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This material was first published by Institutional
Investor Newsletter's Web Sites at http://www.wallstreetletter.com and http://www.derivativesweek.com.
November 15, 1999 VOL. XXXI, NO. 46
EXPERTS GREET INDUSTRY CHANGES WITH PLAUDITS,
SKEPTICISM.
THE GROUP
 Philip
McBride Johnson is head of the exchange-traded derivative practice
at Skadden, Arps, Slate, Meagher & Flom. From 1981-83 he
served as chairman of the Commodity Futures Trading Commission,
where he negotiated the "Shad-Johnson Jurisdictional Accord," a
blueprint for the regulation of financial derivatives, with his
counterpart at the Securities and Exchange Commission.
 Leo
Melamed is chairman and ceo of Sakura Dellsher and chairman emeritus
of the Chicago Mercantile Exchange. As chairman of the CME, Melamed
introduced foreign currency futures in 1972, creating the first
futures market for financial instruments. He also introduced GLOBEX,
the world's first electronic after-hours futures trading system,
in 1987.
 Merton
Miller is the Robert R. McCormick Distinguished Service Professor
of Finance Emeritus at the University of Chicago's Graduate School
of Business. He was awarded the Nobel Memorial Prize in Economic
Science in 1990 for his work in the area of corporate finance.
Miller is a public director on the board of directors of the Chicago
Mercantile Exchange.
 Richard
Sandor is chairman of Environmental Financial Products and Hedge
Financial, firms specializing in environmental and insurance derivatives,
respectively. He also served as second vice chairman of the Chicago
Board of Trade and, as chief economist at the CBOT in the early
1970s, was the principal architect of the interest-rate futures
market.
 Robert
Wilmouth is chairman of LaSalle National Corp./LaSalle National
Bank and president and ceo of the National Futures Association,
the industry-wide self regulatory organization for the futures
market. Prior to joining the NFA in 1982, he served for five years
as president and ceo of the Chicago Board of Trade.
EXPERTS
GREET INDUSTRY CHANGES WITH PLAUDITS, SKEPTICISM.
PART
I
DEMUTUALIZATION
PART
II
DEREGULATION
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