In the midst of reading about a protest against naming a new institute at the University Chicago for one of its best known Nobel laureates, Milton Friedman, I received an e-mail with a recent speech given by Leo Melamed, chairman emeritus of CME Group, to the Financial Innovation Conference at Vanderbilt University. This was quite ironic as Friedman was a hero to Melamed and played a central role in legitimizing the CME’s International Monetary Market (IMM), which transformed the futures industry from a niche agricultural market to one of global finance.
Melamed was standing up for free markets as surely Friedman would be doing if he were still alive.
