“Maker – Taker” is a market model that rewards market participants for offering liquidity – “making” – and penalizes them for “taking” market liquidity.


Many makers are also takers. It is the way of the markets, and the way of the world.


Are you a maker, or a taker? It is a good question to ask. While we all do both, it is our outlook that defines whether we are makers or takers.


For example, are you a market participant who just goes home at the end of the day, or do you find a way to give back to the industry that has blessed you so. Do you help mentor new colleagues? Do you participate in industry charitable endeavors? Do you teach a class somewhere about the markets? There are lots of ways to give back and to be a maker.


My experience has been the happiest people I know are “makers.” It is those who give.


The history of the markets of Chicago is one of great men and women giving in many ways. Leaders of the Chicago Board of Trade would become elected officials at the city, state or federal level. They would run school boards. It was civic leaders (examples: Thomas Dyer, Julian S. Rumsey, Charles L. Hutchinson), members of the Chamber of Commerce, in fact, that founded the CBOT.


Take Bill Brodsky for example. Today, the outgoing executive chairman of the CBOE is the chairman of the Northwestern Hospital board of directors. Brodsky is also the chairman of the organization that runs Navy Pier on behalf of the city of Chicago.


Brodsky came to Chicago, like many others, attracted to its markets and the opportunity in them. He helped the CME develop stock index futures and helped bring options trading to the CME. He also ran the CBOE and saw it through its IPO.


Brodsky was the first leader of a derivatives exchange to be named as chairman of the [[World Federation of Exchanges]] and was also the chairman of the International Options Markets Association (IOMA).


He represents the finest of the historic market figures of Chicago who gave their time and talents to make Chicago into the great city it is today, and the world a better place.


This evening at the Brodsky Family JD-MBA Lecture Series will be held at the Northwestern University Pritzker School of Law. CFTC Commissioner [[Sharon Y. Bowen]] will speak. It is just another way that Bill Brodsky, and his family, have found a way to give back to Chicago and the markets. It is a way for them to try to “make” the world a better place.


Bill Brodsky is a maker. How about you?

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