Ronald Filler

Ronald Filler

Ronald H. Filler is a Bates Group affiliate expert in the area of financial services law. He has served as an expert witness on several major litigation matters relating to Futures, OTC Derivatives, Capital Markets, Securities, Margins, Clearing Issues, Energy Issues, Customer Asset Protections, Hedge Funds, Events of Defaults, Bankruptcy Issues, Suitability Issues, Theories of Agency Liability, and Supervisory Responsibilities of Financial Firms. Professor Filler has 35+ years of experience in the futures/derivatives/securities industries and has served in both business and legal capacities. Prof. Filler has worked on a variety of legal and regulatory issues throughout his career, with enforcement matters involving financial firms and with various financial products. He is a frequently requested speaker on trading and market regulation, both nationally and internationally, with recent appearances in Peru, South Africa, Mexico and Nigeria.

Professor Filler joined the faculty of New York Law School in 2008 as a Professor of Law and the Director of the Financial Services Law Institute. He was the Director of the LL.M. in Financial Services Law Graduate Program, which offered more than 40 courses involving various aspects of the global financial services industry. Professor Filler teaches several courses at NYLS, including Derivatives Market Regulation; Securities Regulation, International Financial Services Law; and Regulation of Broker-Dealers and Futures Commission Merchants. He has also taught several courses on derivatives law at three other U.S. law schools, the first such course was taught in 1977 at the Chicago-Kent College of Law. At Chicago-Kent, he was the Founder and Director of the Commodities Law Institute, which was the leading CLE provider on Futures Law between 1978 and 1995.

Before joining the NYLS faculty in the spring of 2008, Professor Filler was a Managing Director in the Capital Markets Prime Services Department at Lehman Brothers where he had principal responsibilities over a variety of business and regulatory matters. Before joining Lehman Brothers in 1993, he was a Partner and Member of the Executive Committee of Vedder Price Kaufman & Kammholz, a large Chicago-based law firm. He has spoken at several hundred conferences and seminars involving various financial regulatory issues, with a special emphasis on the Dodd Frank Act that was enacted by Congress in 2010 and its impact on the financial community and the public and on energy related issues.

Professor Filler currently serves as an Independent Public Director of the National Futures Association (NFA), the industry’s self-regulatory organization and the primary regulatory auditor of most financial institutions involved in derivatives, and serves on its Executive Committee. At the NFA, he has chaired a Special Committee which oversaw the audit practices and policies of the organization and serves on several other NFA committees. Professor Filler serves as an Independent Public Director of Swap-EX, a swaps execution facility owned by State Street, and serves as the Chair of its Regulatory Oversight Committee (ROC). He also serves as Public Director of GSCA, a company offering insurance and collateral management to clearing houses around the globe. He has previously served as Independent Public Director of NYSE Liffe US, a futures exchange previously owned by the New York Stock Exchange, and served on its ROC. Professor Filler has also served as the Chair of the Global Markets Advisory Committee of the U.S. Commodity Futures Trading Commission, the U.S. federal regulatory agency that oversees the derivatives markets. Throughout his 35+ years in the futures/derivatives/securities areas, he has served on several boards and advisory committees of U.S. exchanges and clearinghouses and other industry organizations.

Professor Filler has written extensively on issues involving the financial services industry, with a special emphasis on customer asset protections.


Credentials

EXPERIENCE

New York Law School, New York, NY, Professor of Law, Director of the Financial Services Law Institute and Program Director of the LL.M. in Financial Services Law, June 2008-Present

Lehman Brothers Inc., New York, NY, Managing Director and Director of Institutional Futures Administration, Capital Markets Prime Services Division, January 1993-May 2008

Vedder Price Kaufman & Kammholz, Chicago, IL, Partner, Senior Futures Lawyer and Member of Executive Committee, 1985-1993

Filler Weiner Zaner & Associates, a Futures Commission Merchant and Commodity Pool Operator, Chicago, IL, Managing Partner, 1980-1985

ContiCommodity Services Inc., a Futures Commission Merchant, Chicago, IL, Director of Managed Futures and Associate Counsel, 1977-1980

Moses Gibbons Abramson & Fox, Chicago, IL, Associate, 1976-1977

U.S. Securities and Exchange Commission, Washington, DC, Attorney, 1973-1976

EDUCATION

University of Illinois Champaign-Urbana Campus, B.A., Major, Political Science, 1970

