Donald L. Horwitz

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Donald L. Horwitz
Don Horwitz.jpg
Occupation Managing Director
Employer Oyster Consulting
Location Chicago

Donald L. Horwitz is a managing director in the Chicago office of Oyster Consulting, a Virginia-based consultancy specializing in audit, compliance, financial, operational and technology for financial services firms.[1] He spent a brief time at Oyster in 2012 but left to become general counsel of Intellectual Property Exchange International (IPXI), and then the North American Derivatives Exchange (Nadex). He rejoined Oyster in April 2015.


Horwitz in 1974 began his career in the financial services industry with the Securities and Exchange Commission's New York regional office. He joined the legal department of Merrill Lynch, Pierce, Fenner & Smith, Inc., ultimately becoming general counsel of Merrill Lynch Futures, Inc.[2]

In 1988 Horwitz became general counsel at The Options Clearing Corporation and in 1997 became general counsel at Sakura Dellsher, Inc., a futures commission merchant. He also headed compliance for BrokerTec Futures Exchange and then of Eurex US, as a result of the merger of BrokerTec into Eurex US.

He also served as director/general counsel for global futures at ABN AMRO[3] and joined UBS AG as executive director and senior counsel for exchange-traded derivatives in their Chicago office as a result of UBS’s purchase of ABN AMRO’s global futures business in October 2006. From 2007-2011, Horwitz served as managing director and general counsel at single-stock futures exchange OneChicago.

Horwitz launched his own consultancy, Donald Horwitz Consulting, after leaving OneChicago in 2011.[4] In November 2011, he rolled his firm into Oyster Consulting. He left the consulting world in 2012 to become managing director and general counsel at the Intellectual Property Exchange International (IPXI), but left in May 2014 to become general counsel at Nadex.[5]

From 2012-2014, Horwitz also served as an adjunct professor of futures and derivatives law at Chicago Kent College of Law.


Horwitz has been actively involved in policy making for the industry through appointments as president of the FIA Law and Compliance Division, chairman of the Chicago Bar Association Derivatives Regulation Committee, editor of the Futures and Derivatives Law Reporter, chairman of the NFA's FCM Advisory Committee, member of the Derivatives Regulation Committee of the Association of Bar of the City of New York, and other industry and professional organizations. He is a member of the Illinois, Michigan and New York state bars.


Horowitz is a graduate of the University of Michigan and Wayne State University Law School.[6]