Open Outcry Traders History Project

Kenny Polcari – Open Outcry Traders History Project Part 2

Kenny Polcari – Open Outcry Traders History Project Part 2

When Kenny Polcari started out at the New York Stock Exchange, “It was paper and pencil until the turn of the century,” he said. 

The exchange started to introduce handheld computers in the late 1990s, but it was only in beta, not full blown yet.  Everyone was preparing for Y2K. When Y2K happened and the technology didn’t fail, Polcari said, there was a push on the industry to move forward with modernization. They converted all the stocks over to decimals alphabetically, one at a time, over a six-month period, starting with the stocks named A to D. 

Kenny Polcari – Open Outcry Traders History Project Part 1

Kenny Polcari – Open Outcry Traders History Project Part 1

When he was young, Kenny Polcari wanted to be in politics – preferably to eventually be president of the United States. But, he said, “Thank God none of that came true.”

When he was 19, he interned on the floor of the New York Stock Exchange. He knew nothing about the business and was from Boston rather than New York. At first he thought, “Who wants to move to New York City in the summer as a 19-year-old kid?”  He was going to go back to Cape Cod and be a lifeguard.  But he thought about it and did his homework and said, “What’s the worst that can happen?” 

Options Veterans Forge New Path With Tried-And-True Strategy

Options Veterans Forge New Path With Tried-And-True Strategy

As its name suggests, Options Solutions is an options-centric asset-management firm that aims to increase the returns of investors’ portfolios with customized options strategies. JLN’s John Lothian and Suzanne Cosgrove recently interviewed the founders of the new enterprise, described by CEO Michael Brodsky as an early-stage, high-growth company. Team members are led by former CBOE Chairman and CEO Bill Brodsky, as well as Michael, his son, and options industry strategist Steve Sears.

Larry Abrams Part Two: Trader, “New York Jew” and Magician

Larry Abrams Part Two: Trader, “New York Jew” and Magician

Trader Larry Abrams Talks About His Career for the Open Outcry Traders HIstory Project

In part two of the JLN MarketsWiki Education Open Outcry Traders History Project interview with Larry Abrams, he talks about the emotionally draining market openings every day, his rather ugly experience in Kansas City opening a futures trading operation for Cooper Neff, options exercised out of the money, electronic trading, economic opportunity (and small worlds) and being a magician.

Yra Harris – Open Outcry Traders History Project – Part 2

Yra Harris – Open Outcry Traders History Project – Part 2

In the early days of the Chicago Mercantile Exchange, economic opportunity was phenomenal, said CME currency trader Yra Harris. ”I used to say it was like Jed Clampett [the character in the old TV series “The Beverly Hillbillies” who struck it rich] shooting at the ground and hitting oil.” It was a booming business.

Yra Harris – Open Outcry Traders History Project – Part 1

Yra Harris – Open Outcry Traders History Project – Part 1

Yra Harris was on a career track to become a college professor in the 1970s, earning a master’s degree in economics. But when he came home from school his parents gave him $250 for a suit and told him to go look for a job. He did, interviewing at Continental Bank, First Chicago and other banks, but he said he had “broader expectations,” as well as aspirations to go to Washington to work for a congressional committee. A family friend suggested he get an IMM (International Monetary Market) seat at the CME for $10,000, but it wasn’t until May 1977 that he got a membership.

Larry Abrams – Open Outcry Traders History Project – Part 1

Larry Abrams – Open Outcry Traders History Project – Part 1

Larry Abrams’ career started with a chance encounter on a ski lift which was prompted by a good deed. He and some friends helped to push a stranded car that was stuck during a blizzard in Park City, Utah. The next day on the lift line he was paired with the man whose car he had helped push out the night before, who happened to be an options market maker at the Cboe. By the time he got off the lift line, he knew that was what he wanted to do.

Peter Harrigan – Open Outcry Traders History Project – Part Two

Peter Harrigan – Open Outcry Traders History Project – Part Two

Peter Harrigan capped off his career as a floor trader on the CME and the Pacific Exchange in the middle of a bear market in 2002. Since then, he’s managed money, helped start up an AI company and traded cryptocurrencies, but he continues to speak fondly of his floor days, even the challenging ones.

John Lothian Newsletter

Today’s Newsletter

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

JLN Options Newsletter

Today’s Newsletter

Everything you need to know about Options Today

Pin It on Pinterest