Richard L. Sandor, Ph.D., Dr., Sc.h.c.
Richard L. Sandor is chairman and chief executive officer 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). He is also the author of Good Derivatives: A Story of Financial and Environmental Innovation, published in 2012.
A financial innovator known as the “father of financial futures,” he has been at the epicenter of environmental and financial markets for more than four decades. He founded what became the Climate Exchange family of companies including: the Chicago Climate Exchange (CCX), the world’s first and North America’s only voluntary, legally binding greenhouse gas cap-and-trade system; the Chicago Climate Futures Exchange (CCFE), the world’s leading futures exchange for environmental products; and the European Climate Exchange (ECX), Europe’s leading exchange operating in the European Union Emissions Trading Scheme. Additional global affiliates included the Tianjin Climate Exchange in China, the Montreal Climate Exchange in Canada and Envex in Australia. In August 2002 TIME Magazine chose Sandor as one of its “Heroes for the Planet” for his work as the founder of the CCX. In October 2007 Dr. Sandor was honored as one of TIME Magazine’s “Heroes of the Environment” for his work as the “Father of Carbon Trading,” and in October 2012 he was presented with the World Federation of Exchanges Award for Excellence.
Sandor is a Lecturer in Law at the University of Chicago Law School, a Visiting Fellow with the Smith School of Enterprise and the Environment at the University of Oxford, and a Distinguished Professor of Environmental Finance at the Guanghua School of Management at Peking University. He is also a member of the International Advisory Council of Guanghua School of Management at Peking University and a member of the TERI School of Management Advisory Committee in India. Sandor previously taught at the University of California, Berkeley, Stanford University, Columbia University Graduate School of Business and the Kellogg Graduate School of Management at Northwestern University.
While on sabbatical from Berkeley in the early 1970s he served as vice president and chief economist of the Chicago Board of Trade (CBOT). It was at that time he earned the reputation as the principal architect of the interest-rate futures market. Sandor was honored by the City of Chicago in 1992 for his contribution to the creation of financial futures and his recognition as the “father of financial futures.”
In November 2004, Dr. Sandor was the recipient of an honorary degree of Doctor of Science, honoris causa, by the Swiss Federal Institute of Technology (ETH) of Zurich, Switzerland for his pioneering work in the design and implementation of innovative and flexible market-based mechanisms to address environmental concerns. In May 2005, Dr. Sandor was named by Treasury and Risk magazine as one of the “100 Most Influential People in Finance.” He is also the recipient of the 2008 Financial Management Association’s Outstanding Financial Executive Award, the Ernst & Young’s Entrepreneur of the Year 2009 Award in the “green” category, and was honored by the Environmental Markets Association with its 2010 John H. Dales Memorial Leadership in Environmental Markets Award.
From 1991 to 1994, Sandor was chairman of the CBOT Clean Air Committee, which 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.
Prior to the creation of the Chicago Climate Exchange, Sandor was a senior financial markets executive with Kidder Peabody, Banque Indosuez and Drexel Burnham Lambert. Sandor is currently a director of American Electric Power, as well as a board member for Clean Energy Trust and an advisory board member for the Center for Financial Stability.
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. He is involved in numerous civic and charitable activities. He is a member of the Board of Governors of the School of the Art Institute of Chicago and is a major benefactor of the Art Institute of Chicago.
Mr. Clark is Managing Director of Environmental Financial Products (EFP), LLC. Prior to his work at EFP, Mr. Clark was Senior Vice President and Managing Director of Offset Programs for Chicago Climate Exchange (CCX). In that capacity, Mr. Clark managed the process of defining and implementing project-based emission reduction initiatives.
Working closely with the CCX Offsets Committee, project implementers, aggregators and verifiers, Mr. Clark helped build the CCX Offsets portfolio into a globally diverse set of environmental service providers in multiple economic sectors.
