For Crying Out Loud: From Open Outcry to the Electronic Screen

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).

A follow up to Leo Melamed on the Markets , this book covers the developments in the futures markets since 1992 and discusses their transition through the digital age. The author, a recognized founder of financial futures, details the global issues confronting the futures market. You'll learn how financial markets have allowed investors to manage generalized risks to both reduce exposure or enhance value to capture increased profits. Additionally, you ll discover trends, technology, and products that have shaped the world of futures and options, and what the future holds.

In Escape from the Pits , Leo Melamed covers the revolutionary developments in futures markets since his previous book and details the challenge in the transformation of futures from their open outcry birth to an electronic future, as well as the technological and global issues surrounding financial markets.

Foreword. Preface. Acknowledgments. Author s Note. PART I: BATTLING THE TYRANNY OF THE STATUS QUO. 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. PART II MESSENGER FROM THE FUTURES. 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, 1923 2000. 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. PART III APPENDIXES. 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. Notes. About the Author. Index.