George Washington University Law School, J.D. (with Honors), 1973

Georgetown University Law Center, LL.M. in Taxation, 1976

INDUSTRY LEADERSHIP

Member, Board of Directors (Public Director) of the National Futures Association (2010-Present); Member, Executive Committee of the National Futures Association (2014-Present); Member, Board of Directors of the National Futures Association (1983-1985)

Member, Governance Advisory Committee of the National Futures Association (2012-Present)

Member, Swap Advisory Committee of the National Futures Association (2011-2012)

Member, Swap Advisory Committee of the National Futures Association (2011-2012)

Member, Special Committee for the Protection of Customer Funds of the National Futures Association (2012)

Chair, Special Committee on BRG Recommendations, National Futures Association (2013)

Chair and Member, Global Markets Advisory Committee (GMAC) of the U.S. Commodity Futures Trading Commission (2012-2013); Former Member of GMAC 2004-2008)

Member, Board of Directors, GCSA, LLC (2012-Present), a company that provides insurance to Clearinghouses around the globe

Member, Board of Directors (Public Director) of SWAP-EX, a swap execution facility (SEF) owned by State Street Bank (2013- Present)

Chair, Regulatory Oversight Committee (ROC) of SWAP-EX (2013-Present)

Member, Risk Advisory Committee of New York Portfolio Clearing (2011-2013)

President (1998-2000), Secretary (1995-1998) and Member of the Executive Committee (1980-Present), FIA Law and Compliance Division

Member, Board of Trustees, The Clearing Corporation Charitable Foundation, a 501(c)(3) Organization (2007-Present)

Chair, Editorial Advisory Board of the NY Business Law Journal, a Publication of the Business Law Section of the New York State Bar Association (2009-Present)

Member, Board of Directors (Public Director) of NYSE LIFFE US, a subsidiary of NYSE EURONEXT (2010-2013)

Member, Regulatory Oversight Committee (ROC) of NYSE LIFFE US (2010-2013)

Senior Consultant, Allen & Overy, a large international law firm (October 2010-April 2013)

Member, Business Conduct Committee, New York Mercantile Exchange (2008-2011)

Member, Board of Directors, The Clearing Corporation (2005-2007)

Member, Clearing House Risk Advisory Committee, Chicago Mercantile Exchange (2006-2008)

Vice Chairman of BrokerTec Clearing Corporation (November 2002-December 2003)

Chaired Rules Committee of the BrokerTec Futures Exchange and BrokerTec Clearing Corporation, which commenced trading in late 2001

Chaired FIA Survey on Electronic Trading (2001)

Member, NFA Nominating Committee (1997 & 2000)

Member, Barings Task Force Study organized by the Futures Industry Association (1996)

Member, Risk Management Committee of the Futures Industry Association (1995)

Elected as one of the Best Lawyers in Illinois (1991)

Rated, AV, Martindale Hubbell Law Directory (1990-1993)

Chairman, Futures Law Committee, Chicago Bar Association (1986)

Chairman, Sub-Committee of Futures Commission Merchants of the Futures Regulation Committee of the American Bar Association (1985-1995)

Member, Board of Directors of the Futures Industry Association (1983-1985 and 2008-2010)

Member, Board of Directors of the MidAmerica Commodity Exchange (1983-1985)

Served as Moderator or Panelist on over 300 industry panels sponsored by American Bar Association, Chicago Bar Association, Chicago Kent College of Law, Futures Industry Association, Commodities Educational Institute

CFTC Program for International Regulators and other program sponsors (1978-Present)

Member of numerous industry advisory committees sponsored by the FIA Law and Compliance Division

Member, Chicago Board of Trade, Chicago Mercantile Exchange, New York Mercantile Exchange and other U.S. Exchanges (2003-2008)

PUBLICATIONS – LAW BOOKS AND ARTICLES

Co-Author of “Whistleblowers -- A Case Study in the Regulatory Cycle for Financial Services” to be published in the Journal of Law and Policy, Brooklyn Law School (Spring 2018)

Co-Author of “Ask the Professors -- How Will the Recent Supreme Court Decision in SEC v. Kokesh Affect Future SEC and CFTC Enforcement Actions?" published in the Futures & Derivatives Law Report (September 2017 issue)

Author of “Ask the Professor – What is the Impact of the Recent Ninth Circuit Case of Paul Somers v. Digital Realty Trust, Inc. on the Dodd-Frank’s Anti-Retaliation Provision Involving Whistleblowers?" published in the Futures & Derivatives Law Report (June 2017 Issue).

