John Lothian Profiles: A Look Back with Steve Staszak

John Lothian

John Lothian

Executive Chairman and CEO

Former CME Group Director of Clearing Operations Reflects on a Career that Spanned the Modern Futures Trading Era

Steve Staszak recently retired from the CME Group, where he was director of clearing operations.

Staszak began his career at the old CME Building on Franklin Street. He was there for the beginning of currency trading on the International Monetary Market and at the end for the launch of bitcoin futures.

John Lothian News sat down with Staszak for a look back at his career, which spanned the days of grains and meats to the modern era of futures trading and all the great events in between.

He talks about the innovations brought on by the 1987 stock market crash and his role in implementing them. He finishes with a statement of appreciation for Leo Melamed’s leadership at the CME and the impact it had on his career.

Crisis memory, geopolitics and the risks of financial contagion

Crisis memory, geopolitics and the risks of financial contagion

First Read Hits & Takes John Lothian & JLN Staff When Jack A. Wing died in 2011, I realized the industry was losing some of the pioneers of the financial futures era. Wing founded the masters program in financial engineering at the Illinois Institute of Technology,...

We visit more than 100 financial news websites daily (Would YOU do that?)

The Spread

More Trader History Videos

Veteran Trader George Hanley Reflects on Trading Career and Family Legacy in Part Three of Open Outcry Traders History Project Interview

Veteran Trader George Hanley Reflects on Trading Career and Family Legacy in Part Three of Open Outcry Traders History Project Interview

In the third installment of the Open Outcry Traders History Project interview series, veteran trader George Hanley dives deeper into his trading career, family legacy, and the evolution of his business ventures. Conducted by John Lothian News for the MarketsWiki Education series, this segment offers a comprehensive look at Hanley’s experiences and insights from his time on the trading floors.

George Hanley Reflects on Trading Career in Second Interview Segment of Open Outcry Traders History Project Interview

George Hanley Reflects on Trading Career in Second Interview Segment of Open Outcry Traders History Project Interview

In the second part of the Open Outcry Traders History Project interview with veteran trader George Hanley for the MarketsWiki Education series, Hanley shares insights into his dynamic trading journey.

Hanley was trading every month of soybeans at the MidAm and he was one of the few people at the exchange who figured out how to trade the expiring contract and take delivery, if need be. He opened the necessary banking lines, and one time the last day before expiration, he bought the market limit down and sold it limit up because others were afraid to get caught and have to take delivery, he said.

Veteran Trader George Hanley Shares Family’s Legacy in Trading at CBOT in Open Outcry Traders History Project Interview

Veteran Trader George Hanley Shares Family’s Legacy in Trading at CBOT in Open Outcry Traders History Project Interview

May 16, 2024 — In an interview for the Open Outcry Traders History Project, veteran trader George Hanley recounted the rich history of his family’s involvement with the Chicago Board of Trade (CBOT). The interview, part one of three parts conducted by John Lothian News for the  MarketsWiki Education video series, explored the Hanley family’s deep-rooted connections to the trading world, dating back to the early 20th century.

Sam Gaer’s Open Outcry History Was a Path To Electronic Trading

Sam Gaer’s Open Outcry History Was a Path To Electronic Trading

Sam Gaer’s foray into the futures industry began at the age of 15 when he sought a summer job and was recruited as a runner on the COMEX. Initially hesitant to wake up at 7 a.m. and commute from his suburban New Jersey home to New York, he swiftly relented upon learning of the $5 cash hourly wage.

His first day saw him working in the COMEX gold pit, running orders to brokers. Despite not really knowing what he was doing, by the end of the summer he had figured out how to chart prices. He also knew about taking orders from phone clerks, running them where they needed to go, what types of orders there were and where the more important orders went. He said, “I just kind of took to it.”