“People need to be educated and told what derivatives can do.”
In the early 70s, the idea of listed options was presented to the New York Stock Exchange. When the exchange declined, the idea was brought over to Chicago. Dave Johnson, Director at Penson Worldwide, discusses the history of the futures industry, beginning with the opening of the CBOE. Johnson remembers regulatory issues the fledgling futures exchange encountered, as well as a financial crisis the industry overcame.
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“You can’t tell Derrick Rose or LeBron James he’s not allowed to fake out an opponent.”
Ben Van Vliet, Assistant Professor and Associate Director at the Illinois Institute of Technology, discusses the nature of competition in the financial industry and the impact of deception in the markets.
“I think the future is new products; the same way we grew the business before.”
“There’s a tension between a desire to win and the things you need to do to manage your trading system.”
“You have to work incredibly hard to survive. That’s a fact of being a rugby player, and that’s a fact of life.”