NEW YORK (HedgeWorld.com)--The board of directors of the National Futures Association named Daniel J. Roth it new president and chief executive, effective Jan. 1.
Mr. Roth, a lawyer who had been an assistant state's attorney in Cook County, Ill., joined the NFA in 1983.
"NFA is celebrating its 20th anniversary this year, and I am very proud of what we have accomplished over the past two decades," said outgoing president, Robert K. Wilmouth, in a statement Thursday. "But now is the time for new leadership and I believe the best man to lead the association into its third decade of operation is Dan Roth."
Over the last 20 years, trading volume on U.S. futures exchanges has increased more than 400%, but losses due to firm insolvencies have decreased only a little more than 90%.
Charles Nastro, chairman of NFA's board, said that the futures industry has been very fortunate to have Mr. Wilmouth at the helm. "I am delighted that his expertise will continue to be available to us as our special adviser," he added.
The board also appointed Daniel Driscoll the chief operating officer. Mr. Driscoll has been with the NFA since its inception and served as vice president of compliance until 2000, when he was promoted to executive vice president and chief compliance officer.
Earlier this year the NFA completed a reorganization, trimming its board down to 25 members from 45. (Previous HedgeWorld Story).