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“Markham, who is writing a book on commodities and securities manipulation, including wash trading, argues that the commission has been inconsistent for decades in its past enforcement.”

       ~ American Banker

Jerry Markham has authored and co-authored over a dozen books on financial services. His three-volume Financial History of the United States was selected as a Choice Magazine Outstanding Academic Title for 2002. Professor Markham’s most recent books cover the Enron era scandals, the subprime crisis and its antecedents, the Great Recession and the financial meltdown that occurred during the Covid-19 pandemic. In a book published in 2023, he analyzes the growth and development of cryptocurrencies and the application of existing financial services regulation to this new asset class.

Professor Markham has co-authored six law school casebooks on corporate law and financial services that have gone through multiple editions. He has also acted as a co-editor of two books addressing securities and derivatives regulation, including one published by the Oxford University Press in 2020.

Professor Markham is the author of a two-volume treatise on derivative trading practices. He has co-authored a two-volume treatise on broker-dealer regulation. His history of the futures markets was cited with approval by the Supreme Court of the United States.

Professor Markham has also published over sixty articles in law reviews and professional publications on a broad range of issues in financial services, including: hedge funds, manipulation, margin, clearing firm responsibilities, trading practices, and other derivative related issues. A detailed description of those books appears below.

Publications

Law Enforcement and the History of Financial Market Manipulation


2013


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A Financial History of the United States
From Enron Era Scandals to the Subprime Crisis (2004-2006),N.Y., M.E. Sharpe.


A Financial History of the United States
From the Subprime Crisis to the Great Recession (2006-2009), N.Y., M.E. Sharpe.

 

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Regulation of Derivative Financial Instruments (Swaps, Options and Futures)
West Academic (2014)
Ronald H. Filler & Jerry W. Markham

Research Handbook On Securities Regulation In The United States
co-editor with Rigers Gjyshi, Elgar Press (2014).

A Financial History of Modern U.S. Corporate Scandals
From Enron to Reform, M.E. Sharpe 2005.
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Cryptocurrency Regulation: A Primer, London, Edward Elgar Publishing (2023).

Book Chapters

Regulation of Commodities Trading 

Oxford U. Press (2020) (co-editor and author).

 

Commodities: Markets, Performance, and Strategies

Oxford U. Press (2018), Chapter 3.

Research Handbook on Securities Regulation in the United States

 co-editor and author of chapters 1, 9, 11, 13 and 16 (2014).

Reparations Proceedings Before the Commodity Futures Trading Commission

 Ch. 3 in Alternate Dispute Resolution in the Futures Industry (2013).

The Gavel Has Fallen: The Demise of Exchange Trading Floors and the Growth of ECNs,

Ch. 12 in Handbook of Research on Stock Market Globalization (with D. Harty, 2012).

Regulating Credit Default Swaps in the Wake of the Subprime Crisis

 Chapter 9 in International Monetary Fund, Current Developments in Monetary and Financial Law: Restoring Financial Stability – Current Developments in Monetary and Financial Law, Volume 6 (2012).

The Oxford Encyclopedia of American Political & Legal History

 (2012) (various entries).

Major Acts of Congress, N.Y. Macmillan Reference
2004
entries for Social Security, Commodity Exchange Act and Gold Act

Securities Regulation, London
1992
co-editor and author of chapters 8 and 10

Futures Trading Law and Regulation
London, 1993
author of chapter 10

Swaps and Off-Exchange Derivatives Trading: Law and Regulation
London, 1996
author of chapter 11

Studies of Chinese And Foreign Securities Law And Futures Trading Law and Case Analysis
Beijing, China, 1997
Contributor

Additional Book Publications

I. A Financial History of the United States

From Christopher Columbus to the Robber Barons (1492-1900), N.Y., M.E. Sharpe, 2002.

II. A Financial History of the United States

From J.P. Morgan to the Institutional Investors (1900-1970), N.Y., M.E. Sharpe, 2002.

III. A Financial History of the Unite States

From the Age of Derivatives into the New Millennium (1970-2001), N.Y., M.E. Sharpe, 2002.

A Financial History of the United States

From Enron Era Scandals to the Subprime Crisis (2004-2006), N.Y., M.E. Sharpe 2011.

A Financial History of the United States

From the Subprime Crisis to the Great Recession (2006-2009), N.Y., M.E. Sharpe 2011.

