Interesting history of the Exchange I loved and worked at for 34 years beginning in 1973. I traded with Pat for many of those years during those times when he came over to the Soybean pit. Two points which I am amazed at aren't covered here: the 1973 Grain Robbery by the Russians and the loss of the CBOT Clearing Corporation during the late 1990s. That was why the CME became ascendant since the NY banks were finally allowed to take over the Clearing Corp from the Chicago-based traders and sole proprietors like myself, who formerly held voting control. The CBOT was forced to merge with the CME after Eurex took over the Clearing Corporation and gave the CBOT a very unpalatable ultimatum. Thankfully, Chairman Charlie Carey rescued the "independence" of the CBOT by going in with the CME, but at a loss of our preeminence and eventually our independence. Sadly, the CBOT was never the same after that. Those days will never be experienced again, and all of the great stories will be lost as one by one we pass from the scene.
Carl, thanks for the comments. I hope you are well. We recorded over 3 hours of video with Pat. There is more to come. We are also working on a History of Financial Futures, which will include exactly what you are talking about. We are also working on a series about The Path to Electronic Futures Trading. We hope the Open Outcry series will give us the bits of history from lots of people to be able to tell it well. I would be honored if you would sit for an Open Outcry Traders History series video.
He was my algebra teacher in my first semester in (Sullivan) high school - September, 1959. He looks older; I don't.
wow! That's fascinating.
Thank you Mr.Arbor, I have always supported you; appreciate you for all your help. Guess who's trading now?
Pat great job, Thank You for being a mentor for many decades :)
Thank you for your comment.
Interesting history of the Exchange I loved and worked at for 34 years beginning in 1973. I traded with Pat for many of those years during those times when he came over to the Soybean pit. Two points which I am amazed at aren't covered here: the 1973 Grain Robbery by the Russians and the loss of the CBOT Clearing Corporation during the late 1990s. That was why the CME became ascendant since the NY banks were finally allowed to take over the Clearing Corp from the Chicago-based traders and sole proprietors like myself, who formerly held voting control. The CBOT was forced to merge with the CME after Eurex took over the Clearing Corporation and gave the CBOT a very unpalatable ultimatum. Thankfully, Chairman Charlie Carey rescued the "independence" of the CBOT by going in with the CME, but at a loss of our preeminence and eventually our independence. Sadly, the CBOT was never the same after that. Those days will never be experienced again, and all of the great stories will be lost as one by one we pass from the scene.
Carl, thanks for the comments. I hope you are well. We recorded over 3 hours of video with Pat. There is more to come. We are also working on a History of Financial Futures, which will include exactly what you are talking about. We are also working on a series about The Path to Electronic Futures Trading. We hope the Open Outcry series will give us the bits of history from lots of people to be able to tell it well. I would be honored if you would sit for an Open Outcry Traders History series video.
In February never trade with the guy who has a tan! He has your $