For Crying Out Loud: From Open Outcry to the Electronic Screen BY Leo Melamed, Craig Donohue (Foreword by)

For Crying Out Loud: From Open Outcry to the Electronic Screen BY Leo Melamed, Craig Donohue (Foreword by)
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For Crying Out Loud:

From Open Outcry to the Electronic Screen

BY Leo Melamed, Craig Donohue (Foreword by)


343 pages August 2009

In Praise of For Crying Out Loud "Endowed with strong parents and a bit of luck, Leo Melamed has made a remarkable escape from Nazi occupied Poland to building one of the pinnacles of global finance. Over four decades and more, he was the leading force in bringing his beloved 'Merc' from obscure trading pits for butter and eggs, and pork bellies to a model of electronic efficiency, handling billions of financial contracts, almost instantaneously with certainty of execution. Leo's pride in the Merc's safeguards against risk are justified by its sustained market performance in the midst of the financial crisis. For Crying Out Loud is not only a fascinating human story, but a remarkable tale of spurring innovation within a framework of prudence." !Paul A. Volcker

"Leo Melamed has written an adventure story worthy of Hemingway. It's also a spy thriller and historic chronicle. It is the defining account of modern change that comes to an industry as old as Bedouins trading sheep on a dusty rock. Seen from the ultimate insider, we glimpse a world unseen and unknown to most of us. It is a very important work that could become a business school bible." !Bill Kurtis, Kurtis Productions, Ltd.

"Leo Melamed provides a brilliant description and analysis of the history and evolution of Globex, the CME's electronic trading platform that transformed the way futures are traded around the world. ¿He combines political intrigue, cooperative collations, tradeoffs between personal and combined wealth incentives, and innovative ideas necessary to change the course of history of the CME. With myriad possible outcomes along the way, his story reads at times like a wondrous mystery novel. Congratulations on a marvelous book." !Myron S. Scholes, Frank E. Buck Professor of Finance, Emeritus, Stanford University

"As a seminal figure in the derivatives industry, Leo Melamed has been a driving force in the global expansion of CME Group and futures trading. This book ably recounts the struggles and triumphs of his career, tracing its trajectory over half a century of innovation. His contribution to the effective working of financial markets cannot be overstated, and the positive impact of his ideas continues to be felt. It has been a privilege to know and work with him." !Terrence A. Duffy, Executive Chairman, CME Group Inc.

"Melamed's book is a fascinating history of financial innovation surrounding the futures exchanges. It reveals the complex barriers to innovation, obstacles an outsider would never imagine, and shows how a spirit of flexibility, patience, and entrepreneurship can overcome them. It is also a testimony to the power of self-regulation, worth understanding at this time of calls for massive increases in government regulation of our financial markets." !Robert Shiller, Arthur M. Okun Professor of Economics, Yale University, and Chief Economist, MacroMarkets LLC

"Leo Melamed takes us inside the boardroom to understand the politics of running the Chicago Mercantile Exchange in the context of its successful transformation from open outcry to round-the-clock electronic trading, the merger with the Chicago Board of Trade, and the transformation to a publicly traded company." !Michael H. Moskow, Vice Chairman and Senior Fellow on the Global Economy, the Chicago Council on Global Affairs, and former president, Federal Reserve Bank of Chicago

"For Crying Out Loud is an historical account of the evolution from trading floor to electronic trading that derives its color and detail as a personal diary of Leo Melamed, who, along with his peer pioneers, guided the financial services industry through colossal changes over several decades. No one was closer to the succession of events that shifted global capital from trading pits to computer bits than Leo." !Russell R. Wasendorf, Sr., Chairman and Chief Executive Officer, Peregrine Financial Group, Inc.


