Traders' Roundtable

hello everybody,
i wanted to ask if someone knows about the requirements on becoming a floor broker on the exchanges like CBOT or NYMEX.

thank you in advance

Yes, you need money (the more the better), a couple of buddies on the floor (i.e.members) to sign off on your app, and a clean record, then, once you're cleared, you take a test to confirm you understand open outcry and I think that's it (clearing membership aside). Its been 10+ years for me, but that's what I remember.
The tough part isn't getting into the pits, it's coming out with your skin on.
Best of luck,
GR

sounds like a nervous job hehe

was in chicago about 4 months ago and talked to several floor brokers and clearning firm owners.

The ones i talked too said the floor broker job is very hard to get now, almost closed to new entrants. this is because the order flow is basically leaving the pits. the job is in a terminal decline. the established guys are fighting to maintain positions themselves, trying to geting into the still active pits. so this gives you an idea of what it would be like to try to get a job with no experience.

hello everybody,
i wanted to ask if someone knows about the requirements on becoming a floor broker on the exchanges like CBOT or NYMEX.

Are you sure
http://www.timesonline.co.uk/article/0, ... 41,00.html

lol. those traders really served it up to Greenpeace.

I think it would be much more beneficial to start in off-floor trading if what Nathan says is true. I know in New Zealand outcry trading was stopped a while ago and is now all electronic - it won't be long until places like CBOT, CME and NYMEX go 100% electronic. But that's just my 0.02 cents...