Good Derivatives: A Story of Financial and Environmental Innovation
Richard Sandor, Chairman and CEO, Environmental Financial Products
Interviewed by Institute Chairman Michael Milken
April 11, 2012
4:30 p.m. - 6:00 p.m.
Santa Monica
Richard Sandor wants to make it clear that "derivative" is not a dirty word. It's one motivation behind his latest book, "Good Derivatives: A Story of Financial and Environmental Innovation."
It's a case that Sandor is well-equipped to make. As a young economist at the Chicago Board of Trade, he helped create interest rate futures-derivatives that revolutionized worldwide finance. Later, he pioneered the use of emissions trading to reduce acid rain and greenhouse gases, creating the Chicago Climate Exchange and affiliated exchanges in Europe and China.
At this Milken Institute Forum, Sandor will discuss how financial innovation has been a force for good in the last 40 years and how its vast potential can address environmental, health and social challenges in the next 40 years.
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| Richard Sandor talks with Institute Chairman Mike Milken about everything from Sandor's exposure to the "California zeitgeist" as a UC Berkeley student to the role of speculators in the high price of gasoline. |
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"This book represents the work of one of the world's most brilliant, inquisitive, and visionary minds," according to Clayton Yeutter, former USDA secretary and U.S. trade representative. "Richard Sandor knows this subject as an economist, a trader, an executive, an entrepreneur, but most of all, as a teacher. No one else in the world could have written this book."
Sandor is chairman and CEO of Environmental Financial Products LLC, which specializes in inventing, designing, and developing new financial markets with a special emphasis on investment advisory services. 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).
Sandor was honored by the city of Chicago for his contributions, and he was one of Time's "Heroes of the Environment" in 2007. A Milken Institute senior fellow, Sandor is a Distinguished Professor of Environmental Finance at Guanghua School of Management at Peking University and a lecturer at the University of Chicago Law School.
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