Leo Melamed is globally recognized as the founder of financial futures. In 1972, as chairman of the Chicago Mercantile Exchange (CME Group), he launched currency futures with the creation of the International Monetary Market (IMM)!the first futures market for financial instruments. He is currently Chairman Emeritus of CME Group and CEO of Melamed & Associates, Inc. Melamed has been an adviser to the U.S. Commodity Futures Trading Commission (CFTC) and serves as special adviser on futures markets to governments worldwide. He is also the author of Leo Melamed on the Markets (Wiley), The Tenth Planet (Bonus Books), Escape to the Futures (Wiley), and editor of an anthology entitled The Merits of Flexible Exchange Rates (George Mason University Press).


Foreword. Preface.


Author¨s Note.


CHAPTER 1 Countdown to Liftoff.

CHAPTER 2 Globex: The Fundamental Difference.

CHAPTER 3 EOA: The Rocket Propellant Fuel.

CHAPTER 4 E-Mini: Springboard for the Mexico Success.

CHAPTER 5 Strategic Commotion: Planning the Journey.

CHAPTER 6 Global Competition: The Ultimate Enforcer.

CHAPTER 7 Demutualization: Stepping on the Moon.

CHAPTER 8 Dot-Coming: The False Paradise.

CHAPTER 9 Cabal: Boardroom Intrigue.

CHAPTER 10 Baptism by Fire: Sweet Victory.

Postscript: Globex Time Line.


CHAPTER 11 Tomorrow¨s Technological Tidal Wave.

CHAPTER 12 Wakeup Call.

CHAPTER 13 Reminiscences of a Refugee.

CHAPTER 14 The Need for Futures Markets in an Emerging World Economy.

CHAPTER 15 Panel on the Stock Market Crash of 1987.

CHAPTER 16 Preface to the Japanese Translation of Escape to the Futures.

CHAPTER 17 Pain, Progress, and Promise: Reflections on the Twentieth Century.

CHAPTER 18 There Are No Jews in Bialystok.

CHAPTER 19 Chicago Futures in the Twenty-First Century.

CHAPTER 20 Merton Miller, 1923C2000.

CHAPTER 21 Buy a Call on the Snake: Traditional Exchanges in an E-Commerce World.

CHAPTER 22 Transformation of Futures Exchanges.

CHAPTER 23 Our Middle Name.

CHAPTER 24 CME Center for Innovation.

CHAPTER 25 Remarks at the Celebration of the Chinese-Language Publication of Escape to the Futures.

CHAPTER 26 Knowledge Tag.

CHAPTER 27 CME Fred Arditti Award.

CHAPTER 28 Math Is in Our Futures.

CHAPTER 29 If It¨s Good Enough for Milton.

CHAPTER 30 Education: The Only Thing that Never Fails.

CHAPTER 31 The Boy of Steel.

CHAPTER 32 CME: The House that Innovation Built.

CHAPTER 33 The Law of Selective Gravity.

CHAPTER 34 The Gray Swan.


APPENDIX 1A The Third Milestone 263

APPENDIX 1B Letter to Milton Friedman 268

APPENDIX 3A It¨s Time for a Change 270

APPENDIX 3B A Brief Who¨s Who of the Members of the Equity Owners¨ Association.

APPENDIX 3C A Merged Future for Two Exchanges?

APPENDIX 3D The Merc Fights for Self-Regulation.

APPENDIX 3E Dear Equity Owner.

APPENDIX 3F Equity Owners¨ Association Status Report.

APPENDIX 3G Creating a New Alliance!Why Here and Now?

APPENDIX 4A Chairman Emeritus Remarks.

APPENDIX 4B Open Letter to the Members of the Chicago Mercantile Exchange.

APPENDIX 4C A Return to the Table.

APPENDIX 8A James J. McNulty Joins CME as President and Chief Executive Officer.

APPENDIX 8B CME Names McNulty New President and CEO.

APPENDIX 9A Chicago Mercantile Exchange Holdings Inc. Board Elects Officers.

APPENDIX 9B Letter to Audit Committee from Scott Gordon.

APPENDIX 19A Futures¨ Future Isn¨t in Chicago.


About the Author.