Man of the Futures : The Story of Leo Melamed and the Birth of Modern Finance / Leo Melamed.

Format:

Book

Author/Creator:

Melamed, Leo, author.

Language:

English

Subjects (All):

Capitalists and financiers--Biography.

Capitalists and financiers.

Physical Description:

1 online resource (340 pages)

Place of Publication:

La Vergne : Mensch Publishing, 2023.

Summary:

As the founder of financial futures and initiator of Globex, the world's first global electronic trading system, Leo Melamed revolutionized the finance industry. Man of the Futures, his definitive memoir, recounts Melamed's journey from Holocaust survivor and accidental runner at the Chicago Mercantile Exchange (CME), to one of the most prominent leaders in the world of finance. At 33, Melamed gave up a promising law career to pursue his dream of becoming a full-time pit-trader at the CME. He quickly ascended the ranks to become chairman. From there, he set out to disrupt the status quo and ultimately transform both the exchange itself and the broader finance industry. Through daring to embrace innovative ideas many considered absurd, Melamed was a pioneer, continually fighting for modernisation in the financial markets through diversification and the introduction of new technologies. Covering the internal battles waged within the CME, the launch of the International Monetary Market (IMM) and the rise of Globex, this enthralling autobiography details the struggles, scandals and triumphs of a visionary in his field. Together with behind-the-scenes reminiscences about the financial markets, this narrative delves into Melamed's philanthropic work at the US Holocaust Memorial Museum, as well as his fascinating dealings with political figures at home in Chicago, at the White House, and around the world in China, Japan, Singapore, Great Britain, Russia, South Korea, and Brazil. . Man of the Futures offers exclusive access to the rationale behind some of the biggest financial decisions and dealings in the late 20th and early 21st century. Join Leo Melamed for this fascinating and revealing story of a life lived in pursuit of the future. -- Provided by publisher.

Contents:

Intro

Contents

Foreword

Keynote address by Christopher Giancarlo

Author's Brag

Chapter 1

My Parents, Moishe and Faygl Melamdovich

The Russian dance

The escape

Jews in Bialystok

The grim truth

Chapter 2

High Finance

A waking nightmare

Vilna, Poland (today the capital of Lithuania)

A future that could have been

Marketplace lessons

Chapter 3

Sugihara

Unexpected allies

An honorable act

An agonizing wait

Chapter 4

Moscow

History lessons

Sightseeing

Forty below zero

Birobidzhan

Chapter 5

Siberia

Journey to Vladivostok

East-coast shakedowns

Setting sail

Chapter 6

Three Cultures

A question of funding

The onward journey

Chicago, IL

Becoming a true American

Harvard on the Rocks

Chapter 7

Enter Fate

Assuming leadership

To retreat or move forward

Chapter 8

Yiddish

Growing culture

My childhood as a Jewish youth

A visit to Israel

Chapter 9

Committee On Conscience

A fitting memorial

Establishing the committee

The martyrs of Bialystok

The Bialystok Uprising

Chapter 10

Capitalism

Quintessence of the free market

Free to Choose

An ideal in action

The march of the free-market ideal

Chapter 11

The Merc

A willing student

Life-long friends

A balancing act

You should not try to dance at two weddings at the same time-old Yiddish adage

Chapter 12

Rules Are for Sissies

In-house corruption

The onion caper

Collusion-a national disgrace

It's not all bad!

Demonstrative equality

Chapter 13

The Broker's Club

Addressing the quorum issue

Tale of the underdog

Chapter 14

The Right to Referendum

Beginning to make waves

The evolution of the CME

The agenda

Chapter 15

Old Traditions Die Hard

Up against resistance

The Harold Fox rule.

An immovable object

Chapter 16

Conception

The end of Bretton Woods

The rise of a new era

Peer review

A renewed sense of purpose

The prevailing sentiment

Presidential intervention

Chapter 17

Genesis

Gaining momentum

If it's legal, get it done

As solid as the New York Stock Exchange

A question of integrity

My annus mirabilis (remarkable year)

Chapter 18

Gestation

Meeting at the US Treasury

Adapting to your audience

Why construct a whole new exchange?

