“I’m a plumber, and I’m proud of it,” Walt Lukken, the new president of the Futures Industry Association, told assembled global media at the opening of the derivatives trade body’s annual conference in Boca Raton, Florida yesterday, likening his new job to a man who has been brought in to “unclog” a few blockages and fix a few leaks.

Lukken, former chairman of derivatives regulator the Commodity Futures Trading Commission, was confirmed as the new president of the Futures Industry Association last month. His predecessor, John Damgard, served in the role for over 30 years, starting out when almost all trading was conducted on exchange floors.