New Commodity Derivatives Exchange in Sydney?

[RichKid]

An interesting article about a new derivatives exchange to be set up in Sydney, right opposite the ASX too. An interesting character this guy, Brian Price, looks like the right time to concentrate on commodities but it's a mammoth task: http://www.smh.com.au/news/business/right-time-to-start-exchange/2006/05/28/1148754868328.html

 

[Magdoran]

Hello Richkid,


This is a really fortuitous development, and a timely move to set up an alternative exchange with the SFE and ASX merger on the cards…

I agree, Brian Price is a fascinating character. I found his responses in “Masters of the Market” (Hughes Wilson & Kidman) a great read (particularly because I’m into derivatives and the chapter on Price is called “Mr Leverage”).

I just love his description of his trading floor days when he was nicknamed the “General”, and wouldn’t trade with order fillers if they’d irritated him… until they apologised.

Now here’s a bit of trivia - in the book there is a description of him and his team wearing military style pit uniforms which had ranking insignia attached while working in the SFE trading pits (in order to intimidate the opposition - which apparently worked). A trading buddy of mine from the past reported that Brian still has the fabled “top gun styled” pit uniform displayed in his home in a glass cabinet (much like the way signed football jerseys are often displayed).

It was interesting the way he stayed short the market for so long losing millions waiting for the major downturn to start, unfortunately not able to hold on to catch the dot com bubble bursting. Talk about having nerves of steel to do that, and if he had timed it right, he would have been worth hundreds of millions. You have to be a special person to maintain your perspective in that kind of situation, and his instincts were right… but that’s the way the market game is played.


Regards


Magdoran

 

[RichKid]

Hello Richkid,

This is a really fortuitous development, and a timely move to set up an alternative exchange with the SFE and ASX merger on the cards…

I agree, Brian Price is a fascinating character. I found his responses in “Masters of the Market” (Hughes Wilson & Kidman) a great read (particularly because I’m into derivatives and the chapter on Price is called “Mr Leverage”).

I just love his description of his trading floor days when he was nicknamed the “General”, and wouldn’t trade with order fillers if they’d irritated him… until they apologised.

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Regards


Magdoran

(Sorry for the late reply Mag, just saw the post)

lol, I never realised things got that 'boyish'!! Guess you only have to put a group of us blokes together in a high pressure environment with lots of testosterone and you'll end up with an old fashioned battleground. I would be very interested to hear from the female pit traders, I've seen a few on a visit but didn't get to chat to them. Didn't realise he was in that book, must dig it up, thanks! With the merger set to go ahead and commodities being flavour of the decade I'm sure we'll see some action, lots of spare money floating around too to fund new ventures like this.

btw, thanks for all your great posts and insights, we only have a few experienced traders here and it's wonderful to have some experts to hear a yarn or two from.