Melamed: For Crying Out Loud
is filled with new ideas and inventions that were once so revolutionary
that they were initially rejected by the establishment. Milton
Friedman defined this as the "tyranny of 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
in the 1960s to electronic trade supplanting of open outcry in
the 1990s, the CME has consistently been on the cutting edge
of innovation in defiance of the status quo.
Author Leo Melamed is the father of modern futures markets and
the person largely responsible for making the CME Group the success
it is today. He is to futures what Thomas Edison was to the use
of electricity. Now, in For Crying Out Loud, Melamed covers not
only the revolutionary developments in futures markets since
his previous book, but also the battles, personalities, and strategies
that transformed the futures markets from 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 a market that can hedge almost any risk, as
well as the resulting benefits to the standard of living of people
around the world. He also examines how financial futures have
allowed investors to manage 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 with the trends,
technology, and products that have shaped the world of futures
and options, and discover what this dynamic and demanding industry
may look like in the years ahead.
In the midst
of the unprecedented global financial meltdown---as marquee
names from Merrill Lynch to AIG faltered or failed---the CME
performed its operational functions with a hitch. How has the "house that pork bellies built" achieved
such a record of unparalleled success? How has it grown from
a modest exchange trading livestock futures to become the colossal
global powerhouse of futures and options it is today? It's
all right here For Crying Out Loud!
In Praise of
FOR CRYING OUT LOUD
with strong parents and a bit of luck, Leo Melamed has made
a remarkable escape from Nazi occupied Poland to building one
of the pinnacles of global finance. Over four decades and more,
he was the leading force in bringing his beloved "Merc" from
obscure trading pits for butter and eggs, and pork bellies to
a model of electronic efficiency, handling billions of financial
contracts, almost instantaneously with certainty of execution.
Leo's pride in the Merc's safeguards against risk are justified
by its sustained market performance in the midst of the financial
crisis. For Crying Out Loud is not only a fascinating
human story, but a remarkable tale of spurring innovation within
a framework of prudence."
--Paul A. Volcker
Melamed has written an adventure story worthy of Hemingway.
It's also a spy thriller and historic chronicle. It is the
defining account of modern change that comes to an industry
as old as Bedouins trading sheep on a dusty rock. Seen from
the ultimate insider, we glimpse a world unseen and unknown
to most of us. It is a very important work that could become
a business school bible."
--Bill Kurtis, Kurtis Productions, Ltd.
Melamed provides a brilliant description and analysis of the
history and evolution of Globex, the CME's electronic trading
platform that transformed the way futures are traded around
the world. He combines political intrigue, cooperative collations,
tradeoffs between personal and combined wealth incentives,
and innovative ideas necessary to change the course of history
of the CME. With myriad possible outcomes along the way, his
story reads at times like a wondrous mystery novel. Congratulations
on a marvelous book."
--Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus,
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