Michael Covel talks with Leo Melamed on today’s podcast. Melamed is a pioneer of financial futures, currencies, and stock indexes. Melamed became Chairman of the Chicago Mercantile Exchange in 1969. In 1972, under his leadership, the CME created the International Monetary Market (IMM), the world’s first financial futures exchange, and launched currency futures. He is currently Chairman Emeritus of CME Group (formerly the Chicago Mercantile Exchange). Melamed is also the author of Escape To The Futures. Covel and Melamed discuss overcoming odds; China’s futures markets; the middle class in China; Melamed’s experience meeting Milton Friedman and some of the lessons learned; Melamed’s early experiences escaping Nazi-controlled Poland, and eventually going to work for Merrill Lynch; stock futures; and the importance of speculation.