Bill Dudley – Open Outcry Traders History Project

John Lothian

John Lothian

Executive Chairman and CEO

MarketsWiki Education’s Open Outcry Traders History Project

Bill Dudley sat for an interview for John Lothian News’ MarketsWiki Education Open Outcry Traders History Project.

After a stint in the U.S. Army and a finance degree, Bill Dudley was hired on the bond desk of Merrill Lynch. He was not a trader, but an assistant who went for coffee. Dudley talks about the bond market and how it worked before the advent of futures and how he became one of the first people in Chicago to arbitrage between the futures and the cash bond markets. Dudley talked about how difficult it was for anyone other than a primary dealer to short bonds or Ginnie Maes. He tells the story about how Chicago’s futures markets narrowed the bid offer spread in the New York led cash bond markets. His best trade was a loss of $500,000 and he talks about nearly losing everything on a commercial paper trade. Dudley helped a lot of traders get started over the years at Paine Webber and Kidder Peabody. 

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Mike Cavanaugh – Open Outcry Traders History Project

Mike Cavanaugh – Open Outcry Traders History Project

Mike Cavanaugh found his way to the trading industry despite his degree in political science because he had a brother-in-law in the wheat pit at the CBOT. He did a summer internship working for “one of the more prolific wheat traders” and soon fell in love with the place. 

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