Floored - The Movie

Discussion in 'Educational Resources' started by piranhaxp, Sep 8, 2010.

  1. TightStop


    I was really looking forward to watching this movie, but it was not what I expected. It showed through interviews how the pits have dried up and the traders either need to adjust or get a job. The movie followed mainly traders that are either no longer trading or just hanging on. That brief interview of the drunk and washed up trader summed it up.
  2. gaj


    any chi locals know more on greg riba? sensitive about why he left, and how everyone hated him down there...what happened?
  3. http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0249578&case=996398SH&contrib=CME


    obviously Riba was an asshole.. he would show bids n offers to test the direction.. and then not honor trades when other traders or brokers would try to buy/sell from him.. a huge no no.. akin to not paying a gambling debt.

    On October 29, 1996, a panel of the Pit Supervision Committee found that on October 16, 1996, in the Standard & Poor's 500 Stock Price Index futures pit, Riba refused to honor another member's repeated attempt to buy Riba's offer and then told that other member that he would never trade with him again. The Panel found that in so doing, Riba violated CME Rules 514.A.4. and 514.A.9., minor offenses.


    The Panel imposed a $10,000 fine.

    Narrative for 0249578 - RIBA, GREGORY SCOTT
    FINDINGS: Pursuant to an offer of settlement in which Riba neither admitted nor denied the findings, on October 28, 1999, a Special Hearing Committee of the Board of Directors (“Committee”) found that on January 25, 1999, Riba returned to the trading floor after a 14-month absence and established a 247-contract S&P 500 futures position without notifying his clearing firm of his return. Before officers of his clearing firm clarified the situation, Riba began acting erratically and became physically abusive towards another member, which disrupted trading. The Committee found that in so doing, Riba violated CME Rule 433.c, a minor offense.

    PENALTY: The Committee fined Riba $20,000 and suspended his trading floor access for 30 days. As a further condition of his settlement offer, the Committee ordered Riba to comply with certain undertakings aimed at preventing a recurrence of the violation.

    RIBA FINDINGS: On April 19, 1994, a panel of the Standard & Poor's 500 Stock Price Index futures ("SP") Pit Committee ("Panel") found that on April 5, 1994, Gregory S. Riba failed to check a trade with Michael Capek in a timely manner in the SP pit. The Panel found that in so doing, Riba violated CME Rule 514.A.4., a minor offense.

    RIBA PENALTY: The Panel imposed a $500 fine.

    FINDINGS: On August 21, 2001, a Panel of the Business Conduct Committee found that Riba inappropriately touched a female employee of the CME Club and made offensive sexual comments to her while in the CME Club on February 9, 2001.

    PENALTY: The Panel fined Riba $15,000, suspended his membership privileges for 30 days, and ordered that he be barred from the CME Club for one year.


    DATE: September 24, 2001