[HN Gopher] What happens at the end of 'Trading Places'? (2013)
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What happens at the end of 'Trading Places'? (2013)
Author : austinallegro
Score : 60 points
Date : 2025-04-24 20:11 UTC (5 days ago)
(HTM) web link (www.npr.org)
(TXT) w3m dump (www.npr.org)
| gibbitz wrote:
| https://youtu.be/9wSQ9Zk_9gQ?si=LIymSh4sGl2jehYo great video on
| orange juice concentrate futures
| allenrb wrote:
| I've worked in trading for some time now (on the tech nerd side)
| and can still remember my jaw dropping when I learned that FCOJ
| is actually traded and wasn't made up for the movie.
| toomuchtodo wrote:
| My father was a trader on the floor of the CME in Chicago for a
| short bit (mid to late 90s), and Trading Places was provided as
| required reading before he taught me how to trade commodities.
| Great film. I have the VHS copy somewhere for sentimental
| reasons.
|
| Why you can't trade onions futures is also a fun read, for
| similar reasons ("The Great Onion Corner").
|
| https://www.npr.org/2015/10/22/450769853/the-great-onion-cor...
|
| https://en.wikipedia.org/wiki/Vincent_Kosuga
|
| https://en.wikipedia.org/wiki/Onion_Futures_Act
| smallmouth wrote:
| There's a good chance I knew your father if he was active
| between 89' and 97'. Leased and eventually bought a seat and
| cleared through RJO.
|
| Mostly S&P 500, Pound Sterling and Live Cattle.
|
| And thanks for those links!
| konfusinomicon wrote:
| as the last of the short orders were filed Kosuga leaned over
| to Siegel and whispered, "now we'll really give em something
| to cry about", and the rest is history
| richardfontana wrote:
| When I was in law school I took a class on securities
| regulation taught by Joel Seligman, and I remember looking at
| his multi-volume treatise which included a letter Gerald Ford
| sent him reminiscing about the Onion Futures Act.
| nicwolff wrote:
| That's funny, that in 2010 the Commodity Futures Trading
| Commission specifically banned the insider trade that bankrupted
| the Duke Brothers at the end of Trading Places!
|
| Here's a direct link to the testimony mentioned in the Wall
| Street Journal:
|
| https://www.cftc.gov/PressRoom/SpeechesTestimony/opagensler-...
| mikestew wrote:
| Referenced in the doc as "the Eddie Murphy rule".
| listenallyall wrote:
| Even if the trading itself wasn't illegal, it had to be illegal
| to steal a government economic data report prior to its
| release, right? I mean, if you stole the monthly Non-Farm
| Payroll report and knew its contents ahead of its release, you
| could easily make millions of dollars. There is a reason it is
| released at a specific, scheduled time.
| IAmBroom wrote:
| "Should be" != "had to be".
| JackFr wrote:
| https://www.nytimes.com/2003/11/13/business/economist-
| pleads...
|
| And disgorge your profits, pay a fine, go to jail and agree
| never to work in the securities industry ever again.
| kccqzy wrote:
| What's missing from this explanation is how open outcry trading
| works. If the "sell 30 April at 142" instruction is barely heard
| correctly, how would other traders be sure of what they heard and
| react accordingly? It seems like a messy trading environment
| where mistakes could easily be made. What do they do to prevent
| these mistakes and to prevent traders from reneging on the
| trades? Do they have a ticker tape? Do they have employees who
| would record all transactions on the ticker tape? How do they go
| from verbal instructions to a verified record?
|
| Amazing movie though. I just wish I had more context to
| understand the scene fully.
| joezydeco wrote:
| There was a system of hand signals to back up the
| communication. The movie didn't really show that.
|
| Here's how they did it in Chicago at the Commodities Exchange:
|
| https://youtu.be/yd31eEEWOoc
| wildzzz wrote:
| One of my favorite scenes in Ferris Bueller
| vergeman wrote:
| I attempted a little webcam machine learning video game to
| trade open outcry.
|
| Can't say it works that well but I claim side project lol.
|
| https://www.thepittrader.com/
| Braxton1980 wrote:
| Prince Akeem was upset that Arsenio Hall was using the royal
| family's money when they were supposed to be living like
| commoners. Out of anger he took a large wad of cash that Arsenio
| had on him and gave it to two homeless people who turned out to
| be the Duke brothers.
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