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

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!

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!

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!

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!

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!