John Pietrzak: Open Outcry Traders History Project Podcast Interview
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In a podcast interview with John Pietrzak by John Lothian for the Open Outcry Traders History Project, Pietrzak and Lothian engaged in a discussion of Pietrzak's family's long history in trading and his initial start on a career path towards medicine. He quickly switched to finance and accounting, however, before joining his father and grandfather on the trading floor of the Chicago Board of Trade (CBOT).
John's family legacy in trading began with his grandfather, who started as a runner on the CBOT trading floor in 1913. John's father eventually followed his father to the CBOT in 1960, and eventually John himself bought a seat in 1979. The interview highlighted how electronic trading started to change the landscape of the trading floor with the entry of Timber Hill and electronic order entry systems. Despite this shift, there was still demand for executing complex orders and spreads on the floor.
John Pietrzak discussed the types of clients he served, which included commercial grain companies, commission houses, and firms engaged in "hideaway business" that preferred discreet trading. He also described his experience on the trading floor, his education background, and the financial challenges he faced, including borrowing money to purchase his seat and dealing with the high-interest rates of the early 1980s.
The interview touched on the mentors and others who influenced John's career, such as Dan Rice, John Ruth, and Charlie Carey, and highlighted his father's role in bringing new traders into the business. John reflected on his career choices, including turning down opportunities in other markets, and discussed the unique camaraderie and information-sharing that occurred on the trading floor.
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