Chair, Future & Derivatives Regulation Committee
Deputy General Counsel, ING Financial Holdings Corp.
In the 150 years since the New York City Bar Association’s establishment, we have seen New York City rise from the preeminent domestic financial center to the preeminent global financial center. America itself transformed from a larger agricultural nation to one driven by – in addition to agriculture – manufacturing, technology, and financial services.
Paralleling these changes was the development of the futures markets. In 1870, centralized futures clearing was still a new concept. There were no financial commodities markets. Today, the volume of financial futures well exceeds that of agricultural futures. And the market for over-the-counter swaps that was born forty years ago itself dwarfs the futures market.
The City Bar’s Futures and Derivatives Law Committee has been facilitating these market developments over the last three decades by combining the superlative expertise of the local bar and harnessing it for initiatives benefiting all. Through comment letters, white papers, collaborations with public officials, and collegial knowledge-sharing, the Committee has occupied a special loft in the world of derivatives. This culminated in the Committee’s special 150th anniversary meeting, the guest of honor of which was the Chairman of the Commodity Futures Trading Commission, the Honorable Heath P. Tarbert.
Our mission is no less vital today as accelerated market developments require a related legal framework. Additionally, we continue to have a mixture of experienced and newly-admitted attorneys on the Committee. It is a joy to see the tradition of mentorship continue – and to know that 150 years from now, these traditions will remain.