Interview  |  JAN 2000

Interview: Leo Melamed by John Sweeney

On The Alliance Of Exchanges Leo Melamed As chief architect of financial futures, Melamed led the US futures industry from 1967 until his retirement from the CME in 1991. During this period, financial futures experienced unparalleled growth and became an established and indispensable tool in financial risk management. Further,in 1987, Melamed introduced Globex, the first electronic futures after-hours trading system, developed in conjunction with Reuters Holdings PLC. Melamed served as the first chairman of the system until 1993. Melamed, an attorney by profession, is an active futures trader. Interim STOCKS & COMMODITIES Editor John Sweeney interviewed Melamed via telephone on October 11,1999. Even though he is currently chairman and chief executive officer of the global futures organization Sakura Dellsher, Leo Melamed is best known as the chairman emeritus of the Chicago Mercantile Exchange (CME)and widely recognized as the founder of the concept of financial futures. As chairman of the CME, Melamed introduced foreign currency futures in 1972 with the launch of the International Monetary Market (IMM)—the first futures market for financial instruments. Under 25 years of his leadership, the CME was transformed from a secondary domestic agricultural exchange to the world’s foremost financial futures exchange. In January 1997, in his position as chairman emeritus, Melamed was appointed a permanent advisor to the board and executive committee of the CME.

by John Sweeney