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"Focuses around the dramatic transformation of trading that occurred throughout the 10-year period spanning 1996 to 2006, when, by and large, the modern futures exchange was born. . . Particularly enjoyable would be the colorful trading stories from Melamed's many decades at the exchange, such as the night of the 1987 stock exchange crash when one in the exchange's largest players had a tremendous margin call, and Melamed himself was expected to call the firm's chief executive to demand payment. "We would be the Chicago Mercantile Exchange," Melamed recalls saying on that 2 a.m. call. "And you owe us a billion dollars" . . . In the industry filled with colorful characters and inspiring stories, Leo Melamed stands out. His latest book is really a satisfying read for traders, innovators or young minds looking for their very own American dream." (Smartmoney.com)
"Chicago's success in the financial markets has got short shrift. That's too bad, as it's a great story. . . Leo Melamed continues to be in the heart from the tale for over 40 years . . " (The Wall Street Journal)
"After reading the book For Crying Out Loud: From Open Outcry to the Electronic Screen, one seems like he or she's got received an individual tour in the Chicago Mercantile Exchange from the founder of financial futures himself, Leo Melamed. . . [the book] leaves readers with a feeling they better understand the dynamics and values of the exchange and its particular members. And who better to possess your side about this historical journey compared to the man who stood at the helm, guiding the exchange every step from the way?" (SFO magazine)
History is full of new ideas and inventions which were once so revolu-tionary that these folks were initially rejected with the establishment. Milton Friedman defined this because the "tyranny with the status quo." But the Chicago Mercantile Exchange, now CME Group Inc., consistently defied the status quo to become a poster child for change. From the introduction of trading in live animals inside the 1960s to electronic trade supplanting of open outcry inside 1990s, the CME has consistently been around the cutting edge of innovation in defiance in the status quo.
Author Leo Melamed is the father of modern futures markets along with the person largely responsible for making the CME Group the success it's today. He is to futures what Thomas Edison was for the usage of electricity. Now, in For Crying Out Loud, Melamed covers not merely the revolutionary developments in futures markets since his previous book, but additionally the battles, personalities, and methods that transforled the futures markets through the open outcry birth to the electronic future—where technological and global issues are interwoven with financial markets.
Throughout these pages, Melamed discusses the values to companies and countries of the market that may hedge nearly every risk, also because the resulting benefits towards the standard of living of folks around the world. Younger crowd examines how financial futures have allowed investors to handle generalized risks, such as currency risk, to both reduce exposure or capture increased profits within a market structure that is free from failures and current debt-laden problems. Along the way, you'll become familiar while using trends, technology, and products that have shaped the entire world of futures and options, and find out what this dynamic and demanding industry may seem like in the years ahead.
In the midst from the unprecedented global financial meltdown—as marquee names from Merrill Lynch to AIG faltered or failed—the CME performed its operational functions with no hitch. How has got the "house that pork bellies built" achieved such a record of unparalleled success? How has it grown from the modest exchange trading livestock futures being the colossal global powerhouse of futures and options it really is today? It's fine here For Crying Out Loud!
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