmental Finance. His first book ''Good Derivatives: A Story of Financial and Environmental Innovation'', was published by

John Wiley & Sons John Wiley & Sons, Inc., commonly known as Wiley (), is an American multinational publishing company founded in 1807 that focuses on academic publishing and instructional materials. The company produces books, journals, and encyclopedias, in p ...

in April 2012.

Early life

Sandor received his Bachelor of Arts degree from

Brooklyn College Brooklyn College is a public university in Brooklyn, Brooklyn, New York. It is part of the City University of New York system and enrolls about 15,000 undergraduate and 2,800 graduate students on a 35-acre campus. Being New York City's first publ ...

and holds a Ph.D. in economics from the

University of Minnesota The University of Minnesota, formally the University of Minnesota, Twin Cities, (UMN Twin Cities, the U of M, or Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Tw ...

The Father of Financial Futures

As a professor on sabbatical from the

University of California, Berkeley The University of California, Berkeley (UC Berkeley, Berkeley, Cal, or California) is a public land-grant research university in Berkeley, California. Established in 1868 as the University of California, it is the state's first land-grant u ...

in the 1970s, Sandor became the chief economist and vice president of the Chicago Board of Trade (CBOT). At the CBOT, Sandor not only pioneered the first interest rate futures contract, but the most widely traded and imitated interest-rate futures in the world, the Treasury bond futures contract. This revolutionized the field of finance and earned him the title of "father of financial futures." Sandor originally coined the term "derivatives" to describe the futures and options contracts that were traded on the Chicago exchanges. Its definition was subsequently expanded to include not only regulated products on futures transactions, but any customized product traded off the exchange, i.e. bilateral OTC transactions. Sandor was honored by the CBOT and the

City of Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

in 1992 for the creation of financial futures. Sandor was also a strong proponent of

electronic trading In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products c ...

at a time when most exchanges favored

open-outcry Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orde ...

. In fact, he had presented the case and designed the platform for electronic trading as early as 1970 – even before the concept of electronic trading was patented. At

Berkeley Berkeley most often refers to: *Berkeley, California, a city in the United States **University of California, Berkeley, a public university in Berkeley, California * George Berkeley (1685–1753), Anglo-Irish philosopher Berkeley may also refer ...

, he was the project leader of the California Commodity Research Project (CCARP), which looked at the feasibility of establishing a for-profit, all-electronic exchange in at the time when none existed. At the CBOT, Sandor championed innovative financial instruments such as event-linked derivatives. Sandor served as vice chairman of the CBOT Insurance Committee and was the originator and co-author of the catastrophe and

crop insurance Crop insurance is purchased by agricultural producers, and subsidized by the federal government, to protect against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines ...

futures Futures may mean: Finance *Futures contract, a tradable financial derivatives contract *Futures exchange, a financial market where futures contracts are traded * ''Futures'' (magazine), an American finance magazine Music * ''Futures'' (album), a ...

and options contracts. From 1991 to 1994, Sandor was chairman of the Chicago Board of Trade Clean Air Committee, which developed the first spot and futures markets for sulfur dioxide (SO₂) emission allowances and supervised the annual allowance auctions conducted on behalf of the

U.S. Environmental Protection Agency The Environmental Protection Agency (EPA) is an independent executive agency of the United States federal government tasked with environmental protection matters. President Richard Nixon proposed the establishment of EPA on July 9, 1970; it be ...

. He also led the effort to create the Dow Jones Sustainability Index (DJSI) – the first global index that tracks the financial performance of leading sustainability-driven companies worldwide. Sandor has held a variety of senior executive positions in financial service companies, such as

Drexel Burnham Lambert Drexel Burnham Lambert was an American multinational investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it was a ...

Kidder Peabody Kidder, Peabody & Co. was an American securities firm, established in Massachusetts in 1865. The firm's operations included investment banking, brokerage, and trading. The firm was sold to General Electric in 1986. Following heavy losses, it was ...

and

Banque Indosuez Banque Indosuez was a French bank, the product of the 1975 merger of Banque de l'Indochine and Banque de Suez et de l'Union des mines. It was purchased by Crédit Agricole in 1996, and formed the core of what is now Crédit Agricole Corporate an ...

