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Tag Archives: CBOT

Billy Assimos, the Face of Ceres Blog

Along with the hand signals and colorful jackets, Ceres Cafe, the bar/restaurant housed in the Chicago Board of Trade Building, has long been a tradition in the Chicago trading world, and it has changed along with that world. For many traders and others who work in and around the building, Ceres has been like a second home – or second office – where they could go to catch up with other traders and brag or commiserate about the day’s trading action, gossip, eat, and enjoy the generous pours that the place is famous for (along with their famed oversized fried…

Paul-André Jacot; The Story of a Man, an Organization and a Conference; I Will Go To Bürgenstock This Year In Honor of Paul-André Blog,Regulation

Paul Meier, the longtime chairman and now honorary chairman of the Swiss Futures and Options Association, has written a tribute to his friend and SFOA colleague, the late Paul-André Jacot, who passed away last week. The tribute is about Paul-André, but it is also about the SFOA, its history and the Bürgenstock conference. While Paul-André has left this world for the next, the Bürgenstock conference still hangs on despite many predictions of its demise. The SFOA and Bürgenstock are part of my history too. Bürgenstock was my first overseas conference as the writer of this newsletter back in 2004. It…

Dear CFTC: Give Us 90 Days Blog,Commentary,Tech / HFT

CFTC

Some representatives from the CME Group trading floor at the Chicago Board of Trade don’t believe they are being heard by exchange leaders or regulators. More importantly, they don’t believe the interests of their customers are being heard. To rectify that, they are asking the U.S. Commodity Futures Trading Commission to delay the closing of the pits and to conduct a 90-day public comment period for the rule change the CME Group seeks to allow closure of the futures trading pits. The issue they are concerned about is something called “user-defined spreads.” There are customers across various trading pits and…

Larry Schneider: Reflections on a 60-Year Love Affair with Trading Floors and Open Outcry Blog

CME Group’s announcement to all but end open outcry was, as we all knew, never a matter of IF, but only of WHEN. I have spent a lifetime visiting and working on trading floors and believe I am in a unique position to wax nostalgically. I first stepped foot on the original CME floor at 110 N. Franklin in the early 1950’s, to visit my father and grandfather. Back then guests of members to could freely walk the floor and enter without an age restriction. I thrilled at being in the Visitors Gallery at the CBOT in the 1960s and…

Ray Cahnman, chairman, Transmarket Group – Me, Us & You: How Trading Works Video

“Opportunities today are even greater. Competition, however…is brutal. “ Ray Cahnman, chairman of Transmarket Group, begins his presentation with a list of books, movies and news stories he recommends that give a glimpse into the financial industry. He then discusses how he entered the financial industry and how the opportunities and challenges facing the industry have evolved. Cahnman remembers how trading used to be about the individual trader and how no one wanted to divulge their secrets to success. Today, trading has turned into a team effort, especially with the role technology is playing. Cahnman says that the trading ecosystem…

Pat Kenny, vice president of client relations, CQG – Transition from the floor to electronic trading, where are the opportunities? Video

“Build those relationships because those relationships last forever.” Dubbed “The Most Interesting Man in the World,” Pat Kenny, vice president of client relations at CQG, discusses his transition as a trader to his current role. After working as a water skiing instructor and bartender, Kenny found himself with an opportunity to become a runner on the floor of the Chicago Board of Trade. From there, Kenny took a position as a phone clerk and took customer orders. Eventually, he found his true passion of being involved with the sales side of the business. His experiences, combined with the network of…

Profiles: Lee Stern Interview,Video

Lee Stern has seen it all in his career – the highs of great markets and the lows of market scandal. After completing his military service in 1947, Stern enrolled in Roosevelt College and then found his way to the Chicago Board of Trade after answering an ad for a runner on the floor. From there, he began what has been a 65-year career as a trader, broker and member at the CBOT. Stern recalls the thrill of making his first spread trade and the low point in 1992, when a customer schemed to manipulate the bond market and lost…

Get Shorty: The Year Ferruzzi Spun A Soybean Tale Commentary,Financials

Doug Ashburn

Short crops, as the old saying goes, have long tails. In the case of the 1988-89 drought-shortened soybean crop, the other kind of tale also was told with Italians, a squeeze, lawsuits and a stuffed envelope. Twenty-five years ago today, July 11, 1989, the Chicago Board of Trade issued an emergency liquidation order for its soon-to-expire July soybean contract. That order was tied to a large accumulation of July beans by Italian processor Ferruzzi Finanziaria, S.p.A. And that CBOT move led to a two-day freefall in prices at the front end of the soy complex. And that was just the…

CME Europe CEO Robert Ray Passes Away Commentary

Longtime exchange and brokerage executive Robert Ray passed away Thursday of a cardiac arrest in Atlanta, according to sources. Bob Ray, 60, was serving as the CEO of CME Europe at the time of his death. He moved to London to run the exchange’s European and Asian business interests a couple of years after the CME Group bought the Chicago Board of Trade in 2007. Ray was a senior executive of the CBOT at the time the CME acquired them. Ray also worked in senior trading and derivatives business development roles with Robertson Stephens Inc., Dean Witter Reynolds Inc., Carr…