Floored

the point of the movie is to make someone money, and the money is made out of the front end, not the back end - ring a bell!
 
i was at cme in the early 90s when it was still one floor. i cant see how anyone would think pit trading is more efficient especially when you see how orders are placed and who gets fills
 
I would like to see the movie because I think it might be entertaining. I used to regret not trading in the pits when I was younger. I have no interesting in doing that now even if the floor had a future. I was a computer nerd instead, but it seems the market came to me instead. Who woulda thought?:p
 
Quote from SomeYoungGuy:

I want to see it because all I know about the trading floor comes from Dan Aykroyd and Eddie Murphy..
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Check out "Open Outcry" You can order that one right away. Floored looks like it might be better, but still it was a really interesting view.
 
Does anyone remember the other one about the day traders in Gilbrator? A couple of real obnoxious SOB's. Had so many hits they pulled it. That I really wanted, but never got finished?
 
Quote from rufus_4000:

Frankly, as someone who have spent time on the floor, and even know some of the characters interviewed in the movie, I don't get what the big deal is. It is like the whole movie want ppl to feel "sorry" for the "loss of an institution", when the whole *concept* of the market is survival of the fittest. Do ppl feel sorry for the silent film stars who couldn't make a transition to "speaking roles"? These guys are no different. I know ex-floor traders who are driving a cab, or owning a fast food franchise. That's all it is, survival of the fittest.

And to ppl who thinks the floor is more "fair", ever played "three card monty" on the street? It really is the same thing, the pits are far far dirtier than ppl think. Heck, FBI did a sting of CME pits (beef and Eurodollars, i believe) in early 1990s, and the report said, "well, if we have to arrest anyone, we have arrest them all". There are a whole set of "order feeds" to illegally profit from any action. Movies like this that attempt to "romanticizing" the floor, is just that, trying to invoke nostalgia without the whole dirty underbelly.

Look around any trading desk these days, there are virtually no "cowboys" anymore. Instead most of them are the super analytical types. And I think this is just the natural progression of things. I fail to see the point of the movie.
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No, they're not all bad on the floor. I know plenty who are very respectable. Just because you got mixed in with the wrong crowd and the big guys beat you up is your problem. Don't hold a grudge because of your issues.

I fail to understand what is wrong with you. The market was open outcry for decades. Capitalism was run off it. Open outcry is one of the most efficient forms of non verbal communication. All put to waste by computers. It's sad...... Heck, the transition away from fractions to decimals was even a memorable change. I still remember the days when I had nearly every fraction memorized down to the 32nd.

If you don't understand why this is significant, then you need a nice long reality check.
 
Quote from athlonmank8:

Open outcry is one of the most efficient forms of non verbal communication.
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If you don't understand why this is significant, then you need a nice long reality check.
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You are right, Open outcry is one of the most efficient forms of non verbal communication ... outside of automated matching engines.

To me at least, this is as significant as when silent movies started to give away to "talkies". And that's all it is. Or

Let's not forget, before McNulty took over (yes I am Merc member), the Merc was almost on the verge of bankrupty? When seats were selling for like 97k a pop? and that CBOE was getting the stuffing kicked out of it by ISE? Hell, when IMM got started, Merc laughed at it, until it realized its mistake and quickly acquired it.

All I am saying this is exactly what exchange innovation is all about. Believe me, I know enough great guys on the exchange, those who paid their dues for 20/30 yrs on the floor, and mostly earned a very honest and decent living. But they also know that their era is now long gone, and the new "breed" of electronic tradings, and even just algorithmic modelers have replaced them.

This is just a fact of life, in the same sense that i fully expect 5/10/15 yrs from now, some young hot shot come up and take my lunch money away. This is just the natural progression of things. Who knows? Maybe decades from now, you will *need* a PhD just to become an exchange member, is that so bad?
 
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