Corporate Finance: Debt, Equity, and Derivative Markets and Their Intermediaries

West Group, 2011 (1st- 3d editions with T. Hazen & J. Gabilondo).

Corporations and Other Business Organizations, Cases and Materials

West Group, 2016 (1st-3d abridged and unabridged editions with T. Hazen and 4th unabridged edition with T. Hazen and J. Coyle).

Mergers and Acquisitions

Cases and Materials, West Group, 2003, (with T. Hazen).

Regulation of Banking Financial Service Activities

Cases and Materials, Minn., West Group, 2011 (1st-4th editions with L. Broome).

The History of Commodity Futures Trading and Its Regulation

N.Y., Praeger Press, 1986.

Law Review Articles and Professional Publications

Securities and Exchange Commission vs. Kim Kardashian, Cryptocurrencies and the “Major Questions Doctrine,” 14 Will. & Mary Bus. L. Rev. 515 (2023).

Regulating Broker-Dealer Investment Recommendations—Laying the Groundwork for the Next Financial Crisis, 13 Drexel L. Rev. 377 (2021).

Securities and Exchange Commission vs. Elon Musk & the First Amendment, 70 Case W. Res. L. Rev. 339 (2020).

Regulating the Sale of Stock Exchange Market Data to High-Frequency Traders, 71 Fl. L. Rev. 1209 (2019).

Regulating the “Too Big to Jail” Financial Institutions, 83 Brook. L. Rev. 517 (2018).

Whistleblowers—A Case Study In The Regulatory Cycle For Financial Services, 12 Brook. J. of Corp. Fin. & Comm. L. 311 (2018) (with R. Filler).

Regulating the U.S. Treasury Market, 100 Marq. L. Rev. 188 (2016).

Regulating the Moneychangers, 18 U. Pa. J. Bus. L. 789 (2016).

The Capital Issues Committee—The First SEC? Financial History Magazine of the Museum of American Finance (Summer 2016).

Regulation of Commodity Futures and Exchange Traded Options, Bloomberg/BNA Securities Practice Portfolio Series No. 264 (2015).

The Flash Crash Case Against Sarao—Will the CFTC Prevail? 35 Fut. & Derv.   L. Rep. 12 (2015) (with R. Filler). 

The Financial Stability Oversight Council—Risk Manager or Debating Society? 33 J. Fin. Trans. 3 (Dec. 2011).

High Speed Trading on Stock and Commodity Markets From Courier Pigeons to Computers, 52 San Diego L. Rev. (2015).

Regulation of Swap and Other Over-The-Counter Derivative Contracts, Bloomberg/BNA Securities Practice Portfolio Series (2014).

Custodial Requirements for Customer Funds, 8 Brook. J. Corp. Fin. & Comm. L. 92 (2013).

Was Fur Spricht (SEC v. Goldman Sachs), Fin. Times (Germany), April 22, 2010 at 24.

Glass Steagall vs. Gramm-Leach-Bliley—A Test Match for the Bankers. – U. Penn. L. & Bus. J. – (2010).

SEC v. Goldman Sachs & Co.—Serious Fraud or Just More Banker Bashing, 30 Fut. & Derv. L. Rep. 8 (2010). Merging the SEC and CFTC—A Clash of Cultures, 78 U. Cinn. L. Rev. 537 (2009)

The Subprime Crisis—Some thoughts on a “Sustainable” and “Organic” Regulatory System, 4 F.I.U. L. Rev. 381 (2009).

For Whom the Bell Tolls: The Demise of Exchange Trading Floors and the Growth of ECNs, 33 J. Corp. L. 865 (2008) (with D. Harty)

Excessive Executive Compensation—Why Bother? 2 Maryland Journal of Business and Technology Law 1001 (2008).

Mutual Fund Scandals—A Comparative Analysis of the Role of Corporate Governance in the Regulation of Collective Investments, 3 Hastings Business Law Journal 67 (2006)

Clearing Firm Liability for the Acts of Introducing Brokers, 24 Futures and Derivatives Law Report 1 (2005).

The California Energy Crisis—Enron’s Gaming of Governor Gray’s Imperfect Market, 24 Futures and Derivatives Law Report 1 (2004) (with L. Hunt Jr.).

Market Manipulation—From Star Chamber to Lone Star, 23 Futures and Derivatives Law Report 7 (2003) (with L. Hunt Jr. & M. Sackheim).