. Sandor has served on numerous Exchange committees and boards, including the Chicago Board of Trade (CBOT), the

Chicago Mercantile Exchange The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an a ...

(CME),

IntercontinentalExchange Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell ...

(ICE), London International Financial Futures Exchanges (Liffe) and the International Advisory Board of Marché à Terme International de France (MATIF). Sandor played an advisory role in helping Swiss Options and Financial Futures Exchange (SOFFEX) become the world's first electronic exchange. Teaming up with Boston-based

Battery Ventures Battery Ventures is an American technology-focused investment firm. Founded in 1983, the firm makes venture-capital and private-equity investments in markets across the globe from offices in Boston, Silicon Valley, San Francisco, Israel and Lon ...

, Sandor also helped to promote Liffe's

electronic trading platform In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products c ...

and is credited for Liffe's successful contract – the universal stock futures contract. He also assisted the

New York Mercantile Exchange The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City. ...

(NYMEX) on the design of the options contract for crude oil. Sandor has served several times as an advisor to the

Commodity Futures Trading Commission The Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974 that regulates the U.S. derivatives markets, which includes futures, swaps, and certain kinds of options. The Commodity Exchange Ac ...

(CFTC) on matters related to financial, energy and environmental futures.

The Father of Carbon Trading

Using Environmental Financial Products as the incubator, Sandor founded the Climate Exchange PLC (CLE) family of companies. They include Chicago Climate Exchange (CCX); the Chicago Climate Futures Exchange (CCFE), a futures branch of the former; and

European Climate Exchange The European Climate Exchange (ECX) managed the product development and marketing for ECX Carbon Financial Instruments (ECX CFIs), listed and admitted for trading on the ICE Futures Europe electronic platform. For a time it was a subsidiary of the ...

(ECX), Europe's leading exchange operating in the

European Union Emissions Trading Scheme The European Union Emissions Trading System (EU ETS) is a "cap and trade" scheme where a limit is placed on the right to emit specified pollutants over an area and companies can trade emission rights within that area. It covers around 45% of th ...

(EU ETS) and the benchmark for world carbon prices. Additional global affiliates included the Tianjin Climate Exchange in China, the Montreal Climate Exchange in Canada and Envex in Australia. The emissions covered under the Chicago Climate Exchange were larger than that of Germany under the

. It included 50 states and all major sectors of the U.S. economy. Its membership represented 17 percent of the companies in the

Dow Jones Industrial Average The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent companies listed on stock exchanges in the United States. The DJIA is one of the oldest and most commonly followed equity inde ...

, and 20 percent of the largest CO2-emitting electrical utilities in the U.S., and 11 percent of

Fortune 100 The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along w ...

companies. Sandor and EFP are turning their focus to the feasibility of a market-based mechanism as a tool to address water quality and quantity issues. This follows on extensive studies done by Sandor and his team while still at

Chicago Climate Exchange The Chicago Climate Exchange (CCX) was a voluntary, legally binding greenhouse gas reduction and trading system for emission sources and offset projects in North America and Brazil. CCX employed independent verification, included six greenhous ...

(CCX). Sandor and his group of researchers studied the potential of a water quantity exchange for the state of New Mexico; the viability of a water market in the Great Lakes region; examined the potential benefits of implementing a rules-based exchange for water resources in Alberta, Canada; and helped develop a pilot nutrient trading effort in Pennsylvania. In August 2002, Sandor was chosen by ''Time'' magazine as one of its "Heroes for the Planet" for his work as the founder of the Chicago Climate Exchange. Five years later, he appeared in ''Time'' magazine's fifth annual list of "

Heroes of the Environment Heroes of the Environment was a list of a year's most notable environmentalists chosen and compiled by ''Time'' magazine. The award was established in 2007. *Heroes of the Environment (2007). *Heroes of the Environment (2008). *Heroes of the Envir ...

