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The FIA sure knows a Hall of Fame Way to say ‘I love you’ on Valentine’s Day

John Lothian Hall of Fame
John Lothian

John Lothian

Executive Chairman and CEO

The FIA sure knows how to say I love you on Valentine’s Day. Shortly after the newsletter was published yesterday, the FIA sent a press release announcing the names of the 2024 inductees into the Hall of Fame and my name was on the list. 

OK, I knew I was being named already because I was on the committee that picked the inductees. For the record, the committee did not hold a vote name by name, so I did not have to recuse myself on the vote. 

I was very pleased that two people I nominated were named to the Hall of Fame. This is not to say other people did not nominate these two also, but I nominated Leslie Sutphen and Wiliam J. Mallers, Sr. for the Hall of Fame. Mallers is a former employer of mine when I was at First American Discount, a firm he founded. 

He was a former CBOT chairman, elected as a rogue candidate in 1969, whom I had endorsed for the Hall of Fame when the Cboe was celebrating its 50th anniversary. I wrote about how he was essential to its story, as he was chairman of the CBOT when Eddie and Billy O’Connor approached him during a dinner about the idea of creating the CBOE. He helped guide the process as chairman. Later, he also spoke forcefully for the CBOE after leaving the chairmanship when the CBOT was considering pulling the plug on the project and political resistance against the increasingly expensive CBOE project was rising. 

Mallers was also involved in the creation of the National Futures Association and with securing the real estate for the 1982 addition to the CBOT Building, the Helmut Jahn-designed atrium.

Leslie Sutphen is widely known for being a co-founder of Women in Listed Derivatives (WILD), but she has also been a pioneering woman in electronic trading and was involved with industry-wide efforts to draft best practices for electronic trading of listed derivatives. She has worked with the FIA and CFTC on several projects where her technical expertise proved invaluable. 

The second CBOT chairman to be named in this year’s class is Charles Carey. If you have been reading this newsletter for a long time, you know Charlie, the former CBOT chairman, who befriended Terry Duffy when Charlie wandered over to the CME to trade hogs early in his career. He later struck a deal with Terry to sell the CBOT to the CME to form the CME Group. Charlie then became the vice chairman of the CME Group for several years and still serves on its board of directors, as well as serving as the chairman of the CME Foundation. He is also president of the Chicago Sports Hall of Fame and chairman of the Commodity Markets Council. 

The father of former JLN staffer Spencer Doar, Tim Doar, was also named to the Hall of Fame. Tim is a former CME clearing executive who also worked in the FCM space and was a one-time CME local trader. Doar served the CME as chief risk officer for 10 years and helped integrate the CBOT, NYMEX and COMEX into the CME Clearing’s systems.

De’Ana Dow was with the CFTC for 22 years in a variety of roles, including supervisor in the Division of Trading and Markets, counsel to Chairman William Rainer, and special advisor to Chairman James Newsome. She also worked for the CME and NYMEX in government affairs and legislative affairs respectively and she served as associate vice president and counsel in the market regulation department at FINRA.

Another Hall of Fame inductee is Nick Forgan, who has amassed over 35 years of experience in the cleared derivatives industry, with 32 of those years dedicated to leadership roles at J.P. Morgan across Sydney, Singapore, and London. During his tenure, he contributed significantly to the development of futures markets in Asia, serving as a board member of SIMEX and chair of the Singapore Exchange Advisory Committee. Forgan also played a key role in FIA Asia as a foundation board member for 12 years, including a stint as board chair. His efforts were instrumental in enhancing Asian exchanges’ understanding of global risk management best practices, facilitating access to China futures exchanges, and spearheading the establishment of a successful China joint venture, now wholly owned by J.P. Morgan.

Both co-founders of Marquette Partners, Jim Heinz and Rob Moore, were named to the 2024 class of the Hall of Fame. James Heinz, Jr. co-founded Marquette Partners, an international liquidity provider specializing in exchange-traded derivatives, after beginning his journey in the futures market in 1978 as one of the original T-bond permit holders at the Chicago Board of Trade (CBOT). From 1986 to 1990, Heinz played a pivotal role as a marketmaker during CBOT’s night trading session, leveraging technology and open outcry markets synergistically, which positioned him as an innovative leader. In 1990, he co-founded Marquette Partners with his college friend Robert Moore, initially starting as a small arbitrage desk in Chicago and eventually expanding into a global liquidity provider with offices in major cities worldwide. Throughout his career, Heinz has been actively involved in various industry boards and committees, including the CFTC Technology Advisory Committee and the CBOT and Eurex Working Committees.

Robert Moore, the general partner at Marquette Partners has actively participated in industry boards and committees, including the CBOT Executive Committee on Competitive Stance and Ethics Committees, focusing on integrity and professionalism. He currently serves on the Advisory Board of Praxis Opportunity Fund and contributes to industry charity initiatives, in addition to serving as a board member of the Juvenile Protection Association. I should mention that Rob and Jim are enthusiastic sponsors of MarketsWiki. 

I came across another Hall of Fame inductee-to-be during my career when I was using the RAN Order trading platform from Rolfe & Nolan. John Munro, retired from ION Group in 2016, but before he did, he was an active member of FIA, contributing to technical issues such as FIXML standard for futures trade messaging, euro currency conversion methodology, and Y2K date logic functionality testing. ION bought Rolfe & Nolan and acquired Munro along with it. Alongside John Euler, Munro co-founded Brokerage Systems, Inc. in 1980, developing the TRACS clearing and accounting system. This software ran on a firm’s System/34, providing users control over trade data and integration capabilities with other applications, evolving over three generations to meet the futures industry’s growing complexity.

Pat White, an economist, has dedicated her career to financial market regulatory policy, particularly focusing on derivative instruments since the 1987 stock market crash. She was also named to the 2024 Hall of Fame class. During her 32 years at the Federal Reserve Board, she conducted policy analysis and research, addressing various issues such as new instruments, margin regulations, price volatility, and electronic trading systems. White represented the Federal Reserve Board on international groups, testified before Congress, and developed contacts with market participants to inform policy debates. After retiring from the Federal Reserve Board, she served as a public director for FIA and currently serves in the same capacity for the Options Clearing Corporation.

Jack Wigglesworth is renowned for being a founder and early chairman of LIFFE. He began his career at Phillips & Drew and later became a partner at W. Greenwell & Company. In addition to his role at LIFFE, he held positions at JP Morgan and ABN AMRO Chicago Corporation. Wigglesworth also contributed to regulatory and professional bodies, serving as a director at the Chartered Institute for Securities & Investment and on committees at the Securities and Futures Authority. As Master of the Worshipful Company of World Traders, he focused on philanthropy and trade-specific standards. Wigglesworth also led charitable initiatives, including the Hackney Education Action Zone.

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