Accountants Make Miserable Policeman: Rethinking the Federal Securities Laws, 28 North Carolina Journal of International Law and Commercial Regulation 725 (2003).

Super-Regulator: A Comparative Analysis of Securities and Derivatives Regulation in the United States, Great Britain & Japan, 28 Brooklyn J. Intl. Law 319 (2003).

Privatizing Social Security, 38 San Diego L. Rev. 747 (2001).

Banking and Insurance: Before and After the Gramm-Leach-Bliley Act, 25 J. Corp. L. 723 (2000) (with L. Broome).

Banking Regulation: Its History and Future, 4 N.C. Banking Institute 221 (2000). The CFTC Net Capital Rule — Should a More Risk-Based Approach be Adopted, 71 Chicago-Kent L. Rev. 1091 (1996).

Guarding the Kraal — On the Trail of the Rogue Trader, 21 J. Corp. L. 131 (1995).


Protecting the Institutional Investor — Jungle Predator or Shorn Lamb? 12 Yale J. on Reg. 345 (1995), reprinted, 1996 Securities L. Rev. 633. The North Carolina Journal of International Law and Commercial Regulation and International Course Offerings, 73 N.C.L. Rev. 805 (1995).

Commodity Exchanges and the Privatization of the Agricultural Sector in the Commonwealth of Independent States — Needed Steps in Creating a Market Economy, 55 Law and Contemporary Problems 119-155 (1992) (with A. Belozertsev in Moscow).  

 

The Commodity Exchange Monopoly — Reform is Needed, 48 Washington and Lee Law Review 977-1036 (1991). 

 

Federal Regulation of Margin in the Commodity Futures Industry History and Theory, 64 Temple Law Review 59-143 (1991). 

 

The Manipulation of Commodity Futures Prices The Unprosecutable Crime, 8 Yale Journal on Regulation 281-389 (l99l).

More on Transnor, 8 Oil and Gas Law and Taxation Review 223-27, Oxford England (1991) (with E. Bettelheim).

The Transnor Decision And Its Aftermath, 8 Oil and Gas Law and Taxation Review 7683, Oxford, England (l990) (with E. Bettelheim).

Regulation of Hybrid Instruments Under the Commodity Exchange Act Alternatives Are Needed, 1990 Columbia Business Law Review 159 (l990).

The Stock Market Crash of 1987 The United States Looks at New Recommendations, 76 Georgetown Law Journal 19932043 (1988) (with R. Stephanz).

Prohibited Floor Trading Activities Under the Commodity Exchange Act, 58 Fordham Law Review 152 (1989).

Germany’s Future in Futures, Futures and Options World, London, England, Issue 209 at 3336 (October 1988).

“FrontRunning” Insider Trading Under the Commodity Exchange Act, 38 Catholic University Law Review 69128 (1988).

The Federal Advisory Committee Act, 35 University of Pittsburgh Law Review 557608 (1974).

The Sale of Advisory Contracts Rosenfeld v. Black, 19 New York Law Forum 6182 (1973).

Judicial Review Of An Arbitrator’s Award Under Section 301(a) Of The LaborManagement Relations Act, 39 Tennessee Law Review 613645 (1972), reprinted, Corporate Counsel’s Annual 1973. Note, The Property Tax A Withering Vine, 60 Kentucky Law Journal 174208 (1971).

Comment, Labor Relations Section 301(a) Labor Management Relations Act and NorrisLaGuardia Act Collective Bargaining Agreement – No Strike Clause, 59 Kentucky Law Journal 755770 (1971).

Seatbelt Defenses in Brief, 36 Kentucky Bar Journal 5861 (1971).

Pollution It’s Your Baby, 5 Kentucky Commentator 69 (1971). (with W. Stevens).

Commodity Exchange Rule Approval Procedural Mishmash Or Antitrust Umbrella? Special Supplement, BNA, AntiTrust and Trade Regulation Reporter 18 (Jan. 14, 1976), and BNA, Special Supplement, Securities Regulation and Law Reporter (January 15, 1976) (with J. Schobel).

Commodity Options A New Industry Or Another Debacle? Special Supplement BNA, Securities Regulation and Law Reporter 120 (April 7, 1976) (with J. Schobel).

Self Regulation Under The Commodity Exchange Act Can The CFTC Make It Work? Special Supplement, BNA, Securities Regulation and Law Reporter 19 (September 1, 1976) (with J. Schobel).

