Synopses & Reviews
In The Futures, Forbes magazine senior writer Emily Lambert tells the rich and dramatic history of the Chicago Mercantile Exchange and Chicago Board of Trade, the original futures market. Commodities exchanges have become some of the largest financial markets in our global economic system, yet the exchanges themselves and the speculators who run them remain largely misunderstood, as does their chief instrument: the futures contract. Lambert describes the emergence of the futures business as a kind of meeting place for gamblers and farmers that subsequently transformed into a sophisticated electronic market, one where contracts are traded at lightning-fast speeds. When Wall Street adopted the futures contract without the rules and close-knit social bonds that had made trading it in Chicago work so well, however, the effects were disastrous. But, as Lambert argues, the traditional futures marketwith its written and cultural limitscan serve as a useful example of how markets ought to work, thereby becoming a tonic for our current financial ills.
An acclaimed business journalist takes us behind the scenes of the biggest markets in the world and into the oversize personalities of the men who make them happen
In The Futures, Emily Lambert addresses the subject with as much affection as is ever likely to be stirred by the pork-belly business. . . . Captivating.” Wall Street Journal
About the Author
Emily Lambert is senior writer for Forbes magazine, where she covers finance and trading. She has also written for the New York Post. She lives in Chicago.