CME Chairman Emeritus Leo Melamed is considered the father of modern futures markets, and has an amazing story. Here's how Melamed went from refugee to futures mastermind:pic.twitter.com/1L7SUZ3Mr0
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Melamed was born in Poland in 1932 to a Jewish family. When the Nazis invaded in 1939, he and his family mounted a risky escape across Siberia. It took the courage of Japanese diplomat Chiune Sugihara giving them secret Japanese visas to save Melamed's life.pic.twitter.com/KoQNKhjkzT
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Melamed made his way to the US and settled in Chicago, where he trained as a lawyer. He took a job in the CME pits by accident - apparently Merrill Lynch, Pierce, Fenner & Beane sounds more like a law firm than a trading shop. Melamed immediately fell in love with the markets.
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As an accidental futures trader Melamed quickly rose through the ranks to become CME's chairman in 1969, helping it grow from a struggling butter & egg exchange into a national marketplace.pic.twitter.com/rIXtSt1wo1
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Under Melamed's leadership, CME revolutionized the futures industry. It launched Eurodollar, FX, US Treasury, and equity index futures that are now some of the exchange's top products. Melamed also oversaw the launch of Globex in 1987, CME's electronic trading system.pic.twitter.com/BCQ52LZnbR
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Melamed is still a part of CME today, serving as its Chairman Emeritus at the age of 89. He advises industry regulators and has written several books, including some science fiction novels! The next time you see the pits or a futures ticker, thank Leo. He helped make it happen.pic.twitter.com/odwFwPu0YE
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