Leo Melamed

Leo Melamed
Born Leibel Melamdovich
March 20, 1932
Bialystok, Poland
Residence Chicago, U.S.
Occupation Attorney, financier
Parent(s) Isaac Melamdovich

Leo Melamed, born March 20, 1932, is an American attorney, finance executive, and a pioneer of financial futures. He is the chairman emeritus of CME Group (formerly the Chicago Mercantile Exchange).[1]

Personal life

Melamed was born Leibel Melamdovich to a Jewish family[2] in Bialystok, Poland, in 1932 to Isaac Melamdovich, a mathematics teacher.[3] In 1939, at the outbreak of World War II, the family fled to Lithuania to avoid capture by the Nazis. In 1940, the Japanese consul general to Lithuania, Chiune Sugihara, issued his family a life-saving transit visa, and they made the long trek across Siberia to safe haven in Japan.[4] They crossed the Pacific to the US in the spring of 1941, and the family settled in Chicago.[5]

Career

Melamed, an attorney by profession, became involved in futures trading by accident. In law school he was looking for a law clerk job and answered a want ad from a firm looking for a 'runner', thinking the firm, Merrill Lynch, Pierce, Fenner & Beane, with that many names could be nothing but an established law firm, looking for a clerk to run to court. He worked as a runner in the produce futures markets of the CME throughout law school, learning about the business. He practiced law until 1965 and was elected to the CME board in 1967.[6]

Melamed became chairman of the Chicago Mercantile Exchange in 1969. In 1972, under his leadership, the CME created the International Monetary Market (IMM), the world's first financial futures exchange, and launched currency futures. In the years that followed, Melamed led the CME and IMM in the creation of a number of financial instruments, including futures on US Treasury bills in 1976, Eurodollars in 1981, and stock index futures in 1982.[3]

In 1987, Melamed spearheaded the creation and introduction of Globex, the world's first electronic trading system, and became its founding chairman.

Throughout the next three decades and into the 21st century, Melamed held many CME titles including: Special Counsel to the Board; Chairman of the Executive Committee; and Senior Policy Advisor, but remained the acknowledged leader of the CME. In 2002, he led the CME membership to become the first U.S. financial exchange to go public.

In 2014 he was a board member of CME Group and chairman of its Strategic Steering Committee.[7]

In 1991 he founded his own consulting firm, Melamed & Associates, of which he is chairman and chief executive officer. He used to be a member of the global markets advisory committee of the U.S. Commodity Futures Trading Commission (CFTC) [8] and has served as a special advisor on futures markets to governments worldwide. Melamed serves on the prestigious Chinese International Advisory Council of Chinese Securities Regulatory Commission (CSRC).

Recognition and awards

Twenty years after their inception, Nobel Laureate in Economics, Merton Miller, named financial futures "the most significant innovation of the past two decades." At the close of 1999, the former editor of the Chicago Tribune named Melamed "among the ten most important Chicagoans in business of the 20th Century."

He was named a Lincoln Laureate in 2016 in the area of Business, Industry & Communications.[9]

Bibliography

Melamed has lectured and written extensively on the markets. His published works include:[10]

References

  1. ↑ "CME Group to launch renminbi futures". Financial Times. September 13, 2012.
  2. ↑ Jewish Daily Forward: "Leo Melamed Retraces Path of Escape From Nazis to Japanese Port - Mercantile Exchange Chief Rescued by 'Japanese Schindler'" By Nathan Guttman June 27, 2014
  3. 1 2 Leo Melamed Biography on LeoMelamed.com
  4. ↑ CME Group: The futures of capitalism, The Economist, May 11th 2013
  5. ↑ Leo Melamed Retraces Path of Escape From Nazis to Japanese Port, Jewish Daily Forward, June 27, 2014
  6. ↑ "The World According to Leo Melamed," Derivatives Strategy, April 1998
  7. ↑ "CME Group Foundation Launched With More Than $600,000 in Grants". CME Group. December 28, 2008.
  8. ↑ "Global Markets Advisory Committee Members". U.S. Commodity Futures Trading Commission. December 29, 2008.
  9. ↑ http://thelincolnacademyofillinois.org/wp-content/uploads/2016/02/Governors-press-release.2.12.16.pdf
  10. ↑ Amazon: Leo Melamed

External links and sources

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