Floor Traders

Discussion in 'Commodity Futures' started by TradingPilot, Mar 21, 2007.

  1. How is it going everyone?

    Well im a "n00b" just so everyone knows. I was wondering if anyone here trades grains on the floor. Also I was wondering how I could get involved in floor trading. I would love to be a runner. But the pay is horrid (Minimum Wage?), and I cant afford to earn such low pay because I need to save money for use during the school year.

    Out of curiosity how much do you guys pay per month to lease a a full seat on the exchange?

    Thank You.
  2. runners are now extinct. Handhelds do the running...

    check on cbot.com.. they have the current lease prices...
  3. Go lease a seat at the mgex or the kcbt, buy one for that matter. They will be bought, especially if the ice does not get the cbot.
  4. jsl50a


    Seats on the KCBT are fetching $425-450k. Probably not in the "buying one for that matter" range. I clerk for a commodities broker there which pays well enough (not rock star money, but I can support my family, and I'm learning a lot). I don't know how much they lease for here, but my guess would be $500-1000 a month.
  5. $500-$1000 on a $450K seat? Doesn't sound right.

  6. jim c

    jim c

    hey i worked there back in like ohh 1994 as a pit reporter. great group of guys down there. grew up in kc pretty much. actually a little town called odessa. youve probably heard of it. is ther still a value line pit? jim paulson was the broker then...is he still down there? jim gavin...how bout him? just curious. have a great day. jim
  7. Yeah I would love to be a clerk, but I have no experience.
  8. Use your head bro. It'll come to you in five minutes.
  9. jsl50a


    Old Trader, the seats have increased dramatically in value over the past few years. $500-1000 seems low for a lease for me too, but I asked the people I worked with, and that was their guess. I didn't want to push the issue because agressively seeking out the cost of leasing a seat probably wouldn't look great to my employer :) .

    The thing is, some of these old guys bought their seats a long, long time ago for pretty cheap; so, I would bet there are some deals out there to be had.

    jim c, Paulson is still here. He's hilarious. Gavin isn't here anymore, don't know what happened to him.

    TradingPilot, I had no experience in a markets either, just an econ degree and a lot of customer service experience (one has to be quite diplomatic with folks on the phone at times). Try non-traditional places to apply for clerkships (I work for ADM which isn't a big name in brokerage houses). I also know some local traders will take on clerks, though that could go quite well or very, very poorly depending on the individual trader.
  10. Seat lease prices are listed on exchange web site.
    #10     Mar 22, 2007