Restrictions On Shared DecisionMaking Authority In American Business, 11 California Western Law Review 217254 (1975).

SEC Civil Injunctive Actions: A Reply, 6 Review of Securities Regulation 955961 (1973) (with Harvey Pitt), reprinted, Securities Law Review 1973, and New York Law Journal, Defending SEC Enforcement ActionsHow to Litigate Securities Problems (1974).

“Confederate Bonds,” General Custer,” and the Regulation of Derivative Financial Instruments, 25 Seton Hall Law Review 1 (1994).

United States: Continuing Education in the Commodity Futures and Securities Industries — The Ethical Nineties, 1994 Fut. & Derv. L. Rev. 1 (London 1994) (with K. Schobel).

The Application of West German Statutes to United States Commodity Futures Contracts: An Unnecessary Clash of Policies, 19 Georgetown Journal of Law and Policy In International Business 273324 (1987) (with William P. Rogers).

 

Recent Commodity Litigation, 19 Review of Securities and Commodities Regulation 93116 (1986).

 

Commodity Litigation Update 1984, 18 Review of Securities and Commodities Regulation 2143 (1985).

 

The Role of The Commodity Futures Trading Commission In International Commodity Transactions, 18 George Washington Journal of International Law and Economics 581629 (1985) (with K. Bergin); reprinted in part, Resources Policy 45, a publication of Butterworth Scientific Ltd., Surrey, England (March 1985).

 

Federal Regulation of Bank Activities In the Commodities Markets, 39 Business Lawyer 17191770 (1984) (with D. Gilberg).

Problems With Futures Trading, International Financial Law Review 2325 (May 1984) (with K. Bergin).

Commodities Litigation Developments 1983, 17 Review of Securities Regulation 945963 (1984) (with W. Marshall).

Customer Rights Under the Commodity Exchange Act, 31 Vanderbilt Law Review 12991348 (1984) (with K. Bergin).

Stock and Commodity Options Two Regulatory Approaches and Their Conflicts, 47 Albany Law Review 741791 (1983) (with D. Gilberg).

“Sunset” on the Commodity Futures Trading Commission: Scene II, 39 Business Lawyer 67100 (1983) (with D. Horwitz).

Washington Watch Stock Index Futures, 6 Corporation Law Review 5966 (1982) (with D. Gilberg).

Commodities Litigation Developments 1982, 15 Review of Securities Regulation 795806 (1982).

The Seventh Amendment and CFTC Reparation Proceedings, 68 Iowa Law Review 87122 (1982).

Standing In the Political Arena, 45 Albany Law Review 932957 (1981). Developments in Commodities Litigation 1981, 14 Review of Securities Regulation 843851 (1981).

Developments in Commodities Litigation, 13 Review of Securities Regulation 813831 (1980).

Investigations Under the Commodity Exchange Act, 31 Administrative Law Review 285327 (1979).

CFTC Emergency Powers, 12 Review of Securities Regulation 863870 (1979).

Injunctive Actions Under the Commodity Exchange Act, BNA, Securities Regulation and Law Reporter B1 to B15 (May 23, 1979).

Regulation of International Transactions Under the Commodity Exchange Act, 48 Fordham Law Review 129158 (1979).

Secondary Liability Under the Commodity Exchange Act Respondeat Superior, Aiding and Abetting, Supervision and Scienter, 27 Emory Law Journal 11151173 (1978) (with E. Meltzer).

The Nation’s “Commodity Cops” Efforts by the Commodity Futures Trading Commission to Enforce the Commodity Exchange Act, 34 Business Lawyer 1961 (1978) (with W. Schief).

Sunshine On The Administrative Process: Wherein Lies The Shade? 28 Administrative Law Review 463482 (1976).

CFTC Rules to Provide Legal Certainty for OTC Products, Futures Industry Magazine, Nov/Dec., 1992, at 20 (with W. Maitland).

Fiduciary Duties Under the Commodity Exchange Act, 68 Notre Dame Law Review 199 (1992).

