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November 21, 2002
NFA Board appoints Dan Roth President and CEO
November 21, Chicago - The Board of Directors of National Futures Association today appointed Daniel J. Roth to serve as NFA's President and CEO, effective January 1, 2003. Robert K. Wilmouth, NFA's President since its inception in 1982, will remain at the Association in an advisory capacity. The announcement was made at NFA's Board of Directors meeting in New York.
"NFA is celebrating its 20th anniversary this year," said Wilmouth, "and I am very proud of what we have accomplished over the past two decades. But now is the time for new leadership and I believe the best man to lead the Association into its third decade of operation is Dan Roth."
NFA was founded in 1982 to strengthen the integrity of the U.S. futures industry, amid growing concerns about commodities investment fraud and firm insolvencies. Any firm or individual conducting business on behalf of the investing public on any U.S. futures exchange must be a member of NFA. The Commodity Futures Trading Commission, a federal regulatory agency with jurisdiction over futures trading, oversees NFA's activities.
"Under Bob's leadership and vision, NFA has progressed from a small, unknown organization to an internationally respected model for self-regulation," said Charles Nastro, Chairman of NFA's Board. "The futures industry has been very fortunate to have Bob at NFA's helm and I am delighted that his expertise will continue to be available to us as our Special Advisor."
During the two decades of Wilmouth's presidency, trading volume on the U.S. futures exchanges has increased more than 400 percent, while customer complaints have decreased by nearly 72 percent. Losses due to firm insolvencies have decreased more than 90 percent.
"NFA's commitment to market integrity and customer protection have had a dramatic impact on the futures industry," said James Newsome, Chairman of the CFTC. "NFA's success is due in no small part to Bob Wilmouth's leadership, which I will personally miss. Bob is clearly one of the most respected individuals in the industry."
Prior to joining NFA, Wilmouth served for nearly five years as president and chief executive officer of the Chicago Board of Trade. Wilmouth's professional life, however, began in the banking industry. During his 27-year career, Wilmouth held several positions, including President of Crocker National Bank in San Francisco and General Manager of First National Bank of Chicago's European operations. In 1966, Wilmouth was elected a Senior Vice President and assigned responsibility for construction of the bank's new headquarters building at First National Plaza in downtown Chicago. Even though he joined the futures industry in 1977, Wilmouth continued to serve the banking industry in various capacities at LaSalle National Bank and its parent company, ABN AMRO.
Roth joined NFA in 1983 as an attorney and was subsequently promoted to Assistant General Counsel in 1985, to General Counsel and Secretary in 1987, to Executive Vice President and Chief Operating Officer in 2000 and to his current position in May of 2001.
The Board also appointed Daniel Driscoll as NFA's Chief Operating Officer. Driscoll came to NFA in 1982 from the CFTC and served as Vice President of Compliance until 2000 when he was promoted to Executive Vice President and Chief Compliance Officer.
NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.