Leo Melamed, an options industry legend

Frankly, the New York Stock Exchange and the Nasdaq get all the attention. But few can disregard the phenomenal success of the derivatives markets in Chicago. The Chicago Mercantile Exchange in particular has become a true financial powerhouse. A lot of credit should flow to Leo Melamed and his successors. They really pioneered the concept of electronic trading, even in the face of surly floor traders, and were actually the first U.S. exchange to go public. The CME's stock has been on a tear ever since. Derivatives aren't quite a household product. But they are closer to that status than ever before. All in all, Melamed is an interesting figure. He could have easily been a dinosaur, but he chose to change with the times.  

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