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CFTC Announces Appointment Of Michael Gorham As Director, Division Of Market Oversight

Date 26/06/2002

The Commodity Futures Trading Commission (CFTC) announced today the appointment of Michael Gorham as the first Director of the Commission's new Division of Market Oversight. His appointment is effective immediately.

Commenting on the appointment of Dr. Gorham, CFTC Chairman James Newsome stated, "I am extremely excited to announce this appointment which completes our senior team. I am confident that Mike's years of experience and accomplishments will be of tremendous value to our Commission and I look forward to working with him."

Under the agency restructuring announced on February 1, 2002, to facilitate the implementation of the Commodity Futures Modernization Act of 2000, the Division has regulatory responsibility for initial recognition and continuing oversight of trade execution facilities, including new Registered Futures Exchanges and Derivatives Transaction Execution Facilities. The regulatory functions of the new Division include, among other things, market surveillance, trade practice reviews and investigations, rule enforcement reviews, review of product-related and market-related rule amendments, and associated product and market-related studies.

Dr. Gorham comes to the CFTC from the Center for the Study of Law and Financial Markets, Illinois Institute of Technology (IIT), where he was Assistant Professor of Financial Markets and Director of Research and International Development. In addition to his responsibilities at IIT, Dr. Gorham was Managing Editor of the Journal of Global Financial Markets. Previously, Dr. Gorham was an international consultant on emerging markets and stock and derivative markets; held numerous senior positions with the Chicago Mercantile Exchange including Vice President, International Market Development; and was an economist for the Federal Reserve Bank of San Francisco.

Dr. Gorham, drawing on over two decades of extensive research, product development, marketing and international experience, has lectured on financial, energy and agricultural derivatives at conferences and seminars in 15 countries. In addition, he has authored over 50 business and finance articles for leading newspapers, journals, and magazines published in five countries.

Dr. Gorham received his B.A. degree in English Literature from the University of Notre Dame, an M.S. degree in Agricultural Economics from the University of Wisconsin, an M.S. degree in Food and Resource Economics from the University of Florida, and his Ph.D. in Agricultural Economics from the