The Clearing Corporation Foundation Endowed Fund

As a result of a generous $2 million gift from The Clearing Corporation Charitable Foundation, the IFM established an endowment to fund independent research that answers high-priority industry questions regarding the mechanics and risks associated with futures trading, market mechanisms, regulation among other topics.

Annually the IFM will award research grants to authors based on the topic areas defined in a Call for Papers, or jointly fund studies with other organizations that provide clarity on issues of concern to the financial industry. Investigative studies may be conducted by academics and/or industry professionals and will be used to educate market users, policy makers, regulators, academics, and other interested parties.

Research studies funded through the Call for Papers will be subjected to a peer-review process, a rigorous process that encourages authors to meet quality standards and avoid the dissemination of unwarranted findings, superfluous claims or interpretations, and personal views. Studies that successfully complete the peer-review process will be published in a special edition of the Review of Futures Markets, a financial journal.

The Advisory Committee also may elect to underwrite a singular special study, or jointly participate in a research program providing that the investigation and result produced meet the aforementioned quality and independence standards. For example, Institute for Financial Markets along with CME Group, the Futures Industry Association, and the National Futures Association jointly commissioned an independent study of the costs and benefits of adopting an insurance regime for the U.S. futures industry. The study was undertaken by by Compass Lexecon.

Members of the Advisory Committee include:

Peter F. Borish
Chairman and CEO, Computer Trading Corporation

John M. Damgard
Special Advisor, Futures Industry Association Inc.

Michael C. Dawley
Managing Director, Goldman, Sachs & Co.

Ronald Filler
Professor of Law and Director, Center on Financial Services Law, New York Law School

Walter Lukken
President, Futures Industry Association, Inc.

List of IFM-funded studies published to date.