Day One Trader: A Liffe Story by John Sussex, Joe Morgan

By John Sussex, Joe Morgan

The catastrophic occasions of 2008 turn out that the monetary global has no longer learnt the teachings of my very own tragic story. yet somebody who thinks that the area of derivatives is simply approximately grasping bankers who placed our pensions and discount rates in danger is inaccurate. Day One dealer is the gripping chronicle ofthe unknown operating heroes of the Liffe ground who shattered a tumbler ceiling of elitism within the urban of London and helped construct one of many few monetary associations that we will be pleased with. —Nick Leeson

"As I walked into the individuals front of the trade for the 1st time on September 30 1982 I felt a buzz of pleasure. I had realised my ambition of being a "day-one trader". within, the fluorescent lit alternate flooring bustled with approximately 300 investors in orange, pink and blue jackets. a quick beginning rite was once overseen via Gordon Richardson, the governor of the financial institution of britain, prior to he lower a white ribbon putting above a pulpit overlooking the ground. I felt at fever pitch as we counted down the beginning of buying and selling. "Ten, 9, 8, seven, six, 5, 4, 3, , one!" The bell rang and that i watched a scrum of purchasers scramble to exchange Liffe's first ever contracts in a heap of frenetic energy." —From Day One dealer

Day One dealer is the unique tale of John Sussex on his trip from son of a Basildon manufacturing facility employee, leaving tuition at sixteen, to winning urban financier and member of the Liffe board.

supplying a distinct perception to this aggressive and infrequently brutal undefined, readers will detect the strategies utilized by buyers to outlive the jungle of the pits in a narrative that chronicles the ground banter and characters that made Liffe a world derivatives powerhouse.

Packed choked with particular – before unreported – tales, Day One dealer sheds new mild on what inspired characters resembling Nick Leeson, and offers perception to Liffe flooring celebrity investors.

monetary specialists and newcomers alike should be gripped by way of Sussex’s account of the highs and lows of a profession that spanned nearly 3 a long time within the historical past of the monetary markets.

"John Sussex lived through the chant of My notice is My Bond. This makes Day One dealer a needs to learn for all investors. each web page brings again a life of buying and selling stories of days that may by no means be the same." —David Barnett, worldwide Head of Treasury, Royal financial institution of Canada

"Day One dealer describes a trip via a global that got here and went in too brief a time. The Liffe flooring challenged the established order within the urban of London within the early eighties and used to be itself killed off via expertise within the overdue nineties. John Sussex used to be one of many nice characters of that international and a guy of the maximum integrity." —Richard Berliand J.P. Morgan, Chairman Futures & techniques

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Any visitors to the floor could expect to run the gauntlet of shouting brash dealers. Being a little different in any way would be an invitation to get a barrage of insults from some tough and sharpwitted guys. An attractive female stepping on to the floor would be greeted with cries of ‘beaver’ wherever she went. Young women would look so uncomfortable and embarrassed. As time went on people would be scared to go on to the floor. Just like at a football match when the crowd is buzzing, the pits could also produce some great comical moments.

Thomas had not realised this when he started dealing which made him make the mistake of accepting a spread trade, in which one month is purchased and another sold. As the other month was traded on another side of the pit he had no way of getting out of the position. Thomas was trapped with an open position which left his financial wellbeing in the hands of the Gods. He had to wait until trading closed on the floor before dashing to call his broker to close the position – by which time a winning trade had turned into a losing one.

After registering for the training sessions he would usually sneak off to the pub, the natural milieu of many a South Wales native. Here you could often find him in animated discussions on the performance of the Welsh national rugby team. He loved to get into heated debates at the bar and he would always have a rugby story to tell to his circle of friends that congregated alongside him. It was over a pint in the basement of the Simpson’s Tavern that Hugh and I had first formed our partnership. I agreed straightaway.

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