Washington, DC -- FIA President and CEO Walt Lukken today made the following statement on the passing of former CFTC Chairman Philip McBride Johnson:
“I am saddened to learn of the passing of futures law pioneer and former Chairman of the Commodity Futures Trading Commission Chair Philip McBride Johnson. Phil was a prominent member of the US derivatives bar for more than four decades and he left a lasting imprint on the futures industry. Early in his career, he helped draft key provisions of the Commodity Futures Trading Commission Act of 1974 that made the CFTC the sole regulator of the US futures industry. In 1981, while serving as CFTC chairman, he worked with John Shad, his counterpart at the Securities and Exchange Commission, to resolve disputes over which agency should regulate equity derivatives. The resulting agreement, known as the Shad-Johnson Accord, established a clear demarcation of the two agencies’ jurisdiction and allowed futures on broad-based stock indices to flourish under CFTC supervision. FIA honored Phil by inducting him into the Futures Industry Hall of Fame in 2009. Phil was a wonderful mentor to a generation of lawyers and market professionals who continue to carry his knowledge and passion for our industry forward. On behalf of FIA and its members, I send my condolences to the Johnson family.”