" for his work as "the father of carbon trading." In 1992 Sandor served as an expert advisor to the

UN Conference on Trade and Development The United Nations Conference on Trade and Development (UNCTAD) is an intergovernmental organization within the United Nations Secretariat that promotes the interests of developing countries in world trade. It was established in 1964 by the ...

on tradable entitlements for the reduction of greenhouse gas emissions. In June 2010, CLE was acquired by the

(ICE).

Awards

In November 2004, Sandor was the recipient of an honorary degree of Doctor of Science (''Honoris Causa'') by the Swiss Federal Institute of Technology (ETH) of Zurich, Switzerland for his work on the design and implementation of innovative and flexible market-based mechanisms to address environmental concerns. In 2010, Sandor received the John H. Dales Memorial "Leadership in Environmental Markets Award" from the Environmental Markets Association. Sandor is the recipient of the

McGraw-Hill McGraw Hill is an American educational publishing company and one of the "big three" educational publishers that publishes educational content, software, and services for pre-K through postgraduate education. The company also publishes referenc ...

Energy Award (1999), the Life Time Achievement award from the

Global Association of Risk Professionals Global Association of Risk Professionals (GARP) is a not-for-profit organization and a membership association for risk managers. Its services include setting standards, training, education, industry networking, and promoting risk management practi ...

(2001), and the Milken Institute's award for Distinguished Economic Research (2003). In May 2005, Sandor was named by "Treasury and Risk Management" magazine as one of the "100 Most Influential People in Finance." He is also the recipient of the 2008 Financial Management Association's Outstanding Financial Executive Award, and the Ernst & Young's Entrepreneur of the Year 2009 Award in the "green" category. In 2012, Sandor received the

World Federation of Exchanges The World Federation of Exchanges (WFE), formerly the ''Federation Internationale des Bourses de Valeurs'' (FIBV), or International Federation of Stock Exchanges, is the trade association of publicly regulated stock, futures, and options exchang ...

(WFE) Award for Excellence. He was selected for this award in recognition of his work at the epicenter of environmental and financial markets for more than four decades.

Board affiliations

Sandor was a former director of American Electric Power (AEP), one of the largest utilities in the United States and of the Volatility Exchange. Sandor also serves on the board of Clean Energy Trust, a Chicago-based not-for-profit. He is an advisory board member for the Center for Financial Stability and a Senior Fellow at the

Milken Institute The Milken Institute is an independent economic think tank based in Santa Monica, California with offices in Washington, DC, New York, Miami, London, Abu Dhabi, and Singapore. It publishes research and hosts conferences that apply market-based p ...

. Sandor and his wife, Ellen Sandor, are collectors of photography and are involved in numerous civic and charitable activities. They are member of the board of governors of

The School of the Art Institute of Chicago The School of the Art Institute of Chicago (SAIC) is a private art school associated with the Art Institute of Chicago (AIC) in Chicago, Illinois. Tracing its history to an art students' cooperative founded in 1866, which grew into the museum and ...

and are Major Benefactors of the

Art Institute of Chicago The Art Institute of Chicago in Chicago's Grant Park, founded in 1879, is one of the oldest and largest art museums in the world. Recognized for its curatorial efforts and popularity among visitors, the museum hosts approximately 1.5 mill ...

. He also served as a trustee for the

International Center of Photography The International Center of Photography (ICP), at 79 Essex Street on the Lower East Side of Manhattan, New York City, consists of a museum for photography and visual culture and a school offering an array of educational courses and programming. ...

, New York. Ellen is the founder and director of (art)ⁿ and an advisory board chair of the

Gene Siskel Film Center The Gene Siskel Film Center, formerly The Film Center of the School of the Art Institute of Chicago and commonly referred to as The Film Center or The Gene Siskel, is the cinematheque attached to The School of the Art Institute of Chicago. It ...

Academic affiliations

Sandor is a member of the TERI School of Management Advisory Committee in India. Sandor previously taught at the

Stanford University Stanford University, officially Leland Stanford Junior University, is a private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. Stanford is consider ...

Columbia University Graduate School of Business Columbia Business School (CBS) is the business school of Columbia University, a Private university, private research university in New York City. Established in 1916, Columbia Business School is one of six Ivy League business schools and is one ...

and at the Kellogg Graduate School of Management at Northwestern University, where he was the first Martin C. Remer Distinguished Professor of Finance.

