London Metals Exchange vid (UK's Telegraph)

End of an era for the London Metal Exchange?

The Telegraph posted the above 2 minute video regarding the future of the London Metals Exchange and noted that it's floor will have it's future 'reviewed' in 2015.  I've written previously about how I don't consider it a standard open outcry trading floor and how a tea party at a retirement home has more action than that floor but figured the above vid was worth posting. 

1995 WSJ article on hand signals

You'll have to click on the image to enlarge the article.

Floor based WSJ reporter Clifton Linton wrote the above 1995 WSJ article on how ubiquitous hand signals were for those who worked around the trading pits in Chicago.  The article also captures how hand signals permeated the lives of floor personnel which lead to uses in other aspects of life, including a comment by a trader's wife who mentions that her husband doesn't talk in his sleep but unconsciously uses hand signals, LOL. 

One note I'll add is that at the end of the article it mentions the bar Cactus which was enough of a trader hangout that it's original domain address was dontdrinkandtrade.com

Amsterdam Exchange

When it gets a little too quiet in the market like today, it's nice to hear the roar of an old trading floor.  The video below is not entirely the same for me however because the lingo is in a different language, not Dutch as trading was done in English on the Amsterdam Exchange, but equity options which are foreign to this futures guy.



Previously I wrote about the Amsterdam Exchange from which a different video is linked and it's surprising that the above video was posted on the official AEX youtube channel as exchanges tend to not showcase their floor based lineage.  LOL at 3:01 when a broker tightens a wide market which is jumped twice by a local.

The Pit - historical reenactment at the CBOT on Sunday

 (pictured above is a snippet of a late 19th century CBOT illustration out of Harper's, can click to enlarge detail)

A historical reenactment based upon elements of Frank Norris' 1903 book The Pit will occur on Sunday, October 20th from 3-4pm at the CBOT building. The presentation is being organized by highly regarded Pocket Guide to Hell tours who continue to recreate significant Chicago historical events, talks and tours.  This weekend's event is being held in conjunction w/the Chicago Architecture Foundation and their effort to spread insight and access to Chicago's architectural treasures.

I got an opportunity to get a peek at the script and it's excellent, entertaining and historically accurate...not to mention much better than anything I could create!  The aim of the event goes beyond Frank Norris' book to also explore Chicago's cornerstone industry of commodities trading which continues to operate without equal.  Various historians and narrators will be on site to enhance the event and it will likely be more boisterous than the actual trading which remains on the CBOT floor.

Part of the fundraising effort was done through hosting a couple Pit the board game tournaments at Chicago bars and the first one I was able to attend was a lot of fun.  The opportunity to take part in supporting the production remains and special edition futures contracts can continue to be obtained.

Nick Leeson ebay items

Nick Leeson teamed up w/an autograph dealer in the UK to offer various signed items listed currently on ebay with some, perhaps all, proceeds going to charity (can't tell clearly from listing).  I couldn't resist buying the above photo where he signed it "Who's Next?" knowing that there is an endless parade of individuals and entities who take on too much risk and are due for their own blow ups.

 Other phrases he signed items with are:
"NEVER AGAIN, THERES ONLY ONE ROGUE TRADER, ONE HELL OF A JOURNEY, WHO'S NEXT, NOBODY WILL FOLLOW THAT, and a very small amount of HOW LONG WILL YOU BE STAYING SIR? SIX AND HALF YEARS! which relates to Nick Leesons sentence!"

Here's a link to a print being offered
Nick Leeson Limited Edition signed autograph print Rogue Trader With Quotes

And also some signed court room sketches which are even a bit fringe for a history buff like myself
Nick Leeson Rogue Trader Signed Autograph Sketches From His Trial

I've remained extremely intrigued w/Leeson's story since I read of it in a TIME magazine during my freshman year of high school at a Kansas coffeeshop and hope to meet him for a pint someday.  (Nick if you're reading, email me!)  It's an unpopular opinion but I've got quite a lot of respect how he has confronted what happened, served his time in prison, beat cancer brought on by the stress of his situation and in general gotten on in life as best as possible.  What happened at Barings was clearly brought upon by his decisions but I can understand some of the circumstances which overwhelm in the markets although clearly nothing remotely on that scale. 

Probably mentioned this previously but I've got a couple Barings SIMEX jackets which were worn by his clerk YVE and his lead filling broker DIN.  

Printer proofs

Printer proofs for the book arrived from China and this is, I believe, the second to last step before final production as it showcases the layout as it'll be printed.  From my understanding once we approve these then we'll get a final set of proofs in a couple weeks which will represent the finished product.

Still no firm date on when it'll be available in print but for those who don't wish to wait, we've made an electronic version available via Apple's itunes bookstore which can only be viewed on the Apple ibooks app (best seen on the ipad).  Since the electronic version was uploaded, we've made some minor changes to the print version but in general the history is the same which is what matters. 

Trading Pit Hand Signals book on Itunes

Jonathan Toews rings the CME bell

Blackhawks captain Jonathan Toews 'opened' the CME today w/a bell ringing ceremony where he also brought the Stanley Cup along to the trading floor. The most important reason he came to the CME though was to seek out more hockey advice from the exchange's Chairman, LOL.

A half-hour into our conversation, Terry Duffy’s phone buzzes. It’s Blackhawks captain Jonathan Toews. The Hawks are down to Detroit, three games to one, and Duffy has some ideas for how Toews can shake free of Red Wings winger Henrik Zetterberg.
“Drop him early,” he says. “Put him on his back.”

- Chicago Grid article June 18, 2013