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Man of the Futures: The Story of Leo Melamed and the Birth of Modern Finance
As the founder of financial futures and initiator of Globex, the world’s first global electronic trading system, Leo Melamed revolutionized the finance industry. Man of the Futures , his definitive memoir, recounts Melamed’s journey from Holocaust survivor and accidental runner at the Chicago Mercantile Exchange (CME), to one of the most prominent leaders in the world of finance.
At 33, Melamed gave up a promising law career to pursue his dream of becoming a full-time pit-trader at the CME. He quickly ascended the ranks to become chairman. From there, he set out to disrupt the status quo and ultimately transform both the exchange itself and the broader finance industry.
Through daring to embrace innovative ideas many considered absurd, Melamed was a pioneer, continually fighting for modernisation in the financial markets through diversification and the introduction of new technologies. Covering the internal battles waged within the CME, the launch of the International Monetary Market (IMM) and the rise of Globex, this enthralling autobiography details the struggles, scandals and triumphs of a visionary in his field.
Together with behind-the-scenes reminiscences about the financial markets, this narrative delves into Melamed’s philanthropic work at the US Holocaust Memorial Museum, as well as his fascinating dealings with political figures at home in Chicago, at the White House, and around the world in China, Japan, Singapore, Great Britain, Russia, South Korea, and Brazil.
Man of the Futures offers exclusive access to the rationale behind some of the biggest financial decisions and dealings in the late 20th and early 21st century. Join Leo Melamed for this fascinating and revealing story of a life lived in pursuit of the future.
At 33, Melamed gave up a promising law career to pursue his dream of becoming a full-time pit-trader at the CME. He quickly ascended the ranks to become chairman. From there, he set out to disrupt the status quo and ultimately transform both the exchange itself and the broader finance industry.
Through daring to embrace innovative ideas many considered absurd, Melamed was a pioneer, continually fighting for modernisation in the financial markets through diversification and the introduction of new technologies. Covering the internal battles waged within the CME, the launch of the International Monetary Market (IMM) and the rise of Globex, this enthralling autobiography details the struggles, scandals and triumphs of a visionary in his field.
Together with behind-the-scenes reminiscences about the financial markets, this narrative delves into Melamed’s philanthropic work at the US Holocaust Memorial Museum, as well as his fascinating dealings with political figures at home in Chicago, at the White House, and around the world in China, Japan, Singapore, Great Britain, Russia, South Korea, and Brazil.
Man of the Futures offers exclusive access to the rationale behind some of the biggest financial decisions and dealings in the late 20th and early 21st century. Join Leo Melamed for this fascinating and revealing story of a life lived in pursuit of the future.
396 pages, Hardcover
Published April 27, 2021
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Displaying 1 - 3 of 3 reviews
August 12, 2025
I stumbled on this at the library and, embarrassingly, on Leo Melamed too—despite his outsized role in shaping the futures industry in the U.S. and beyond. Having dealt extensively with the CME throughout my career, I loved the inside look at how the exchange became what it is today—and how the idea of financial futures was once treated as heresy. The pace is excellent: short, focused chapters, each built around a project Melamed led or heavily influenced.
Two caveats. First, I have a deep background in futures, and that definitely helped. Readers without that context may miss some of the finer points, though the broader business story still lands. Second, the tone can feel self-congratulatory—as if the author’s keen to secure his place among finance’s household names. It’s minor, but noticeable.
Bottom line: a must-read for anyone working in or around derivatives/market structure; a worthwhile business history for general readers interested in how bold ideas become institutions.
Two caveats. First, I have a deep background in futures, and that definitely helped. Readers without that context may miss some of the finer points, though the broader business story still lands. Second, the tone can feel self-congratulatory—as if the author’s keen to secure his place among finance’s household names. It’s minor, but noticeable.
Bottom line: a must-read for anyone working in or around derivatives/market structure; a worthwhile business history for general readers interested in how bold ideas become institutions.
January 21, 2023
Leo has a lot of stories to tell, and he sure tells them all. This is the story of:
- Growing up in Bialystok, Poland and fleeing both nazism and communism, by way of Japan eventually ending up in USA.
- Free market ideals and what they mean to Melamed.
- The history of futures trading.
- The story of the CME (Chicago Mercantile Exchange), where Melamed was at the leadership for several decades.
- The development of new financial products and the electronification of exchanges.
What to me seems to be the common thread binding all of this together is highly humanistic values. Throughout the book, hundreds of names are mentioned, and it would be impossible to characterize Melamed as anything other than a relationship oriented person. He seems to have an uncanny ability to connect with people, remember all kinds of details about them, understanding what they want, getting to do business together, and more. While Leo Melamed himself has been one of the important characters to create the modern financial era, this book is to a large extent the story of the people who made Leo Melamed. Unfailingly, almost every little story about a person who played a vital role in that bigger story is ended with "...and remains a close friend to me until this day." This goes for former colleagues, influential economists, various politicians and even competitors.
While this people-focus struck me as a bit off-topic at the beginning, I came to realize that this is of course how an exchange is built, or a business in general, not to speak of a market or a whole country. Basically anything we do derives from the relationships we have. A great example of this is the time and effort he spent building trust and goodwill among the floor trades of the exchange in the early day. When a new product was then launched (such as currency futures) he could ask the traders to make a market for months or years before trading volume picked up. Of course making a market is not profitable unless there is some trading volume to utilize, but the volume will never come unless market makers provide prices where trades can be done. Anybody who has run a business know the problem of such catch-22 situations, but by building trust early on it can actually be avoided.
