New York Board of Trade Visits Baruch’s Wasserman Trading Floor

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Baruch business students on Wasserman Trading Floor

On Thursday October 27, 2005, 34 traders and staff members from the New York Board of Trade (NYBOT), the world’s leading “soft” commodities futures and options exchange, descended upon Baruch College’s Wasserman Trading Floor/Subotnick Financial Services Center to conduct a “mock trading” session, which is a live trading simulation. This event, co-hosted by the Undergraduate Finance and Economics Society, marked the third consecutive year in which NYBOT professionals have come to the College to interact with students and share their knowledge of futures markets and trading.

The day’s events began at 12:45 p.m. with Richard Holowczak, associate professor of computer information systems and director of the Wasserman Trading Floor, presenting an introduction to futures markets to the group of over 100 Baruch students assembled in the seminar room. After covering the basics of the futures and options markets and the features of the contracts, Holowczak turned the floor over to the NYBOT traders and staff. They passed around trading pads and order tickets while explaining the rules for trading in an “open outcry” market, in which buyers and sellers trade contracts in a trading pit for three or four hours each working day.

After a brief demonstration by the NYBOT traders, the students began to trade with each other and with the NYBOT professionals. Shouts of “Buy ten at 60!” and “Sell 100 at 65!” echoed throughout the first floor of the Information and Technology Building as trading in the NYBOT March sugar contracts continued until 3:30 p.m.

Louis Romero, a Baruch sophomore planning to major in finance, was impressed with how realistic the action was: “Being a commodity trader requires a great amount of energy, the ability to think fast and scream very loud, so other traders can hear your trades.”

“One of our primary responsibilities is to educate the public as to how our system of open outcry works,” said Tim Barry, NYBOT vice president of marketing. “The students at Baruch College are to be commended for their enthusiasm and skill during today’s mock trading session. I would encourage all Baruch students to come out and participate in next year’s event.”

Charles Iulo, an economics major, summed up his experience: “I gained a huge amount of respect for what these traders do on a daily basis.”

Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.

 

 

 


Contact

Richard Holowczak

Director, Wasserman Trading Floor / Subotnick Center

Baruch College, City University of New York (Box H125)

1 Bernard Baruch Way

New York, NY 10010

E-Mail: richard_holowczak@baruch.cuny.edu

Tel: 646-312-1544