“Architectural Structures”

Remarks by Commissioner Bart Chilton before the CFTC International Symposium and Training Program: Regulation of Derivatives Products, Markets, and Financial Intermediaries for International Market Authorities, Federal Reserve Bank of Chicago, Chicago, Illinois

October 19, 2009

What a fantastic day to be here. Welcome to Chicago. The Windy City. Our second city, and what a great one it is.

I want to thank the Chicago Federal Reserve for, yet again, hosting us at this magnificent building. When this building was built it was described as a modern marvel. I t even boasted the largest vaults in the world.

Just down the street, the Chicago Board of Trade building was, from 1930 until 1965, the tallest building in the city. It is such a cool-looking art deco architectural structure. It was used in the movie Batman Begins as the headquarters of Wayne Enterprises, as was the Daley Center for the sequel, The Dark Knight.

As a kid in the 1970s, I lived across Lake Michigan from here. On clear days, I could see the skyline. That skyline has changed a lot with the new architectural styles and the new skyscrapers.

Changes in architectural design and structure have taken place all over the world. Think about the Oriental Pearl TV Tower in Shanghai, or the Petronas Twin Towers in Kuala Lumpur. They were, for many years, the tallest structures in the world—and they still are the tallest twin towers. They were also featured in that neat movie Entrapment with Sean Connery and Catherine Zeta Jones. You might remember they had to climb across the bridge that connects the towers. Taipei 101 is now the tallest occupied structure, but by the end of the year, the Burj Tower in Dubai will officially surpass it at 141 stories, or 2,684 feet, 818 meters

My point is, and I do have one, is this: structures and designs change all the time. We can appreciate those of the past, like this great building and others around the world, but progress continues, things change and we, as regulators, also need to be ready for structural changes.

Changes in design, changes in structure, these are the things that highlight the value of why we are here today. The conference will allow us to all better understand not only where we have been, but where we are going. How we each intend to guard against fraud, abuse and manipulation, and how we can better protect not only markets, but our economies and consumers are all important issues for this moment in time.

So, I couldn't be more pleased to welcome you all. As I said, we have a great program. I will be with you again in a little bit on a panel discussing carbon trading.

Thank you and welcome to Chicago.

Last Updated: June 10, 2010