It boggles my mind how many future HFT legends worked in the CME pits during the 90s. Don Wilson - founder of DRW Paul Gurinas & Bill Disomma - founders of Jump Trading Dan Tierney & Stephen Schuler - founders of Getco I'm sure I'm missing some too.
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Where else would an hft firm in the 90s be born?
It makes sense big HFT firms would come from the pits, I just keep thinking about all of these future billionaires in one set of rooms or going out for beers after hours and it seems pretty insane to track them all through their careers from that point
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While it maybe wasn't as concentrated (b$), there were _more_ (qty) of these people congregating together at Ceres / Cellars / etc everyday. Thousands of them Peak Chicago, really. Some giant % of the world's big trading edge given up to "locals" spending it freely in the city.
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Tangential to this whole thing.... Even with lower total volumes in the 90s vs today I think there may have been more net edge given up back then (on an annual basis). Distributed amongst all those BSDs and degenerates alike. The glory days.
End of conversation
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