News & Updates

Richard Sandor Presents a Proclamation to Mark Ruffalo

June 15, 2015

Presentation to Mark Ruffalo by Richard Sandor commending his artistic and environmental contributions.

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Ronald Coase Centre for Property Rights Research at the University of Hong Kong

May 8, 2015

Environmental Financial Products congratulates the opening of the Ronald Coase Centre for Property Rights Research at the University of Hong Kong on May 8, 2015. Special mention to its Director Prof. K. W. Chau for his effort to maintain the legacy of Professor Ronald Coase in China.

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Big Picture: Sandor Says Look Beyond US for Air and Water Markets

May 4, 2015

“Richard Sandor is one of the pioneers in financial derivatives and the environmental markets world as founder of the Chicago Climate Exchange. Now with his second book, Sustainable Investing And Environmental Markets, Sandor says this asset class has come a long way over the past 12 years but has a long way to go from here.”

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Congratulations to star Chicago Climate Exchange alumna Claire Jahns

February 19, 2015

Congratulations to star Chicago Climate Exchange alumna Claire Jahns on her appointment as assistant secretary for natural resources for climate issues at the California Natural Resources Agency

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Financial Futures and Environmental Markets pioneer Dr. Richard Sandor receives Chicago-China Award of Excellence

April 29, 2014

Financial Futures and Environmental Markets pioneer Dr. Richard Sandor receives Chicago-China Award of Excellence

(Chicago, April 15, 2014) The China Committee of Chicago Sister Cities International, which supports programs linking Chicago with the Chinese cities of  Shanghai and Shenyang, recognized economist and financial innovator Dr. Richard Sandor for his work as a world leader in market-based solutions to climate change and for helping create China’s first emissions exchange, the Tianjin Climate Exchange. The “Chicago-China Award of Excellence” was  presented at the Committee’s annual Lantern Festival gala event.

Dr. Richard Sandor is chairman and chief executive officer of Environmental Financial Products LLC, which specializes in inventing, designing, and developing new financial markets. 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).

While on sabbatical from the University of California, Berkeley in the early 1970s, Richard Sandor served as vice president and chief economist of the Chicago Board of Trade. It was at that time that he earned the reputation as the principal architect of the interest-rate futures market. Dr. 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.” In the early 1990s, he was Chairman of the CBOT’s 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.

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.” In October 2012 he was the recipient of the World Federation of Exchanges Award for Excellence. In July 2013 Dr. Sandor was named a Chevalier (Knight) in the French Legion of Honor. He is also the author of “Good Derivatives: A Story of Financial and Environmental Innovation,” The book is in its second printing and was published in Chinese by People’s Oriental Press. He is also the lead author of  “Environment Markets: A New Asset Class”, published by the Research Foundation of the CFA Institute.

Dr. Sandor and his wife Ellen are also major supporters of the Coase-Sandor Institute at the University of Chicago Law School. The institute, named after Nobel-laureate in Economics Ronald Coase, every summer hosts over a hundred Chinese legal scholars interested in the interplay of law and economics in areas such as the environment, health and education.

“I am truly honored and humbled to receive this award from the China committee of the Chicago Sister Cities International,” Dr. Sandor said. “My interest in China goes back to my childhood, inspiring what would become a life-long interest in the country and its culture. I had the privilege of later working in China in both finance and the environment. I truly believe innovations in these two areas can bring enormous benefits to the Chinese people and contribute to a stable, prosperous China in the 21st century.”

“The China Committee of CSCI is focused on working with Chicago companies, research universities and architectural and engineering firms to advance solutions to China’s water and air pollution issues,” said William Spence, Co-Chairman of the Chicago Sister Cities China Committee. “Dr. Sandor was instrumental in starting the first climate exchange in China in Tianjin, and his work has helped spur a wider acceptance of market-based mechanisms to address China’s environmental concerns. We are pleased to recognize him as a bridge between Chicago and China in this important global topic.”

Dr. Sandor is a Lecturer in Law and Economics at the University of Chicago Law School, and a visiting fellow at the Smith School of Enterprise and the Environment at the University of Oxford. He served as a distinguished professor of environmental finance at Guanghua School of Management at Peking University as well as a member of Guanghua’s International Advisory Council. He is also board member of Chicago-based Clean Energy Trust and serves as an advisory board member for the Smithsonian Tropical Research Institute and the Center for Financial Stability.

He 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. In 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 forhis pioneering work in the design and implementation of innovative and flexible market-based mechanisms to address environmental concerns. 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 he and his wife Ellen are major benefactors of the Art Institute of Chicago.