Lecturer Richard Sandor to Receive World Federation of Exchanges Award for Excellence
The World Federation of Exchanges (WFE) announced today that the recipient of the WFE Award for Excellence this year will be Dr. Richard Sandor, chairman and CEO of Environmental Financial Products LLC (EFP). Dr. Sandor was selected for this Award in recognition of his work at the epicenter of environmental and financial markets for more than four decades.
The WFE Award for Excellence is presented annually in recognition of an outstanding contribution to the advancement of regulated exchange markets. The Award salutes innovation and improvement in the exchange industry’s operations, which leads to greater understanding and better usage of the world’s capital markets.
While serving as vice president and chief economist of the Chicago Board of Trade (CBOT) in the early 1970’s, Dr. Sandor was instrumental in the creation of interest rate futures. In 1992, Dr. Sandor was honored by the City of Chicago for his contribution to the creation of financial futures and his recognition as the "father of financial futures.” In the early 90s, he was Chairman of the CBOT’s Clean Air Committee, which 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 the originator and co-author of the catastrophe and crop insurance futures and options contracts.
In 1998, Dr. Sandor founded EFP, the company that was the incubator of the Climate Exchange family of Exchanges, a closely integrated group of businesses focused on creating and operating environmental markets worldwide.
Ahead of the launch of the world’s first voluntary, legally binding greenhouse gas cap-and-trade system through the Chicago Climate Exchange (CCX) in 2003, Dr. Sandor was chosen by TIME Magazine as one of its “Heroes for the Planet.” He continued this innovative work by developing the Chicago Climate Futures Exchange (CCFE) in 2004, which then became the world’s leading futures exchange for environmental products. In 2005, Dr. Sandor founded the European Climate Exchange (ECX), Europe’s leading exchange operating in the European Union Emissions Trading Scheme and the benchmark for world carbon prices. Dr. Sandor was again recognized as one of TIME Magazine’s “Heroes of the Environment” in 2007 for his work as the, “Father of Carbon Trading.”