The China Committee of Chicago Sister Cities International, which supports programs linking Chicago with the Chinese cities of Shanghai and Shenyang, recognized economist and financial innovator Dr. Richard Sandor for his work as a world leader in market-based solutions to climate change and for helping create China’s first emissions exchange, the Tianjin Climate Exchange. The “Chicago-China Award of Excellence” was presented at the Committee’s annual Lantern Festival gala event.
Dr. Richard Sandor is chairman and chief executive officer of Environmental Financial Products LLC, which specializes in inventing, designing, and developing new financial markets. EFP was established in 1998 and was the predecessor company and incubator to the Chicago Climate Exchange (CCX), the European Climate Exchange (ECX) and the Chicago Climate Futures Exchange (CCFE).
While on sabbatical from the University of California, Berkeley in the early 1970s, Richard Sandor served as vice president and chief economist of the Chicago Board of Trade. It was at that time that he earned the reputation as the principal architect of the interest-rate futures market. Dr. Sandor was honored by the City of Chicago and the Chicago Board of Trade for his contribution to the creation of financial futures and his universal recognition as the “father of financial futures.” In the early 1990s, 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.
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