Jeff Bernacchi fell in love with futures trading on a trip to the exchange with his microeconomics class. He also recorded the best results in the class for paper trading. During college he was hired by Heinold Commodities to be a runner. At 21 he lease a membership with $5,000 and a letter of credit against his father’s home. He started in the Tbill pit about the time Paul Volcker, then head of the U.S. Federal Reserve, was announcing he was letter interest rate float. The “Volcker Statement” started Bernacchi’s good luck. He was a spreader and made history by installing the first phone bridge at the exchange, bringing all the traders onto the same line. His best trading day was in the Eurodollars on the Monday of the October 19 stock market crash
KENNY POLCARI – OPEN OUTCRY TRADERS HISTORY PROJECT PART 2
When Kenny Polcari started out at the New York Stock Exchange, “It was paper and pencil until the turn of the century,” he said. The exchange started to introduce handheld computers in the late 1990s, but it was only in beta, not full blown yet. Everyone was...