Co-Author of “Ask the Professors – Will the Recent Supreme Court Case in Salman Result in More CFTC Enforcement Actions Charging Insider Trading?" published in the Futures & Derivatives Law Report (March 2017 Issue)

“The 7th Circuit and Sentinel – Five Times a Charm” 36 Fut. & Deriv. L. Rep. 4 (April 2016)

“My Thoughts and Reflections on the Fifth Anniversary of the Dodd-Frank Act and Other Current Matters” 35 Fut. & Deriv. L. Rep. 12 (July 2015)

Co-Author of “The Flash Crash Case Against Sarao -- Will the CFTC Prevail?" 35 Fut. & Deriv. L. Rep. 12 (June 2015)

Co-Author of “Ask the Professors: What is the Impact of the Recent DC Court’s Decision in SIFMA et al. v. CFTC on the CFTC’s Cross Border Guidance?” Futures & Derivatives Law Report (October 2014).

Co-Author of Casebook on “Regulation of Financial Derivative Instruments (Swaps, Options and Futures)”, Published by West Academic (May 2014)“Ask the Professor: Did the 7th Circuit Properly Rule in Sentinel II?” 35 Fut. & Deriv L. Rep. (April 2014)

Co-Author of “Ask the Professors: Did the European Court of Justice Properly Rule By Dismissing the U.K.’s Attempt to Annul ESMA’s Regulation Banning Short Selling?” 34 Fut. & Deriv. L. Rep. 25 (March 2014)

“Ask the Professor:  How Will The Seventh Circuit Rule In Sentinel II?” 33 Fut. & Deriv. L. Rep 21 (November 2013)

“Ask the Professor:  What Is The Impact on MF Global From The Recent UK Supreme Court Decision Involving Lehman Brothers International (Europe)?” 32 Fut. & Deriv. L. Rep. 1 (April 2012)

“Ask the Professor:  “OMG!  What Did MF Global Do?” 31 Fut. & Deriv. L. Rep. (November 2011)

Consumer Protection: How U.K. Client Money Rules Differ From U.S. Customer Segregated Rules When A Custodian Firm Fails To Treat Customer Property Properly, 24 Journal of Taxation and Regulation of Financial Institutions 25 (May/June 2011)

“Ask the Professor:  Portfolio Margining – How Will Dodd-Frank Impact Its Utilization?” 30 Fut. & Deriv. L. Rep. 8 (November 2010)

“Ask the Professor:  What Is Margin And How Is It (Or Should Be) Determined?” 29 Fut. & Deriv. L. Rep. 15 (March 2009)

‘Ask the Professor:  Who Has, Or Who Should Have, Jurisdiction Over CDS Clearing?” 29 Fut. & Deriv. L. Rep., 11 (January 2009)

“Are Customer Segregated/Secured Amount Funds Properly Protected After Lehman?” 28 Fut. & Deriv. L. Rep. 1 (November 2008)                    

“Ask the Professor: Give-Ups After Griffin -- What Changes are Needed Now?” 19 Fut. & Deriv. L. Rep. 1 (March 1999)

ENERGY, OIL & GAS EXPERTISE

Ronald Filler is a recognized legal and regulatory expert and has written and spoken extensively on energy-related issues regarding futures and OTC clearing, exchanges, trading issues, client assets, bankruptcy, position limits, market manipulation/disruptive trading, documentation, registration, trade practices, supervision, net capital, risk management, high frequency trading, and more.

He has dealt with a variety of legal and regulatory issues throughout his career, including enforcement matters involving energy trading firms and energy products and also through providing consulting services to energy firms.

Mr. Filler is currently a Professor of Law and Director of the Financial Services Law Institute at New York Law School (“NYLS”). He is also a Member of the Board of Directors (Public Director) of the National Futures Association and its Executive Committee and has served as Chair and Member of the Global Markets Advisory Committee (“GMAC”) of the U.S. Commodity Futures Trading Commission.

Automat:ee