CME alumni

 picture from australianfauna.com There’s been a handful of people from CME trading pits who went on to larger fame, perhaps most notably Mr Skin, but CME alumni also includes noted author Nassim Taleb who was registered as a floor trader for just under two years from 1991 to 1993.  Most colleagues from the floor weren’t around during his time or …

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U.S. Marines in the trading pits

The US Marine Corps will be celebrating their 235th anniversary in a week on November 10th and all Americans owe a debt of gratitude to their service.  I’m honored to have cousins who are Marines and if given another lifetime would like to become one myself.  It is humbling that the Marines could learn stuff from pit traders as they …

Exchange membership vs. Taxi medallion

 picture from freefoto.com An illustrative comparison between memberships at the Chicago Mercantile Exhcange and Chicago Taxi medallions.  For ease, the comparisons listed are between a full CME B-1 membership which allows trading in any pit, member margin rates and the lowest member fee rates in any legacy CME products.  The CME B-1 membership is the highest priced membership at the …

Trading floor order entry terminology on LIFFE

I just got back from London and while there, picked up this guide from a former LIFFE clerk which was put out by JP Morgan for it’s customers and floor staff on the proper terminology of orders on the LIFFE floor.  Enormous errors were always possible with order entry and execution so it was important to make as few mistakes …

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Lumber futures opening

Lumber futures opened on October 1, 1969 and rather than use a bell to open trading, trading began once the artificial tree was chopped down by lumberjack and hit the ground.  One thing that seems to be consistent from the contract launch is that noone under the age of 40 trades it. 

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Bookshelf

I’ve been meaning to do a long post on books regarding trading pit history but I really don’t have the time and since I feel guilty for being a infrequent blogger, just decided to take snapshots of my main trading bookshelf.  Most of the books are regarding the history of trading in the pits, the exchanges, contracts, etc…. but some …

Vive La France

I’ve managed to get all of the MATIF (Paris Bourse) hand signals recently and once the rare confluence of free time, motivation and sobriety all fall in line for me I’ll post them up.  The funniest which highlights the cultural differences between France and the rest of the world for example is the signal for Goldman Sachs which elsewhere is …