What is missing in this book are conclusions. It is all a very exciting story that can teach us a lot, but Melamed never actually gives any advice on how to run a business. What I would have loved to read is his thoughts on how to deal with people and building relationships. This seems to come so naturally to him, that maybe he never even had to reflect on it enough to put words on it.
This is a long book and requires some effort. If you're interested in financial markets, financial history, or building a business, it provides some very valuable reading.
- Growing up in Bialystok, Poland and fleeing both nazism and communism, by way of Japan eventually ending up in USA.
- Free market ideals and what they mean to Melamed.
- The history of futures trading.
- The story of the CME (Chicago Mercantile Exchange), where Melamed was at the leadership for several decades.
- The development of new financial products and the electronification of exchanges.
What to me seems to be the common thread binding all of this together is highly humanistic values. Throughout the book, hundreds of names are mentioned, and it would be impossible to characterize Melamed as anything other than a relationship oriented person. He seems to have an uncanny ability to connect with people, remember all kinds of details about them, understanding what they want, getting to do business together, and more. While Leo Melamed himself has been one of the important characters to create the modern financial era, this book is to a large extent the story of the people who made Leo Melamed. Unfailingly, almost every little story about a person who played a vital role in that bigger story is ended with "...and remains a close friend to me until this day." This goes for former colleagues, influential economists, various politicians and even competitors.
While this people-focus struck me as a bit off-topic at the beginning, I came to realize that this is of course how an exchange is built, or a business in general, not to speak of a market or a whole country. Basically anything we do derives from the relationships we have. A great example of this is the time and effort he spent building trust and goodwill among the floor trades of the exchange in the early day. When a new product was then launched (such as currency futures) he could ask the traders to make a market for months or years before trading volume picked up. Of course making a market is not profitable unless there is some trading volume to utilize, but the volume will never come unless market makers provide prices where trades can be done. Anybody who has run a business know the problem of such catch-22 situations, but by building trust early on it can actually be avoided.
What is missing in this book are conclusions. It is all a very exciting story that can teach us a lot, but Melamed never actually gives any advice on how to run a business. What I would have loved to read is his thoughts on how to deal with people and building relationships. This seems to come so naturally to him, that maybe he never even had to reflect on it enough to put words on it.
This is a long book and requires some effort. If you're interested in financial markets, financial history, or building a business, it provides some very valuable reading.
October 25, 2022
Excellent memoir from one of the giants of the futures and derivatives industry. In the early part of the book, Melamed traces his early life growing up in Bialystok, Poland, recounting his family's harrowing escape in 1939-41 from Eastern Europe and across the rugged Russian landmass to Tsuruga, Japan, whereupon they traveled onward via boat across the Pacific to the United States. Melamed goes on to describe his family's subsequent migration to Chicago and how he first became involved in the futures trading industry as a young law student at John Marshall, when he answered a want ad from a firm looking for a "runner" on the floor of the Chicago Mercantile Exchange ("CME"). Melamed provides fascinating insight into his rise within the futures industry throughout the 1960's, when he worked as a futures trader in the chaotic "pits" of the CME, eventually permanently leaving his law practice in 1965, becoming elected to the CME board in 1967 and rising to the position of Chairman of the CME in 1969. A true American success story!
Working in the futures and derivatives industry in Chicago myself, I found this book particularly insightful. Melamed provides detailed insight into the rationale behind the various types of products introduced and developed by CME throughout the 1970's, '80's and '90's. In 1972, under Melamed's leadership, the CME created the International Monetary Market (IMM), the world's first financial futures exchange, and launched foreign exchange currency futures. Several years later, in 1976, Melamed led the effort to create the first listed futures products on U.S. Treasury bills. Then, in 1981, Melamed and his team introduced the Eurodollar contract, an interest rate-based financial futures contract specific to the Eurodollar (a product that revolutionized financial markets). This innovation was followed closely in the next year by Melamed's introduction of a cash-settled stock market index futures contract that referenced the S&P500 stock index. Several years later, Melamed aggressively spearheaded the creation and introduction of Globex, the world's first electronic trading system, and became its founding chairman. As Melamed continuosly demonstrates, his innovativeness and far-sightedness disrupted the status quo and transformed the CME into a major player in global finance.
Melamed is a true embodiment of the idea of the "American Dream." This fascinating book is written in an engaging and dynamic style, and I highly recommend it to anyone with even a passing interest in finance and business.
Working in the futures and derivatives industry in Chicago myself, I found this book particularly insightful. Melamed provides detailed insight into the rationale behind the various types of products introduced and developed by CME throughout the 1970's, '80's and '90's. In 1972, under Melamed's leadership, the CME created the International Monetary Market (IMM), the world's first financial futures exchange, and launched foreign exchange currency futures. Several years later, in 1976, Melamed led the effort to create the first listed futures products on U.S. Treasury bills. Then, in 1981, Melamed and his team introduced the Eurodollar contract, an interest rate-based financial futures contract specific to the Eurodollar (a product that revolutionized financial markets). This innovation was followed closely in the next year by Melamed's introduction of a cash-settled stock market index futures contract that referenced the S&P500 stock index. Several years later, Melamed aggressively spearheaded the creation and introduction of Globex, the world's first electronic trading system, and became its founding chairman. As Melamed continuosly demonstrates, his innovativeness and far-sightedness disrupted the status quo and transformed the CME into a major player in global finance.
Melamed is a true embodiment of the idea of the "American Dream." This fascinating book is written in an engaging and dynamic style, and I highly recommend it to anyone with even a passing interest in finance and business.
Displaying 1 - 3 of 3 reviews