Publications

Books * Richard L. Sandor, ''Electronic Trading & Blockchain: Yesterday, Today and Tomorrow.'' World Scientific, 2018 * Richard L. Sandor, ''How I Saw It: Analysis and Commentary on Environmental Finance.'' World Scientific * Richard L. Sandor, Nathan Clark, Murali Kanakasabai and Rafael L. Marques, ''Environmental Markets: A New Asset Class.'' Research Foundation Publications, January 2014. (also published in Chinese) * Richard L. Sandor, ''Sustainable Investing and Environmental Markets: Opportunities in a New Asset Class.'' World Scientific. (also published in Chinese) * Richard L. Sandor. ''Good Derivatives: A Story of Financial and Environmental Innovation.'' John Wiley & Sons. February 2012 (also published in Chinese) * Richard L. Sandor. ''Speculating in Futures.'' Handbook for the Board of Trade of the City of Chicago. 1973 Academic publications * ''Financial Innovation in China: The Tale of Establishing the Tianjin Climate Exchange, Part I''. Presented at the

Ronald Coase Ronald Harry Coase (; 29 December 1910 – 2 September 2013) was a British economist and author. Coase received a bachelor of commerce degree (1932) and a PhD from the London School of Economics, where he was a member of the faculty until 1951. ...

Conference on China's Economic Transformation, University of Chicago Law School, Summer 2008 * Fred D. Arditti and Richard L. Sandor. "A Word on Variable Patent Life". ''Journal of Industrial Economics'', 1974 * Richard L. Sandor. "A Note on the Commercial Value of Patented Inventions." ''The Patent, Trademark and Copyright Journal of Research and Education''. 1970. * Richard L. Sandor. "Some Empirical Findings on the Legal Costs of Patenting."

Journal of Business ''The Journal of Business'' was an academic journal published by the University of Chicago Press The University of Chicago Press is the largest and one of the oldest university presses in the United States. It is operated by the University of C ...

. University of Chicago Press. 1972. * Richard L. Sandor, "Innovation by an Exchange: A Case Study of the Development of the Plywood Futures Contract." ''The Journal of Law and Economics''. Volume XVI (1). The University of Chicago Press. April 1973. * Robert C. Goshay and Richard L. Sandor. "An Inquiry into the Feasibility of a Reinsurance Futures Market." ''Journal of Business Finance''. Volume V (2). 1973. * Richard L. Sandor and

Howard Sosin Howard Sosin was born in Illinois Illinois ( ) is a state in the Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolita ...

, " The Determinants of Mortgage Risk Premiums: A Case Study of the Portfolio of a Savings and Loan Association." The Journal of Business. University of Chicago Press. Volume 48 (1), January 1975. * Joseph B. Cole and Richard L. Sandor. "Calculating the Hedging Layer for a Synthetic Reinsurance Contract." The Journal of Reinsurance 1993. * Michael S. Canter, Joseph B. Cole and Richard L. Sandor. "Insurance Derivatives: A New Asset Class for the Capital Markets and a New Hedging Tool for the Insurance Industry." ''

Journal of Applied Corporate Finance The ''Journal of Applied Corporate Finance'' is a quarterly academic journal covering research in corporate finance, including risk management, corporate strategy, corporate governance, and capital structure. It also features roundtable discussio ...

''. Fall 1997. (also published in the ''Journal of Derivatives'' Winter 1996) Book chapters * Richard L. Sandor. "Foreword." The Handbook of Financial Futures by Nancy H. Rothstein and James S. Little. McGraw Hill Publishing. 1984. * Richard L. Sandor and Howard Sosin. "Inventive Activity in Futures Markets: A Case Study of the Development of the First Interest Rate Futures Market." Futures Markets: Modeling, Managing and Monitoring Futures Trading, edited by Manfred E. Streit. Blackwell Publishing. 1983. * Norman Mains and Richard L. Sandor. "Financial and Commodity Futures Markets." Financial Handbook, edited by Edward Altman.

