Richard L. Sandor, Ph.D.
Chairman and Chief Executive Officer
Environmental Financial Products, L.L.C.

    Richard L. Sandor is Chairman and Chief Executive Officer of Environmental Financial Products, L.L.C., which specializes in developing and trading in new environmental, financial, and commodity markets. Environmental Financial also designs risk management and hybrid financial instruments that enhance the interrelationships between the capital, commodity, and environmental markets. Dr. Sandor is widely recognized as a founder of the interest rate derivatives markets now traded worldwide as well as catastrophe insurance derivatives. Most recently, he has designed revolutionary market mechanisms for   market-based environmental protection programs.

During 1997 and 1998 Dr. Sandor served as  Second Vice Chairman - Strategy for the Chicago Board of Trade. His responsibilities included both electronic trading and new products. Richard Sandor is currently a Director of NASDAQ LIFFE Markets (NQLX), and of American Electric Power, a Columbus-based public utility that provides electric power, telecommunication, energy efficiency and financial services. He is also a Director of the Zurich-based Sustainable Performance Group, an investment and risk management company which invests in pioneering and leading companies which have taken up the cause of sustainable business and a member of the design committee of the Dow Jones Sustainability Index. Dr. Sandor is a Director of Nextera Enterprises Inc., which provides consulting services on business strategy, economic analysis, and information technology and is also a Research Professor at the Kellogg Graduate School of Management at Northwestern University.

Prior to the creation of Environmental Financial, Dr. Sandor held senior executive positions in the financial services industry. He was a senior financial markets executive with Kidder Peabody, Banque Indosuez and Drexel Burham Lambert. For more than three years, he was Vice President and Chief Economist at the Chicago Board of Trade, where he became known as the "principal architect of interest rate futures markets". Richard L. Sandor was honored by the City of Chicago and the Chicago Board of Trade for his contribution to the creation of financial futures  and his universal recognition as the "father of financial futures".

Dr. Sandor has been a faculty member of the School of Business Administration at the University of California, Berkeley, and held a faculty position at Stanford University. He was a visiting professor of Finance at Northwestern University, and was named the first Martin C. Remer Visiting Distinguished Professor of Finance in the Graduate School of Management. He was recently Distinguished Adjunct Professor at Columbia University Graduate School of Business where he taught a course on Environmental Finance.

Dr. Sandor has served on numerous committees and boards including the Chicago Board of Trade, the Chicago Mercantile Exchange, the Banking Research Center of Northwestern University, the Columbia University Futures Center and the Board of Visitors of the International Program Center at the University of Oklahoma. He assisted the New York Mercantile Exchange on the design of the options contract for crude oil. He is also a member of the International Advisory Board of the Marché à Terme International de France (MATIF), the Financial Products Advisory Committee of the Commodity Futures Trading Commission. He also serves as a member of the Board of Directors of Bear Stearns Financial Products Inc. and its subsidiary Bear Stearns Trading Risk Management Inc. Dr. Sandor is a member of the Board of Directors for the Center for Sustainable Development in the Americas, and was an expert advisor to the United Nations Conference on Trade and Development (UNCTAD) on tradable entitlements for the reduction of greenhouse gas emissions. He was a participant in the working group for the Regional Clean Air Incentives Market for the South Coast Air Quality Management District, Los Angeles.

From 1991 to 1994, Dr. Sandor was a Non-Resident Director of the Chicago Board of Trade (CBOT) and was Chairman of its Clean Air Committee. That committee developed the first spot and futures markets for sulfur dioxide emission allowances and supervised the annual allowance auctions conducted on behalf of the U.S. Environmental Protection Agency. He also served as Vice Chairman of the CBOT Insurance Committee and was the originator and co-author of the catastrophe and crop insurance futures and options contracts.

Dr. Sandor received his Bachelor of Arts degree from the City University of New York, Brooklyn College, and earned his Ph.D. in Economics from the University of Minnesota in 1967.

Dr. Sandor has been involved in numerous civic and charitable activities. He is a member of the Board of Governors of the The School of the Art Institute of Chicago and is a Major Benefactor of  the Art Institute of Chicago. He is also currently a member of the Board of Directors of the International Center of Photography, New York.