近五十年前，当特里·达菲（Terry Duffy）开始在芝商所（CME）工作时，美国商品期货交易委员会（Commodity Futures Trading Commission）几乎还处于崭新阶段。
在该交易所的职业生涯中，这位交易领域的传奇人物见证了金融监管的大量巨变，其中包括预测市场的兴起、全天候交易以及永续期货。
The Commodity Futures Trading Commission was practically brand new when Terry Duffy started working at CME almost five decades ago, and over the course of his career at the exchange, this legend of the trading world has seen an enormous amount of change when it comes to finance regulation, including the rise of prediction markets, 24/7 trading and perpetual futures.
达菲将于明年卸任首席执行官一职，这次在芝加哥城市酒庄（City Winery）现场录制的对话堪称一次离职访谈。他向我们讲述了自他进入芝商所以来监管是如何演变的。
Duffy is set to transition out of his current position as CEO next year, and this conversation, recorded live at City Winery in Chicago, is a sort of exit interview. He tells us how regulation has evolved since the start of his time at the CME.
我们还讨论了他为何反对永续合约、预测市场面临的信誉问题、他所定义的价差与期货的区别，以及在行将退休之际，他希望自己在职业生涯之初就懂得哪些道理。
We also talk about why he is against perps, the credibility issues prediction markets face, his definition of spreads versus futures, and what he wishes he knew at the start of his career, now that he is nearing retirement.