Buck Haworth – Open Outcry Traders History Project – Part 2

Buck Haworth has been a consultant, a CPA, a back office accountant, an exchange audit department executive, a foreign exchange arbitrage desk manager, an exchange member, a scalper, a spreader, an exchange board member and officer, and a technology entrepreneur.

In part 2 of his interview with John Lothian News for the MarketsWiki Education Open Outcry Traders HIstory Project, he talks about why traders prefer to be bears and not bulls. He says floor traders are the “largest concentration of people with ADHD” and how this influences them in being bullish or bearish. He tells the story of some traders banging into other traders before the open to get their energy levels up.

He talks about the FBI sting at the CME in the late 1980s, the CME Group going public, and the dynamics on the exchange’s board over hiring and then getting rid of Jim McNulty as CEO, and he speaks candidly about the relationship between brokers and their favorite locals. His work on the board of the CME took up so much time that Haworth lost the feel for floor trading. His efforts to try electronic trading left him with the observation that electronic trading is a video game and floor trading is rugby. He said few people can do both successfully.

In part 2, he continues to offer frank answers to the questions posed to him and says, “Life is not fair, the floor was not fair,” and that we should get over it. Enjoy this second and final part of the interview with Born Technology Co-founder and CFO Buck Haworth.

John J. Lothian & Company, Inc., MarketsWiki Education and John Lothian Productions are pleased to announce plans for a large scale video project to collect the history of the open outcry era and traders’ personal stories.

Additionally, John Lothian Productions plans to develop video documentaries about specific themes and subjects emerging from the collected personal histories.

The project is modeled on the Veterans History Project signed into law by President Bill Clinton in the 1990s. In this case, rather than capturing the experiences of veterans of warfare and conflict, we are capturing the personal market experiences of those who participated in open outcry markets around the world. Traders from Chicago to London to Paris to Sydney to Singapore and beyond are welcome to submit videos.

Other Traders

JAMES GORDON: FORMER TIMBER HILL OPEN OUTCRY TRADER STORY

JAMES GORDON: FORMER TIMBER HILL OPEN OUTCRY TRADER STORY

James Gordon spent eight years working on the Cboe trading floor as a trader for Timber Hill. His experience, and how he was treated as a trader, was different from others’. He found his way to the exchange through a brother who was a clerk at the CME. Gordon was an...

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MAUREEN OBERMEIER: OPEN OUTCRY TRADERS HISTORY PROJECT

MAUREEN OBERMEIER: OPEN OUTCRY TRADERS HISTORY PROJECT

Maureen Obermeier started on the CBOE floor the summer after her freshman year of college and never left. She helped some friends get jobs that summer, and some, like her, stayed and built careers in the markets. She became a CBOE member when she turned 21 and filled...

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