Zero-Sum Game: The Rise of the World's Largest Derivatives Exchange

ISBN-13: 9780470624203 / Angielski / Twarda / 2010 / 272 str.

E. Olson; Erika Olson

Opis

In 2007, a stranger-than-fiction multibillion-dollar bidding war for the Chicago Board of Trade (CBOT) erupted between the Chicago Mercantile Exchange (CME) and Atlanta's IntercontinentalExchange (ICE). Zero-Sum Game: The Rise of the World's Largest Derivatives Exchange takes readers behind the scenes of this battle to tell the gripping--and often comical--story of how the historic merger between CME and CBOT almost didn't happen. Author Erika S. Olson, a managing director at CBOT during the bidding war, delivers a blow-by-blow account of the fight for the world's oldest futures exchange, taking you inside CBOT's landmark Chicago Loop headquarters, onto the high-octane trading floor, and into executives' offices. Through the lens of the CME/CBOT deal, Zero-Sum Game

• Introduces the colorful and outspoken personalities who call the shots in this close-knit and frequently misunderstood industry
• Details the reasons behind the recent, spectacular growth of a market that's existed for over 160 years
• Explains how derivatives affect the lives of average consumers worldwide by influencing everything from interest rates on credit cards to the cost of a cheeseburger to the price of a gallon of gas
• Reveals the inner workings of futures exchanges, and differentiates the various types of derivatives that are routinely lumped together and vilified by the media

Erika S. Olson is a former managing director of the Chicago Board of Trade and spent over ten years working in and consulting to the financial services industry. She received her MBA from Harvard Business School and her BBA from the University of Michigan Ross School of Business.

Spis treści

Preface ix

Cast of Characters xiii

Chapter 1 Welcome to the Jungle 1

Chapter 2 Into the Groove 17

Chapter 3 This Is How We Do It 30

Chapter 4 Don t Speak 46

Chapter 5 Wanna Be Startin Somethin 58

Chapter 6 Dirty Laundry 74

Chapter 7 Under Pressure 88

Chapter 8 ICE ICE Baby 102

Chapter 9 War 117

Chapter 10 Suspicious Minds 132

Chapter 11 Land of Confusion 147

Chapter 12 Fight for Your Right 161

Chapter 13 Down Under 177

Chapter 14 Take the Money and Run 192

Epilogue 208

Notes 221

Glossary 237

References 240

Acknowledgments 241

About the Author 247

Index 249

O autorze

Erika S. Olson is a business consultant, financial writer, and blogger, and was a managing director at the Chicago Board of Trade during the bidding war between CME and ICE. She holds a BBA from the University of Michigan Ross School of Business and an MBA from Harvard Business School.

Blurb

The true story of century–old rivals that joined forces to control futures trading in America.

"Often described as the last frontier of true capitalism, the storied history of the Chicago futures exchanges added yet another incredible chapter in July of 2007. The purchase of the Chicago Board of Trade by the Chicago Mercantile Exchange represented what many viewed as a crowning achievement to an industry born in the Windy City in 1848. Zero–Sum Game lets the reader get to know the colorful players and complex horse–trading that officially sent "the Hatfields and the McCoys" to the altar of a successful corporate marriage."
RICK SANTELLI, on–air editor, CNBC; former member of CME and CBOT

"Commodities are second only to foreign exchange in the financial markets. They are now becoming more accessible to the public and will be more important than stocks in the future. Zero–Sum Game will help you understand the scene."
JIM ROGERS, author of A Gift to My Children

"Zero–Sum Game is a positive–sum read. Olson provides an engaging tour of the workings of our largest derivatives exchanges, as well as the economics, strategies, and drama of an intense acquisition contest."
STEVEN N. KAPLAN, Neubauer Family Professor of Entrepreneurship and Finance, University of Chicago Booth School of Business

"What a fun read! Olson does a great job of bringing the characters and institutions to life throughout."
HARRIS C. BRUMFIELD, CEO, Trading Technologies

"Olson′s inside account offers a fascinating and unique lens that escapes most written reports in the M&A world. Wise professionals will want to read this book long before they learn their company is an acquisition target."
MAX H. BAZERMAN, Straus Professor of Business Administration, Harvard Business School; co–author of Negotiation Genius

"Olson just painted the Sistine Chapel of LaSalle Street. Zero–Sum Game is a page–turning jolt of electricity! Full of intrigue mixed with easy–to–understand facts the perfect story to keep readers up all night."
CRAIG T. BOUCHARD, co–founder, Esmark; co–author of America for Sale

"Zero–Sum Game provides a ringside seat for one of the most entertaining, memorable, and more often than not humorous multibillion–dollar battles in recent history."
PETER L. BRIGER JR., Co–Chairman, Fortress Investment Group

"A vivid and engaging account of one of the most important deals of the last decade."
GUHAN SUBRAMANIAN, Joseph Flom Professor of Law and Business, Harvard Law School; Douglas Weaver Professor of Business Law, Harvard Business School