Critical decisions

Developing the quarterly cycle

Chapter 19

Birth

The new era of finance

A little bit of luck

Fending off the copy-cats

Appointing reality monitors

B-class arbitrage

Chapter 20

Don Quixote

Oversight

Journey to the CFTC

A two-minute pitch

Uproar at the exchange

A unified exchange

An eye to the future

Chapter 21

Mexican Hat Trick

Brazil calling

Diplomatic implications

Playing the game

Preparing for the inevitable

Preventative measures

Chapter 22

His Honor, Da Mayor

Meeting the mayor

Getting the go-ahead

A new face

Chapter 23

The Unreal 1980s

1980: Lift off

Change in perspective

Race to launch

The search for a like-minded leader

Jurisdiction issues

Chapter 24

1981: Dollars Everywhere

Rise of the eurodollar

Working out the details

A hard sell

Chapter 25

1981: NFA

The power of persuasion

A culture of excellence

Chapter 26

1982: SIMEX

Beyond our American borders

Quantum mechanics

Seeking approval

Scouting party

The right fit

Problem solving

Chapter 27

1982: The Libor Debacle

Ignored advice

Market manipulation

Far-reaching repercussions

Chapter 28

Academics, Academics

Supplementary activities

Educational outreach

Chapter 29

1982: The Mayflower.

Forming an orderly queue

In the public domain

A matter of principle

The alternative path

Behind the scenes

A call to arms

Fifteen minutes please

Chapter 30

1982: The last piece of the puzzle

A taxing development

The CME Group charitable foundation

A permanent solution

No laughing matter

Reaching a compromise

Chapter 31

1982: Carl Sandburg Melamed

Chapter 32

1983: Putral

Open outcry

Parting with tradition

Science follows art

Things change

Chapter 33

1984: The Camel's Nose

A daunting task

Forging a new path

Negotiation and development

The big reveal

Chapter 34

Hiroki

A life honored

Remembrance

Chapter 35

1985: The Chinese Connection

Strengthening relations

China in turmoil

A new friend

Strengthening US-China relations

Mutual benefits

Chapter 36

1986: The Globex Revolution

The announcement

Out with the old!

Progression vs stagnation

The unstoppable march of technology

Continued acceleration

Size and speed

Adaptation

Of grave concern

Chapter 37

1987: Crash(es), Part One

The scariest day of my life

Bad news

A new proposal

Tipping point

Keeping the markets open

Futures vs the specialist system

Late-night phone calls

A long night

The usual suspect

History repeating

The arbitrage issue

Unfounded complaints

The great illusion

Chapter 38

1987: Crash(es), Part Two

Dealing with the media

A question of blame

Reported findings

Academic conclusions

A stake to the heart

Skullduggery at work

The nuclear option

Panel recommendations

Reconciliation

Chapter 39

1989: The Misdirected Hedgeclipper!

Unintended consequences

Entering into negotiations

Bringing my vision to life

The end of an era

Chapter 40.

The Tyranny of Status Quo-Again

Glorious Globex

A genuine Black Swan

Chapter 41

Hillary's Roundup

So what's the real story?

A simple request

An informed judgment

A patriotic duty

Chapter 42

Revolt

Preferential treatment

Worsening relations

Taking sides

Back at the helm

A natural winner

The unexpected

Chapter 43

The E-mini

The return of a familiar problem

The CBOT vs the CME

Preparing for disaster

Plan B

The finer details

Another do-or-die referendum

Victory

The final hurdle

Birth of the E-mini

Chapter 44

Diverse, Strong and Vital

Transformation

Protect your interests

Expansion

Famous faces at the exchange

Leaving my mark

A return to Russia

Missed opportunities

Kiev

Chapter 45

To Be or Not to Be

Legal innovation

A look at what was to come

McNulty's B2B approach

The five-year plan

A well-deserved lecture

Abandon ship

An alternative candidate

Internal politics

The fall out

Chapter 46

The Roadshow

The set up

The pitch

Chapter 47

Whatever it Takes

Make no little plans

Caught in a trap

Strictly business

A safe refuge

Declaration of war

Shifting allegiances

The big moment

Chapter 48

Bingo

CME-CBOT merger announcement

Reputation

Why Chicago?

A strong bond

Closing the gap

To the rescue

Chapter 49

What Have We Learned?

A special relationship

Fedspeak

Causes of the Great Recession

Part of the problem

Solutions

Quantitative easing

Thoughts

Our continued existence

Postscript

Acknowledgements

Photos

Publishing details.

Notes:

Description based on print version record.

ISBN:

9780857197498

0857197495