Day One Trader: A Liffe Story

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Wiley, Aug 28, 2009 - Business & Economics - 184 pages
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"The catastrophic events of 2008 prove that the financial world hasnot learnt the lessons of my own tragic tale. But anyone who thinksthat the world of derivatives is just about greedy bankers who putour pensions and savings at risk is wrong. Day One Trader is thegripping chronicle ofthe unknown working heroes of the Liffe floorwho shattered a glass ceiling of elitism in the City of London andhelped build one of the few financial institutions that we can beproud of."
Nick Leeson

"As I walked into the members entrance of the exchange for thefirst time on September 30 1982 I felt a buzz of excitement. I hadrealised my ambition of being a "day-one trader". Inside, thefluorescent lit exchange floor bustled with about three hundredtraders in orange, red and blue jackets. A brief opening ceremonywas overseen by Gordon Richardson, the governor of the Bank ofEngland, before he cut a white ribbon hanging above a pulpitoverlooking the floor. I felt at fever pitch as we counted down thestart of trading. "Ten, nine, eight, seven, six, five, four, three,two, one!" The bell rang and I watched a scrum of dealers scrambleto trade Liffe's first ever contracts in a heap of freneticenergy."
From Day One Trader

Day One Trader is the exclusive story of John Sussex onhis journey from son of a Basildon factory worker, leaving schoolat 16, to successful City financier and member of the Liffeboard.

Providing a unique insight to this competitive and often brutalindustry, readers will discover the tactics used by dealers tosurvive the jungle of the pits in a story that chronicles the floorbanter and characters that made Liffe a global derivativespowerhouse.

Packed full of exclusive – until now unreported –stories, Day One Trader sheds new light on what motivatedcharacters such as Nick Leeson, and provides insight to Liffefloors star traders.

Financial experts and novices alike will be gripped bySussex’s account of the highs and lows of a career thatspanned almost three decades in the history of the financialmarkets.

"John Sussex lived by the mantra of My Word is My Bond. Thismakes Day One Trader a must read for all traders. Every page bringsback a lifetime of trading memories of days that will never be thesame."
—David Barnett, Global Head of Treasury, Royal Bank ofCanada

"Day One Trader describes a journey through a world that cameand went in too short a time. The Liffe floor challenged the statusquo in the City of London in the early eighties and was itselfkilled off by technology in the late nineties. John Sussex was oneof the great characters of that world and a man of the utmostintegrity."
—Richard Berliand J.P. Morgan, Chairman Futures &Options

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About the author (2009)

John Sussex retired after a 33-year career in the financialmarkets. He lives in Basildon, Essex, the place of his birth. Afterleaving his local comprehensive school with few qualifications hebegan working as an accounts clerk in the City of London at the ageof 16. Sussex went on to become a highly successful trader at theLondon International Financial Futures Exchange (Liffe) and set uphis own brokerage business. He also served on the board of Liffe.He is married and has two children.

Joe Morgan is a financial journalist who lives in London.He has served as a correspondent for the Times and has writtenextensively about the latest developments in trading technology andthe financial markets. Morgan was inspired by the idea of revealingto a mass audience the hidden reality of the world of high financeafter landing his first job as a capital markets reporter. He has aPostgraduate Diploma in Magazine Journalism from CardiffUniversity. This is his first book.

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