. 1985. * Richard L. Sandor. "Interview." The Big Hitters by Kevin Koy. Chicago: Intermarket Publishing Corp.1986. * Richard L. Sandor, "Financial Futures Markets." International Finance and Financial Policy, Hans R. Stoll (ed.), Quorum Books, 1989. * Richard L. Sandor, "Finance Profile." Green at Work: Finding a Business Career that Works for the Environment by Susan Cohn. Washington DC: Island Press. 1992. * Joseph B. Cole and Richard L. Sandor. "Opportunities For Hedging and Trading with Catastrophe Insurance Futures and Options." Chapter 11 in Advances in Synthetic and Derivative Products: Managing Risk and Increasing Profits in the US and Global Markets (eds. Robert A. Klein and Jess Lederman) 1993. * Richard L. Sandor and Michael J. Walsh. "Environmental Futures: Preliminary Thoughts on the Market for SO2 Emission Allowances." Advanced Strategies in Financial Risk Management by Robert J. Schwartz and Clifford W. Smith Jr. New York Institute of Finance first edition. May 3, 1993. * Richard L. Sandor, "Climate Change, Catastrophe Risk, and Global Response: Trading in Greenhouse Gas Emissions Offers the Best Solution to Insurers." The Strategic Dynamics of the Insurance Industry – Asset/Liability Management Issues, edited by Edward Altman and Irwin T. Vanderhoof. Salomon Center, New York University, Stern School of Business, 1996 * Richard L. Sandor. "Towards an International CO₂ Entitlement Spot and Futures Market." Market Based Approaches to Environmental Policy, edited by Richard F. Kosobud and Jennifer M. Zimmerman. Van Nostrand Reinhold. May 1997. * Sylvie Bouriaux, Robert B. Gallaway and Richard Sandor. "The Insurance Derivatives Market and Securitization." Alternative Investment Strategies, edited by Sohail Jaffer. Euromoney Books. 1998. * Richard L. Sandor. "The Convergence of the Insurance and Capital Markets." Securitizing Insurance Risk: Strategic Opportunities for Insurers and Investors" edited by Michael Himick. AMACOM. May 1999. * Richard Sandor. "A Limited-scale Voluntary International GHG Emission Trading Program as Part of the United States Environmental Policy in the 21st Century." Preparing America's Foreign Policy for the Twenty-First Century edited by

David L. Boren David Lyle Boren (born April 21, 1941) is a retired American lawyer and politician from the state of Oklahoma. A member of the Democratic Party, he served as 21st governor of Oklahoma from 1975 to 1979 and three terms in the United States Senat ...

and

Edward J. Perkins Edward Joseph Perkins (June 8, 1928 – November 7, 2020) was an American career diplomat who served as U.S. Ambassador to Liberia, South Africa, the United Nations, and Australia. He also served as the director of the United States State Depart ...

. Norman: The University of Oklahoma Press. April 1999. * Richard L. Sandor. "Introduction." Insurance and Weather Derivatives – From Exotic Options to Exotic Underlyings, edited by Hélyette Geman. Risk Books. September 1999. * Richard L. Sandor and Michael J. Walsh. "Some Observations on the Evolution of the International Greenhouse Gas Emissions Trading Market." Emissions Trading: Environmental Policy's New Instruments edited by Richard F. Kosobud.

