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Industry Icon Richard Sandor Joins Board of The Volatility
2010-11-03 11:30:12.124 GMT
Industry Icon Richard Sandor Joins Board of The Volatility Exchange (VolX®)
PR Newswire
CHICAGO, Nov. 3, 2010
CHICAGO, Nov. 3, 2010 /PRNewswire/ -- The Volatility Exchange (VolX ^® ),
originator of VolContracts™ -- the world's first listed instruments on
realized volatility -- announced at the annual Futures and Options Expo today
that Richard L. Sandor, Ph.D., has joined the company's Board of Directors.
Sandor, Chairman and Chief Executive Officer of Environmental Financial
Products and founder of the Chicago Climate Exchange, is widely credited as
the principal architect of the interest-rate futures market in the 1970s.
Sandor was honored by the City of Chicago in 1992 for his contribution to the
creation of financial futures and his recognition as the "father of financial
futures."
The news followed Monday's announcement by VolX and CME Group that CME will
begin offering FX VolContracts on its major currency pairs in the first
quarter of 2011 under a license agreement with VolX.
Sandor said: "The Volatility Exchange is part of a tradition of invention and
creativity in the futures industry. It brings innovative and transparent
products that can appeal to a vast section of market participants and their
risk-management needs. I look forward to serving on their board and working
with its management."
Robert Krause, Chairman and Chief Executive Officer of The Volatility
Exchange, called Sandor "one of the foremost innovators in the derivatives
market." "He brings to the board a wealth of knowledge, not only as an
educator and futures expert, but also as an entrepreneur who has had great
success starting financial exchanges and launching creative products," Krause
said.
Sandor was honored in 2007 as one of Time Magazine's Heroes of the Environment
for his work as the "Father of Carbon Trading." In 1997, Sandor founded the
Chicago Climate Exchange (CCX), the world's first legally binding greenhouse
gas cap-and-trade system. CCX was recently acquired by
IntercontinentalExchange (ICE), and Sandor now serves as an adviser to ICE.
Over the years, he has served on the boards of directors of the Chicago Board
of Trade (CBOT), Chicago Mercantile Exchange, the London International
Financial Futures Exchange (LIFFE) and ICE.
Sandor is a research professor at the Kellogg Graduate School of Management at
Northwestern University and a Distinguished Adjunct Professor at the Guanghua
School of Management at Peking University, where he also serves on its
international advisory committee. He is also on the advisory committee of the
TERI School of Management in India and has taught at the University of
California Berkeley, Stanford University, and Columbia University.
About The Volatility Exchange
The Volatility Exchange (VolX ^® ) has developed patented, standardized
financial futures based on the inter-day realized volatility of underlying
assets. The company will offer VolContract™ instruments to market
participants seeking advanced risk-management tools in a regulated and
transparent environment. In addition, it has designed the VolX Realized
Volatility Indices to guide trading decisions. VolX plans to file with the
Commodity Futures Trading Commission to be a Designated Contract Market. The
company will partner with established marketplaces globally and as an exchange
will outsource its around-the-clock trading execution, clearing, compliance,
and surveillance functions. For more information on VolX, please visit
www.volx.us .
The VolX logo and VolX are registered trademarks of The VolX Group
Corporation. VolContract is a trademark of The Volatility Exchange
Corporation.
SOURCE The Volatility Exchange
Website: http://www.volx.us
Contact: Ellen G. Resnick, Crystal Clear Communications, +1-773-929-9292;
1-312-399-9295 (cell), eresnick@crystalclearPR.com
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