In 2005, as part of the inaugural class, Wolkowitz was inducted into the Futures Industry Association's Futures Hall of Fame, which was established in 2005 to commemorate outstanding contributions to the global futures and options community. 
After teaching for several years in the Economics Department at Tulane University, Wolkowitz joined the staff of the Board of Governors of the Federal Reserve System in 1973. He ran the Financial Studies section, which was responsible for analyzing and briefing the board members on the impact of monetary and regulatory policy in the financial sector. He also chaired an interagency committee that wrote the regulations governing commercial bank involvement in the financial futures markets.
Wolkowitz's work at the Fed came to the attention of the New York Futures Exchange, which hired him in 1980 as the staff economist specializing in contract design.
In 1982, he was hired by Citigroup to head the marketing operation for its financial futures brokerage business. In 1985, he joined Morgan Stanley and held a number of senior positions in its fixed income division, including head of the division’s worldwide futures and options operation. Before retiring from Morgan Stanley at the end of 2000, he was responsible for all e-commerce investments and initiatives in fixed income.
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