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Synopsis:
Goes straight to the source, revealing changes in the industry every futures traders must adapt their trading methods to. From mastering new methods for orders processing and trade execution to technology innovation and how the politics of the market exert influences in unexpected ways – keep on track with details from a market player.
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Jacket Description:
Traditional open-outcry futures trading is under attack. A flourishing over-the-counter derivatives market, combined with the technological innovations and convenience of electronic trading, threatens to replace the exchange-based trading system that has helped speculators build huge trading fortunes since 1848.
How can traders adapt to this markedly different-yet still amazingly lucrativemarket environment?
Masters of the Futures goes straight to the source, revealing in lively, thought-provoking discussions just what today's futures industry leaders think tomorrow will bring. These amazingly candid interviews will broaden your understanding of what makes the futures industry tick, strengthen your knowledge of technology's role in the years ahead, and give you an invaluable head start into the trading game of the next millennium.
Look to Masters of the Futures for insights and recommendations on:
-Pending regulatory and technological changes, and how they will affect your ability to trade
-The politics of the market, and how they can exert influence in unusual and unexpected ways
- New methods for the processing of orders and execution of trades, and how they can work to your advantage
- The differing goals and techniques of retail versus institutional investing
- Pathways to success in today's global markets-as seen by leaders of the Chicago, New York, London, Frankfurt, Paris, Sydney, and Hong Kong exchanges
- How the year 2000 (Y2K) computer issue will affect exchanges, traders, and the futures industry in general
Scott Slutsky, himself an influential member of the Chicago Mercantile Exchange as
well as a former member of its Board of Directors, was given unprecedented access to the visionary leaders who are setting the course for tomorrow's futures industry. Listen in as Pat Arbor discusses the many new trading opportunities being opened by electronic trading. Pull up a chair as Barry Lind describes why the new, smaller index contracts are ideal for individual investors. Hear how London's Jack Wigglesworth and Eurex's Jörg Franke feel the shift to the Euro will affect traders. Find out the thoughts of the legendary Jack Sandner on what the open outcry exchanges of today must do to remain competitive.
While money is the end result, information is the primary currency of futures trading. Broaden your understanding of what the global futures industry is all about, where it is going, and what you will need to succeedusing information supplied by heavy hitters from both the exchange and the brokerage viewpoints-with the timely and entertaining Masters of the Futures.
About the Author
Scott Slutsky is a former member of the Chicago Mercantile
Exchange's Prestigious Board of
Directors, one of the youngest members
ever to serve when he was elected in 1989.
Slutsky has been a
member of the Merc for 21 years, and owns and operates Vantage.
Commodity Corporation and Vantage Learning Center. He is a popular speaker at conferences and seminars around the country. Mr. Slutsky can be reached at slew I @aol.com, or visit his Web site at Vantagecorp.com.
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Table of Contents:
Foreword Leo Melamed, Chairman Emeritus,
Chicago Mercantile Exchange xi
Preface xv
Introduction: The Third Wave Darrell R. Jobman,
Former Editor-in-Chief, Futures Magazine xvii
Acknowledgments XXV
1. THE COMPETITIVE EDGE 1
Patrick H. Arbor, Chairman, Chicago Board of Trade
2. THE NEW BOARD OF TRADE 13
James J. Bowe, President and Chief Executive Officer, Board of Trade of the City of New York
3. THE OPTIONS ANGLE 25
William J. Brodsky, Chairman and Chief Executive Officer, Chicago Board Options Exchange
4. THE EUROPEAN FRONT 37
Jorg Franke, Chief Executive Officer, Eurex
5. BALANCING PAST AND FUTURE 47
M. Scott Gordon, Chairman of the Board of Directors, Chicago Mercantile Exchange
6. EDUCATING THE TRADER 55
Joel Greenberg, President, Alaron Trading Corporation
7. WINDOW TO CHINA 67
William D. Grossman, General Counsel, Hong Kong Futures Exchange
8. LEAVING A VISION 75
Hal T. Hansen, Former President, Cargill Investor Services Inc.
9. STRIVING FOR EFFICIENCY 91
Yra G. Harris, President, Praxis Trading and Arbitrage
10. VIEW FROM DOWN UNDER 101
Leslie V. Hosking, Chief Executive Officer and Director, Sydney Futures Exchange
11. THE RETAIL VOICE 107
Barry J. Lind, Chairman, Lind-Waldock & Co,
12. THE INSTITUTIONAL PERSPECTIVE 117
Laurence E. Mollner, President, Mariah Investment Company
13. EMERGING INTO THE FUTURE 127
James E. Oliff , Second Vice Chairman, Chicago Mercantile Exchange; Executive Director, International Futures & Options Associates
14. THE FRENCH EXPERIENCE 139
Gerard Pfauwadel, Former Chairman and Chief Executive Officer, Marche a Terme International de France
15. POSITIONING IN NEWYORK 145
Daniel Rappaport, Chairman and Chief Executive Officer, New York Mercantile Exchange
16. THE COOPERATIVE WAY 153
Leslie Rosenthal, Managing Partner, Rosenthal Collins Group
17. VISION FOR THE FUTURE 165
Jack Sandner, Past Chairman, Chicago Mercantile Exchange, President and Chief Executive Officer, RB&H Financial Services
18. CLEARING THE PATH 183
William R. Shepard, President, Shepard International Inc.
19. THE BATTLE FOR EUROPE 191
Jack Wigglesworth, Former Chairman, London International Financial Futures Exchange; Chairman, ABN AMRO Chicago Corporation (UK) Ltd.
20. IN SUMMARY: THE FUTURE OF
FUTURES 203
Scott Slutsky, President, Vantage Commodity Corporation
Appendix: Acronyms in This Book 211
Index 213
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