. January 2000. * Richard L. Sandor, Michael J. Walsh and Rafael L. Marques. "Greenhouse-Gas-Trading Markets." The Royal Society, June 2002. Articles * Richard L. Sandor. "On the Interest Rate Futures Market: An Introduction to the Development and Use of the Chicago Board of Trade GNMA Contract." Federal Home Loan Bank Board Journal. September 1975. * Richard L. Sandor. "The Interest Rate Futures Market." Commodities. September 1976. * Richard L. Sandor. "From Infancy to Maturity." Futures World. January 1983. * Richard L. Sandor. "Index Futures and the Adjustment of Risk." The American Banker. October 10, 1983. * Richard L. Sandor. "When You're Trading Interest Rate Futures, Ignorance is Risk." ABA Banking Journal. April 1984. * Richard L. Sandor. "Eurodollar Options Usher in a New Era." Futures and Options Magazine. September 1985. * Richard L. Sandor. "Le MATIF: est-il un succes? (The MATIF: Is It a Success?)". Marches et Financieres. September 1987. * Richard L. Sandor. "Some Preliminary Thoughts on the Feasibility of a Pollution Allowance Futures Market." Prepared for the Coalition for Acid Rain Equality (CARE). October,1990. * Richard L. Sandor, "Chicago Board of Trade Proposes Clean Air Futures for Emission Allowance Risk Management." Financial Exchange, Volume 10, Number 2. Chicago Board of Trade. Sept-Oct, 1991. * Richard L. Sandor. "Three Men and a Market." MATIF Special. 1991. * Richard L. Sandor. "Firsts and Founders." LIFFE 10 Year Anniversary Special. 1992. * Richard L. Sandor. "Environmental Futures." Institutional Investor. December 1992. * Richard L. Sandor. "CBOT Catastrophe Insurance Complex Key to Catastrophic Loss Management." Financial Exchange. November 1992. * Richard L. Sandor, "Distributing Risk – Seeking New Sources for Capital", The Zurich Insurance Magazine, No. 10, Zurich, 1995. * Richard L. Sandor. "Getting Started: Rationale for a Limited-Scale International Greenhouse Gas Emissions Trading Programme." Global Greenhouse Emissions Trader, Issue 2. September 1997. * Richard L. Sandor. "A View from Dr. Richard L. Sandor". Guest Column for Reuters' ''Insurance and Derivatives Update''. March 11, 1998. * Richard L. Sandor. "Trading Gases". ''Our Planet:'' The United Nations Environment Programme Magazine for Environmentally Sustainable Development, Volume 9, Number 6. 1998. * Richard L. Sandor and Jerry R. Skees. "Creating a Market for Carbon Emissions: Opportunities for U.S. Farmers." ''Choices, The Magazine of Food, Farm, and Resource Issues''. American Agricultural Economics Association. First Quarter, 1999. * Richard L. Sandor and Jerry R. Skees. "Market for Emissions." ''Trading the Future'': Official Publication of the Futures and Options Association. March 1999 * Richard L. Sandor and Michael J. Walsh. "Kyoto or Not: Opportunities in Carbon Trading Are Here." Environmental Quality Management. Spring 2001 Sandor was a monthly contributor to ''Environmental Finance'' magazine of London, for the column ''How I See It'', since 1999. Conference/convention papers * Richard L. Sandor. "In Search of the Trees: Market Architecture and Tradeable Entitlements for CO2 Abatement." United Nations Conference on Trade and Development. 1993. * Berg, Ann, Joseph B. Cole and Richard L. Sandor. "Crop Insurance and Options: A Proposal for Market Architecture." Proceedings of the Conference Designing New Programs for Managing Farm Production and Price/Marketing Risk in the 21st Century: The Challenge for Agricultural Economists.

American Agricultural Economics Association The Agricultural & Applied Economics Association (AAEA) is a not-for-profit professional association for those interested in the field of agricultural and applied economics. The AAEA association has an annual meeting every year. It publishes two ...

San Diego, California. August 1, 1994. * Richard L. Sandor. "The New Generation of Reinsurance Products: Bridging the Gap Between Insurance and Financial Markets." Insurance and Invest Forum. Aachen Management Services. Dublin, Ireland. October 7, 1994. * Joseph B. Cole, M. Eileen Kelly, Richard L. Sandor. "Combating Global Warming: Possible Rules, Regulations and Administrative Arrangements for a Global Market in CO₂ Emission Entitlements." Prepared for the United Nations Conference on Trade and Development. December 1994. * Richard L. Sandor and Michael J. Walsh. "Market Architecture, Quality Control and Performance Risk: Can the Commodity and Capital Markets Inform the Design of the Clean Development Mechanism?" Proceedings of the U.S.-Brazil Aspen Forum. University of Colorado, Denver. February 1999

References

{{DEFAULTSORT:Sandor, Richard L. University of California, Berkeley faculty University of Chicago Law School faculty Brooklyn College alumni University of Minnesota College of Liberal Arts alumni Environmental economists Living people American chief executives of financial services companies Year of birth missing (living people)