Jack Sandner

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John Francis (Jack) Sandner, was a lawyer, trader and a former CME chairman, who served as a director of CME Group from July 2007 to February of 2018. He passed away on March 11, 2021. 
Over the course of his career, he served as CME chairman for three separate terms. He was a member of the CME for more than 45 years.
He served on the boards of Virtu Financial, National Futures Association and the Dubai Mercantile Exchange on behalf of the CME Group.
Sandner stepped down from the CME Group board of directors at the end of his term in May 2018. Following his retirement, he served as a consultant for two years. He joined the board in 1978. 
In 2007, Sandner was inducted into the Futures Industry Association's Futures Hall of Fame, which was established in 2005 to commemorate outstanding contributions to the global futures and options community.
 
== Background ==
Previously he served as a director of CME Holdings' board since its formation in August 2001. From July 2003 to December 2012, he served as chairman of E*Trade Futures, LLC.
Sandner also served as special policy advisor to CME Holdings' board from August 2001 to October 2005 and to CME's board from January 1998 to October 2005. Previously, he served as chairman of CME's board for 13 years. He was chairman of the CME when the CME and Matif conducted a historic technology swap, swapping the CME's Clearing 21 clearing system in return for the SBF-Paris Bourse's NSC electronic trading system.. 
Sandner was president and CEO of RB&H Financial Services, L.P., which later became a division of MF Global, Inc., from 1985 to 2003. 
Sandner was a trustee of The University of Notre Dame, Rush University Medical Center, The Museum of Science and Industry of Chicago, and the Shedd Aquarium. He was chairman of The Cancer Institute at Rush University Medical Center and sat on the boards of National Futures Association and the Civic Committee of the Commercial Club of Chicago. He also was a member of the Economic Club of Chicago.
In 2007, Sandner donated to John McCain 2008 Inc., Hillary Clinton for President, Romney for President and Friends of Richard Durbin Committee.
== Proposal for Consolidated Financial Regulator ==
In 1993, Sandner proposed a significant restructuring of the U.S. financial regulatory system. Sandner advocated for the consolidation of all federal financial regulatory agencies into a single cabinet-level department.
This ambitious proposal aimed to merge several key regulatory bodies, including:
* Office of the Comptroller of the Currency
* Office of Thrift Supervision
* Federal Deposit Insurance Corporation
* Commodity Futures Trading Commission (CFTC)
* Securities and Exchange Commission (SEC)
* Securities Investor Protection Corporation
* Pension Benefit Guaranty Corporation
 
Additionally, the plan suggested incorporating certain regulatory functions from the Federal Reserve Board and the Department of Labor that were deemed nonessential to their primary operations.
Sandner's proposal was motivated by concerns about inefficiencies, duplication of efforts, and inconsistencies in the existing regulatory framework. Critics of the then-current system pointed to issues such as unnecessary duplication between the CFTC and SEC requirements, inefficient regulation where costs exceeded benefits, impediments to innovation, and an unlevel playing field due to differential regulation of similar entities.
Despite the bold nature of Sandner's proposal, the political debate surrounding the issue of regulatory consolidation ultimately resulted in the preservation of the status quo. The academic discourse acknowledged that while dual regulation might impose costs, it could also provide benefits through regulatory competition.
== Education ==
Sandner graduated as valedictorian from high school and received a Bachelor of Arts degree from Southern Illinois University. He held a doctor of jurisprudence degree from University of Notre Dame, where he also received the Law School’s Dean Clarence Manion and A. Harold Weber Awards and won the 3-year moot-court competition. While at Notre Dame, he earned a fellowship to the Law Science Academy, where he won the Dr. Ruth Jackson Award and graduated with high honors. In May 1994, Roosevelt University awarded him an honorary Doctor of Humane Letters degree.
In 1998, Sandner was a recipient of the Horatio Alger Award, and the CME named an endowed chair “Chicago Mercantile Exchange John F. Sandner Chair in Futures and Options Studies” at Northwestern University’s J.L. Kellogg Graduate School of Management.
In 2006, the University of Notre Dame awarded Sandner an honorary degree. Sandner and his family funded the single largest purchase of materials in the history of the Kresge Law Library, creating the John F. Sandner Family Law Library Collection, when the Chicago Bar Association (CBA) made its entire collection available for sale.
== Published Works ==
*Reinvigorating the Commodity Exchange Act by Closing the Treasury Amendment Loophole
== Registration Information ==
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== References ==	
Category:CME Group
Category:CME Group Board
Category:Former CME Chairmen
Category:Former Exchange Chairmen
Category:Introducing Brokers
Category:NFA Board of Directors Members
Category:Futures Hall of Fame Members
Category:Deceased