Mr. Clark provided strategic leadership on research related to the CCX offsets markets and was the chief liaison for grant related activities on offsets. Mr. Clark also participated in product innovation, design and maintenance for futures and options contracts on offsets. Mr. Clark served as Chair of the Subcommittee on Permanence for the Novecta Soil Carbon Sequestration Standards Committee and was a member of the Greenhouse Gas Evaluation Task Group of the American National Standards Institute.
Mr. Clark was a research associate in the Department of Agricultural Economics at the University Of Kentucky College Of Agriculture. While receiving his M.S. in Agricultural Economics his research focused on the environmental impacts of the U.S. Federal Crop Insurance Program. His masters thesis, “Investigating the Relationship Between Yield Risk and Agri-Environmental Indicators” can be found on the web at:
Mr. Clark holds a Master of Science in Agricultural Economics and a bachelor’s degree in Natural Resource Management from the University of Kentucky.
Murali Kanakasabai, Ph.D.
Murali Kanakasabai is Managing Director with Environmental Financial Products (EFP), LLC. Prior to joining EFP, Dr. Kanakasabai served as Senior Vice President with the Chicago Climate Exchange (CCX) and its affiliates where focuses on research and education in greenhouse gas emissions markets, new product innovation, management of emission offsets and International business development.
Dr. Kanakasabai is also extensively involved in strategic international environmental initiatives especially in India. He was the CCX’s lead business development liaison in South Asia where he was responsible for capacity building and recruitment of over 150 Indian companies to access the CCX Greenhouse Gas markets. He served as the primary technical expert in the design of the India Climate Exchange, a voluntary trading program in development for South Asian corporates. Dr. Kanakasabai also serves as member of technical steering committee for a voluntary India energy efficiency market being developed by the British High Commission.
Dr. Kanakasabai has worked extensively on impact of climate change on U.S. agricultural productivity and subsequent potential of U.S. farmers to adapt to adverse climatic shocks. Within CCX, he has led the effort on land use change and forestry based offsets. Along with CCX’s research team, Dr. Kanakasabai developed, with a team of experts, a set of guidelines and procedures for inclusion of agriculture and forest based sinks in the carbon market as tradable commodities.
Prior to joining CCX, Dr. Kanakasabai researched agricultural risk management and climate change at the University of Kentucky. He has also worked on applied economic research examining the economics and environmental aspects of precision agriculture, weather derivatives markets, and rural development with emphasis on rural entrepreneurship.
He is frequently invited to speak at industry conferences and educational seminar around the world and has contributed extensively literature on environmental markets. He is author of a book on Farm Adaptation to Climate Change.
Dr. Kanakasabai has lectured at the Lexington Community College and at the University of Kentucky. He holds a Ph.D. in Agricultural Economics and Master in Economics from The University of Kentucky, a MS in Agricultural Extension from the Indian Agricultural Research Institute, India and a BS in Agriculture from Tamilnadu Agricultural University, India.
Rafael L. Marques
Rafael Marques is Managing Director of Environmental Financial Products. Prior to this position Marques served as Senior Vice President of the Chicago Climate Exchange (CCX) where he was actively involved in all phases of the feasibility and design phases of the Chicago Climate Exchange and worked on the program’s membership outreach and expansion into Latin America . He also worked in research relating to business opportunities in carbon sequestration and sustainable forestry management.
He was also actively involved in the development and implementation of CCX international activities and joint ventures. Marques previously worked as a researcher at the Brazilian Embassy in Washington, where his responsibilities included research and analysis of trade-related issues. Marques was also a lecturer in Economics at the University of Illinois, Chicago.
Marques attended several Conference of the Parties to the United Nations Framework Convention on Climate Change as both a delegate and presenter. He has lectured on the subject of market-based solutions to environmental problems at Northwestern University, the University of Illinois, Brazil, India and China. He co-authored articles on the Chicago Climate Exchange published by the United Nations Conference on Trade and Development and by Britain’s Royal Society.
Marques is a native of Brazil and holds a Bachelor of Arts degree from Luther College and a Master’s degree in Economics from the University of Illinois at Chicago. He also studied for one year at the University of Nottingham (England) under an honors program.