In part three of the JLN Open Outcry Traders History Project interview with Tom Hutchinson, the founder of Belvedere Trading, Hutchinson spoke about how he worked the brokers in the trading pit to get them to look his way more often.
He also talked about how he helped out other individual traders, including giving a big trader a poke when he saw a big trade they might be interested in.
Hutchinson says everyone in the pits were just trying to do their best and he did not see any illegal activity. There is some shouting and some fighting from time to time, but nothing more, he said.
Hutchinson said there many examples of great deeds that happened on the trading floor, especially around health issues.
He spoke about his own Belvedere Foundation to help different charitable organizations today.
Hutchinson talked about the life lessons he learned on the trading floor.
He also talked about who the big traders were that he followed on the trading floor.
He spoke about the importance of options exchanges, including educating Congressional leaders about the markets. He also confessed to not being good at market structure issues. He said he has people who are good at market structure who love it.
Hutchinson has not participated in exchange governance, though he knows it is important.
He talked about traders who made history, but said he had not.
He said he is agnostic about exchange competition, though he did enjoy it when his company participated in the boxing matches between exchanges.
Hutchinson talked about how Belvedere Trading grew. He talked about the importance of working on the market modeling, training the employees and continuing to invest in technology to grow the company.
He said Belvedere works with different trading teams to back them today.