Version of Melamed Memoirs Slated in Effort to Further Development
of Financial Futures in China
Chicago Mercantile Exchange
May 27, 2004
May 27, 2004 – "Escape to the Futures," the published memoirs
of Leo Melamed (John Wiley & Sons), which was described by
Nobel laureate economist Milton Friedman as "a well-written,
fascinating memoir of a remarkable man," has been translated
into Chinese as part of an effort to further develop financial
futures markets in China. Mr. Melamed, Chairman Emeritus and
Senior Policy Advisor of Chicago Mercantile Exchange Inc. (CME),
the largest futures exchange in the United States, is recognized
as the "father of financial futures."
translation was sponsored by the Shanghai Securities Newspaper
Publishing House. Mr. Melamed will be speaking at a banquet hosted
by the Shanghai Futures Exchange (SHFE) in Shanghai on Friday,
May 28th to commemorate the event. Mr. Melamed and CME CEO Craig
Donohue are in Shanghai to participate in the Derivatives Market
Forum-Metals Market sponsored by SHFE.
am honored to be at this celebration and by the fact that the
Shanghai Securities Newspaper Publishing House undertook to publish
a translation of my memoirs," said Mr. Melamed in prepared remarks
for the banquet. "The Chinese language translation could not
have been possible without the special efforts of my friends
Yang Ke, Chen Hen, Jiang Yang, CEO of Shanghai Futures Exchange,
as well as the Chairwoman, Madam Wang Li-Hua of the SHFE."
book, co-written with the late, award-winning financial journalist
Bob Tamarkin, the CME historian, weaves together Mr. Melamed’s
life story with his reflections on the reconstruction of the
modern CME during some of the most momentous financial events
of the 20th Century.
marks the second translation of Mr. Melamed’s memoirs, which
will be used in Chinese universities as a resource for the development
of a futures market exchange and financial products. "Escape
to the Futures" was previously translated in Japanese and published
in 1997 by the Bank of Japan to help Japanese students better
understand futures markets.
royalties will be donated to the U.S. Holocaust Memorial Museum.
Mr. Melamed and his family fled the occupation of Poland in 1939.
Mr. Melamed’s 30 years of leadership, CME was transformed into
the world’s foremost financial futures marketplace. He is recognized
as the founder of the concept of financial futures, with the
introduction of foreign currency futures in 1972 and the launching
of the International Monetary Market (IMM). Mr. Melamed was appointed
by President Bush and President Clinton as a council member of
the U.S. Holocaust Memorial Museum, as was chosen by F. Richard
Ciccone, the former editor of the Chicago Tribune, among the
top ten Chicagoans in business during the 20th Century.
Mercantile Exchange Inc. (www.cme.com) is the largest futures
exchange in the United States. As an international marketplace,
CME brings together buyers and sellers on its trading floors
and GLOBEX® electronic trading platform. CME offers futures
and options on futures primarily in four product areas: interest
rates, stock indexes, foreign exchange and commodities. The
exchange moved about $1.5 billion per day in settlement payments
in the first quarter of 2004 and managed $38.1 billion in
collateral deposits at March 31, 2004. CME is a wholly-owned
subsidiary of Chicago Mercantile Exchange Holdings Inc. (NYSE:
CME), which is part of the Russell 1000® Index.
Mercantile Exchange, CME, the globe logo and GLOBEX are registered
trademarks of Chicago Mercantile Exchange Inc. Further information
about CME and its products is available on the CME Web site
David P. Prosperi, 312/634-8604
John Peschier, 312/930-8491
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