Jacob Morowitz – Open Outcry Traders History Project

John Lothian

John Lothian

Executive Chairman and CEO

Jake Morowitz came to the Chicago Board of Trade as a philosophy major and a member of the Students for a Democratic Society. A former professor recruited him to come work in the markets and he was hired as a researcher. He bought his first membership with the help of Leslie Rosenthal. He talks about his interaction with one of the FBI moles who was in the soybean pit. After leaving the exchange and spending some time in Paris, France, Morowitz returned to the exchange and formed USA Trading to help clear fellow traders. Today USA Trading is a division of INTL FC Stone. Here is Jake’s story of coming to the markets and trading in them.

Interview by John Lothian
Filmed by Mike Forrester
Edited by Patrick Lothian

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Wave Goodbye to Libor. Welcome Its Successor, SOFR

Wave Goodbye to Libor. Welcome Its Successor, SOFR

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Secured Overnight Financing Rate (SOFR)

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In a Bloomberg opinion piece, the chair of the Alternative Reference Rates Committee, a public-private committee convened and sponsored by the Federal Reserve, recommends institutions stop using Libor as quickly as possible and move to SOFR.

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