John Hanemann

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John Hanemann
JohnHanemann.jpg
Occupation Independent Floor Trader

The late John Hanemann was an independent floor trader trader at the COMEX who became the first chairman of the exchange with pit trading experience.[1] He was President of Hanemann Trading Co. in New York, a futures and options execution service on the trading floor of the New York Mercantile Exchange.[2]

He had a long career in the commodity futures industry and at the time of his death served as the president of the Commodity Floor Brokers and Traders Association.[3][4]

Background

Hanneman began his career in 1961 as a price reporter for the New York Mercantile Exchange.[5]

Hanemann became a clerk at a small brokerage firm in 1964. At the age of 26 in 1970, he became a member of the COMEX.[6]

In 1980 Hanemann formed his own firm, the Prestige Metal Trading Company.

In 1979, he served on the board of governors of COMEX and was named chairman of the floor committee.

At age 44, Hanemann became the first member-elected chairman of COMEX in 1988. He was the first COMEX chairman with pit trading experience. However, he resigned the chairmanship roughly a year later after COMEX members had voted down a proposal to pay the chairman $100K to $250K per year.[7] He was succeeded as chairman by Robert E. Fink.

Hanemann's resignation came two days after a new president and chief executive had been appointed to the exchange and a day after the president of the New York Mercantile Exchange resigned. Arnold Staloff was appointed president and chief executive of COMEX and Rosemary McFadden resigned as president of the NYMEX in a flurry of executive moves in the New York futures exchange community.

At the time he stepped down, in a letter to COMEX members Hanemann cited the financial strain of the unpaid chairman's job as well as health concerns from the enormous demands of the position.[8]

In 1993 was elected president of the Commodity Floor Brokers and Traders Association.[9] Then, in 2001, he was named Vice Chairman of the COMEX governors committee.

He was an avid and well-known sport fisherman on the New Jersey Shore.

References

  1. BUSINESS PEOPLE; Gold Trader Is Elected As Comex Chairman. New York Times.
  2. John H. Hanemann. Legacy.com.
  3. Prominent People. FIA Magazine.
  4. Officers Re-Elected/ The Opening Call. CFBTA.
  5. JOHN H. HANEMANN. Legacy.com.
  6. Wall Street Warriors, Episode 6: Postmortem. Dealbreaker.com.
  7. Commodity Exchange Chief Hanemann Quits. Futures Magazine.
  8. BUSINESS PEOPLE; Comex Officer, Citing Hardships, Quits Post. New York Times.
  9. Prominent People. Futures Industry Magazine.