Now before you tell me that man is responsible for warming, see the book Guns Germs and Steel for a narrative on how people like the aborigines walked to continents like Australia and then became stranded from the rest of civilization when the sea level was 500 feet lower. They have discovered standing trees in Lake Ontario at a depth of 120 feet that are radio carbon dated as 12,000 years old.
Anyway the brilliance of some people to create a market where there was none and nothing is produced is nothing short of brilliance enjoy Aivars
Staff - Richard L. Sandor, Ph.D., Dr. Sc.h.c.
During 1997 and 1998 Dr. Sandor served as Second Vice Chairman - Strategy for the Chicago Board of Trade. His responsibilities included both electronic trading and new products. Richard Sandor is currently a director of ICE Futures, and American Electric Power. He is also a member of the design committee of the Dow Jones Sustainability Index. Prior to the creation of theChicago Climate Exchange, Dr. Sandor held senior executive positions in the financial services industry. He was a senior financial markets executive with Kidder Peabody, Banque Indosuez and Drexel Burham Lambert.
Dr. Sandor has been a faculty member of the School of Business Administration at the University of California, Berkeley, and held a faculty position at Stanford University. He was a visiting professor of Finance at Northwestern University, and was named the first Martin C. Remer Visiting Distinguished Professor of Finance in the Graduate School of Management. He was recently Distinguished Adjunct Professor at Columbia University Graduate School of Business where he taught a course on Environmental Finance.
Dr. Sandor has served on numerous committees and boards including the Chicago Board of Trade, the Chicago Mercantile Exchange, the London Financial Futures Exchange, the Banking Research Center of Northwestern University, the Columbia University Futures Center and the Board of Visitors of the International Program Center at the University of Oklahoma. He assisted the New York Mercantile Exchange on the design of the options contract for crude oil. He was also a member of the International Advisory Board of the Marché à Terme International de France (MATIF), the Financial Products Advisory Committee of the Commodity Futures Trading Commission. Dr. Sandor was an expert advisor to the United Nations Conference on Trade and Development (UNCTAD) on tradable entitlements for the reduction of greenhouse gas emissions. He was also a participant in the working group for the Regional Clean Air Incentives Market for the South Coast Air Quality Management District, Los Angeles.
From 1991 to 1994, Dr. Sandor was a Non-Resident Director of the Chicago Board of Trade (CBOT) and was Chairman of its Clean Air Committee. That committee developed the first spot and futures markets for sulfur dioxide emission allowances and supervised the annual allowance auctions conducted on behalf of the U.S. Environmental Protection Agency. He also served as Vice Chairman of the CBOT Insurance Committee and was the originator and co-author of the catastrophe and crop insurance futures and options contracts.
Dr. Sandor received his Bachelor of Arts degree from the City University of New York, Brooklyn College, and earned his Ph.D. in Economics from the University of Minnesota in 1967.
Dr. Sandor has been involved in numerous civic and charitable activities. He is a member of the Board of Governors of The School of the Art Institute of Chicago and is a Major Benefactor of the Art Institute of Chicago. He is also currently a member of the Board of Trustees of the International Center of Photography, New York.
Publications and Presentations
Richard L. Sandor, Michael J. Walsh and Rafael L. Marques, "Greenhouse-Gas-Trading Markets", The Royal Society, June 2002.
Richard L. Sandor and Michael J. Walsh, "Kyoto or Not: Opportunities in Carbon Trading Are Here." Environmental Quality Management. Spring 2001
Richard L. Sandor and Michael J. Walsh, "Some Observations on the Evolution of the International Greenhouse Gas Emissions Trading Market", in Emissions Trading: Environmental Policy's New Instruments, Richard F. Kosobud, editor. John Wiley & Sons. January 2000.
Richard L. Sandor, "Introduction", Insurance and Weather Derivatives - From Exotic Options to Exotic Underlyings. Helyette Geman, ed. Risk Books. September 1999.