Citations to Publications of Jerry W. Markham

Supreme Court

  1. Dunn v. CFTC, 519 U.S. 465 (1997)


Circuit Courts

  1. AER Advisors, Inc. v. Fidelity Brokerage Services, LLC, 921 F.3d 282 (1st Cir. 2019).
  2. Leist v. Simplot, 638 F. 2d 283 (2d Cir. 1980)
  3. CFTC v. Equity Fin. Group, 572 F.3d 150 (3d Cir. 2009)
  4. Point Landing, Inc. v. Omni Capital Int’l, 795 F.2d 415 (5th Cir. 1986)
  5. CFTC v. Zelener, 373 F.3d 861 (7th Cir 2004)
  6. CME v. SEC, 883 F.2d 537 (7th Cir. 1989)
  7. Karlen v. Ray E. Friedman & Co., 688 F.2d 1193 (8th Cir. 1982)
  8. Hill v. Bache, 790 F.2d 817 (10th Cir. 1986)
  9. Swabb v. Zagg, Inc. 797 F.3d 1194 (10th Cir 2015)
  10. Clayton Brokerage Co. v. CFTC, 794 F.2d 573 (11th Cir. 1986)


Federal District Courts

  1. Kim v. Financial Industry Regulatory Authority, Inc., 2023 WL 6538544 (D.D.C. 2023).

  2. Daneshrad v. Trean Group, LLC, (N.D. Ill. Feb. 14, 2022).

  3. United States v. Bases, 2021 WL 6621356 (N.D. Ill.).

  4. Troyer v. National Futures Association, 2017 U.S. Dist. LEXIS 107370 & 290 F. Supp.3d 874 (N.D. Ill. 2018)

  5. Bloomberg v. CFTC, 949 F. Supp.2d 91 (D.D.C. 2013)

  6. Stephenson v. Citco, Group, 700 F. Supp.2d 599 (S.D.N.Y. 2010)
  7. U.S. v. Radley, 558 F. Supp. 2d 865 (N.D. Ill. 2008)
  8. In re Methyl . . . 559 F. Supp. 2d 424 (S.D.N.Y. 2008)
  9. CFTC v. UForex Consulting, 551 F. Supp. 2d513 (W.D. La. 2007)
  10. U.S. v. Reliant Energy, 420 F. Supp. 2d 1043 (N.D. Cal. 2006)
  11. Nagel v. ADM Investor Services, 65 F. Supp. 2d 740 & 1999 U.S. Dist. LEXIS 12438 (N.D. Ill. 1999)
  12. In re Sumitomo Copper Litigation, 182 F.R.D. 85 (S.D.N.Y. 1998) & 189 F.R.D. 274 (S.D.N.Y. 1999)
  13. In re Soybean Futures Litigation, 892 F. Supp. 1025 (N.D. Ill. 1995)
  14. CFTC v. Standard Forex, 1993 U.S. Dist. LEXIS (19909 E.D.N.Y.)
  15. Burns v. Richfield Sec., 809 F. Supp.860 (D. Utah 1992)
  16. Berman v. Bache, 467 F. Supp. 311 (S.D. Ohio 1979)

U.S. Bankruptcy

  1. In re ScripsAmerica, Inc., 2021 WL 5745698 (BKR. D. Del.)

  2. In re Quiroz, 2018 Bankr. LEXIS 1103 (N.D. Ok.)

  3. King Louie Mining, 2014 Bankr. LEXIS ( N.D. Tex. 2014)

  4. In re MF Global, Inc., 2016 WL 270180 (S.D.N.Y.)
  5. In re MF Global, Inc. 2015 Bankr. LEXIS 1818 (S.D.N.Y.)


State Courts

  1. Poteet v. Levy, 2019 Tenn. Bus. LEXIS 1 (Chancery Tenn. 2019)

  2. Goodyear Tire & Rubber Co. v. Sanford, 540 S.W.2d 478 (Tex. App. 1976)

  3. Allegheny County v. Allegheny County Prison Emp. Independent Union, 381 A.2d 849 (Pa. 1978)

  4. Polillo v. Deane, 379 A.2d211 (N.J. 1986)

  5. South Harrison Tp. Comm. V. Board of Chosen Freeholders, 510 A.2d 42 (N.J. App. 1986)

  6. Green v. Green, 293 S.W. 2d 493 (S. Ct. Tenn. 2009)

  7. Drexel Burnham Lambert, Inc. v. Ruebsamen, 183 Misc. 2d 884 (S. Ct. N.Y. 1988)


Law Reviews

Cited in some 600 law review articles


Newspapers and Magazines

Quoted as an expert in: New York Times, Wall Street Journal, Business Week, Financial Times, the Washington Post, Reuters, Bloomberg and the American Banker.