The CFTC Observer Podcast: An Agency-Outsider's Perspective of the Derivatives Industry

An Industry Observer

Podcast series exploring the regulatory ecosystem of the derivatives industry and the Commodity Futures Trading Commission ("CFTC"). Follow us for discussions ranging from market participants to regulatory actors, industry basics to emerging trends, and any derivatives thereof! [This Podcast series represents the observations of the producer and various guests and does not represent the position of the CFTC in any capacity.]

  1. 3d ago

    Jonathan Marcus Catches Up with Elie Mishory

    In this episode, former CFTC General Counsel and current Senior Managing Director and General Counsel of CME Group Jonathan Marcus sits down with guest host Elie Mishory to discuss all things CFTC & derivatives related and more! Along the way, Jonathan describes his career pivot from the Solicitor General's office to the CFTC space, his time as General Counsel #14, including early crypto days and post Dodd-Frank regulation, career advice to junior lawyers, and other memorable moments.  Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!

    35 min

  2. May 27

    Elie Mishory & Prediction Markets with Matt Vegh

    In this episode, Elie Mishory, former General Counsel and Chief Regulatory Officer of Kalshi, sits down with guest host Matt Vegh to discuss all things prediction markets and more! Along the way, Elie describes how he got started in the derivatives space, some experiences from the being at the forefront of prediction market development, both from his time at the CFTC with Commissioner Quintenz and at Kalshi, insights into the ongoing discussion about “insider trading”, and other memorable moments, mentors, and milestones.  Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!

    55 min

  3. Mar 1

    Walt Lukken Previews FIA Boca 2026 with Elie Mishory

    In this episode, Walt Lukken, former Commissioner and Acting Chairman of the CFTC and current President & CEO of FIA, sits down with guest host Elie Mishory to discuss, among other topics, his experience as a former acting chairman of the CFTC, the FIA and its upcoming headline annual conference FIA Boca, what industry may expect to see coming from the CFTC under Chairman Michael Selig, and more! Walt also shares his experiences navigating challenges in leadership, including during the 2008 financial crisis, his view of the FIA’s role as stewards of institutional knowledge in an ever-evolving industry, and some advice for the new CFTC Chairman Selig and newcomers to the industry. Along the way, Walt emphasizes the value of collaboration and some of the memorable moments from past Boca conferences. Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!

    36 min

  4. Mar 1

    Gary Kalbaugh Discusses Derivatives with Matt Vegh

    In this episode, Gary Kalbaugh, Law Professor and Partner in private practice, sits down with guest host Matt Vegh, a 3L Law Student, to discuss Gary’s role as Editor-in-Chief of the Futures and Derivatives Law Report, the recent ABA Derivatives & Futures Law Committee Meeting, what to expect from the CFTC with a confirmed Chairman in place, and more! Along the way, Gary shares his initial Irish derivatives connection, advice to newcomers to the industry, and other memorable moments and milestones.  Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!

    36 min

  5. 11/10/2025

    Directing a Sprinting Enforcement Division with Brian Young

    In this episode, Brian Young shares some observations of what it was like to be the CFTC’s most recent Director of Enforcement, his time leading the CFTC’s Whistleblower’s program, early entry into the derivatives space from his time at the DOJ, and more! Brian’s tenure as Director of Enforcement overlapped with the CFTC’s recent enforcement sprint, and Brian shares some observations about how the DOE actioned on the CFTC priorities to make that sprint successful and industry’s response. Tune in to hear how the ‘crucible of trial,’ early mentors, and experiences as an Acting Director at the Department of Justice helped solidify Brian’s view that a successful enforcement action was one that led to just results, with no winners or losers.  Along the way, Brian discusses the importance of appreciating where you are in the moment, the importance of the Whistleblower program, and some tips of how to conquer the learning curve into this space.  Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!

    47 min

  6. 10/23/2025

    The CFTC's Pivotal Moment and What to Expect, featuring Carl Kennedy

    In this episode, Carl Kennedy shares his observations about the recent Futures and Derivatives Law Report Digital Asset Leadership Summit that he helped put together, his work as the managing editor for the 2025 Chambers Global Overview on Derivatives, and more!   Listen in to hear some perspectives and reflections from Carl’s initial entry to this space, from learning an almost new language while working with ISDA to leading the CFTC’s cross-border jurisdiction guidance in the wake of the Dodd-Frank Act and moving to private practice.  Digital assets and what to expect next from the CFTC at this pivotal moment in its history are top of mind as Carl also shares some candid observations gleaned from his fireside chat with Acting Chairman Pham at the recent leadership summit.  Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!

    44 min

  7. 09/29/2025

    CFTC and SEC Harmonization with Rob Schwartz

    In this episode, Rob Schwartz shares his take on recent CFTC and SEC regulatory harmonization. Along the way, the 16th General Counsel of the CFTC describes his first foray into the derivatives industry, milestone moments during his tenure at the agency, and excitement for the future for our favorite agency (#CFTC). Newcomers to the derivatives space - this may be your time to join and learn up quickly! Listen in to hear Rob's take on why and how. Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!

    33 min

  8. 09/26/2025

    Operational Resilience with Pamela Geraghty

    In this episode, we sit down with Pamela Geraghty of MPD fame to talk about her background, some of the exciting parts of her tenure at the CFTC, and specifically focus on the Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants that she had a large part in putting together and has recently been withdrawn by the CFTC, and what that means to the industry now. Pamela also shares some early career memories, impactful mentors, and appreciation for the close-knit derivatives bar. Enjoy the discussion and as always - Follow, like, share, and subscribe for more great CFTC or derivatives related content. If there is someone you’d like to see featured on the Podcast or a specific topic you want discussed, send your comments and suggestions our way!

    33 min
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Ratings & Reviews

5
out of 5
4 Ratings

About

Podcast series exploring the regulatory ecosystem of the derivatives industry and the Commodity Futures Trading Commission ("CFTC"). Follow us for discussions ranging from market participants to regulatory actors, industry basics to emerging trends, and any derivatives thereof! [This Podcast series represents the observations of the producer and various guests and does not represent the position of the CFTC in any capacity.]

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