Publisher's Synopsis
The Good Sorcerer will be the story of financial creativity in the last 40 years and how financial innovation can be harnessed to combat the worlds environmental problems. Known as the father of financial futures, author Richard Sandor has been on the forefront of financial innovation since the early 1970s, when, as a young economist he developed interest rate futures contracts at the Chicago Board of Trade. Subsequently, Sandor helped create catastrophe bonds (to mitigate weather risk), and the sulfur dioxide trading system to reduce acid rain. In the book he will explain the process of creating new financial products and the equally important process of pioneering products to achieve widespread usage in the financial industry. Describing both his successes and failures, Sandor will provide unique insights into financial innovation, the globalized financial markets, and the bumpy road of the innovator. Sandor will also discuss the vision behind the Chicago Climate Exchange and how he believes it will play a critical role in reducing the world output of greenhouse gases. Sandor argues that market-based trading systems are a far more effective means of reducing pollutants than command-and-control dictates, and such trading systems ultimately may help find solutions to global water shortages, rainforest destruction, and endangered species. Filled with provocative ideas fascinating stories, and valuable lessons, The Good Socerer provides a snapshot of recent financial history and a vision of where were headed.
