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Futures Exchanges

BUSINESS
September 6, 1990 | Reuters
After only a month as chairman of the Chicago Board of Trade, William F. O'Connor is not sure whether he wants to remain at the helm of the world's largest futures exchange. O'Connor, 55, said he hasn't decided whether he wants to serve beyond January, when his term expires. O'Connor was appointed chairman July 31 when Karsten (Cash) Mahlmann resigned amid financial woes at Stotler Group Inc., a futures brokerage firm of which he was also chairman.
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BUSINESS
May 1, 1990 | JAMES RISEN, TIMES STAFF WRITER
They were stepping out of a frenzied blur: The flash of hand signals, the brightly colored coats, the sweat and sore feet and hoarse voices of the young (almost exclusively male) traders who are smashed together, all day long, on the steps of the ruthless pits.
BUSINESS
October 14, 1989 | OSWALD JOHNSTON and BILL SING, OSWALD JOHNSTON, TIMES STAFF WRITERS and BILL SING, TIMES STAFF WRITERS
Friday's sudden plunge of nearly 200 points in the Dow Jones industrial index revived nightmares of the October crash two years ago, but few of the market safeguards adopted with much fanfare in late 1987 were invoked. On the New York Stock Exchange, there was no occasion to impose the most dramatic restraint: a "circuit-breaker" one-hour halt in trading if the Dow falls 250 points, then a two-hour pause if total damage hits 400 points. Trading in Walt Disney Co.
BUSINESS
August 3, 1989 | PAUL RICHTER, Times Staff Writer
For six years, Sam Cali seemed to be living the kind of classic Chicago success story that makes the commodities traders of LaSalle Street swell with pride. From a blue-collar, North Side background, 38-year-old Cali had worked his way up from a clerk's job to become one of the most influential traders in the Japanese yen futures pit of the Chicago Mercantile Exchange.
BUSINESS
July 31, 1989 | Reuters
Dozens of traders face the first round of indictments this week in the federal undercover probe of the nation's two largest futures exchanges, newspaper accounts published Sunday said. Federal prosecutors met with traders' defense attorneys Friday and Saturday outlining the case against them and giving them a final opportunity to plead guilty and testify against other traders, the Chicago Sun-Times reported.
BUSINESS
July 13, 1989 | From Associated Press
Commodities exchanges give speculators the opportunity to bet millions of dollars on the future prices of such goods as soybeans, gold, Treasury bills and frozen orange juice. The purpose of the futures exchanges is to transfer the risk of price fluctuations from people who don't want the risk--such as farmers or metals processors--to speculators who are willing to gamble on making big profits.
BUSINESS
July 13, 1989 | From Associated Press
Rosemary T. McFadden, the highest-ranking woman in the futures industry, has resigned as president of the New York Mercantile Exchange, the Merc's board of directors announced today. A newspaper report said she was pressured to leave because of policy disputes. McFadden, a lawyer, has headed the Merc since 1984. After her resignation takes effect at the end of the month, McFadden will serve as a special adviser to the exchange and consult with the board on long-term strategic issues, Chairman Z.
BUSINESS
May 5, 1989 | ROBERT A. ROSENBLATT, Times Staff Writer
The Commodity Futures Trading Commission, often criticized as a weak regulator, may become a big winner when the smoke clears from the wave of futures-trading scandals in Chicago and now New York. A Congress angered by repeated abuses in the freewheeling futures markets is likely to give CFTC more money and muscle to pursue wrongdoers. Legislators with authority over the independent commission said Thursday that they are pleased it played a key role in investigating the latest round of alleged abuses by traders.
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