Lee B. Stern
Lee B. Stern is a long-time financial market participant who founded Lee B. Stern and Company, a clearing member of the Chicago Board of Trade (CBOT) and LBS LP. He has been a member at the Chicago Board of Trade (CBOT) for more than 57 years and was profiled by CME Group's Open Markets as the world's "Longest Serving Futures Trader."[1] In 2019, Stern was inducted into the Futures Industry Association's Futures Hall of Fame, which was established in 2005 to commemorate outstanding contributions to the global futures and options community. [2] Stern owns a minority interest in the Chicago White Sox and is also known as the founder of professional soccer in Chicago. (He founded the Chicago Sting of the North American Soccer League in 1974 and is a member of the United States Soccer Hall of Fame.)[3] Background[edit]He served in the U.S. Army Air Corps at the end of World War II. Stern began his career as a clerk for Merrill Lynch in December 1947. After a successful run of 20 years in futures and options trading, Stern opened the clearing firm Lee B. Stern & Company in 1967. In October of 1992, Darrell Zimmerman and Anthony Catalfo attempted to manipulate the U.S. Treasury bond futures and options market at the CBOT. Catalfo reportedly profited by $1,500,000, but Zimmerman lost nearly $9,000,000, for which his clearing firm, Lee B. Stern & Company, was liable. After an initial suspension of trading and clearing privileges of the three principals of the Lee B. Stern & Company - Lee Stern, his son Daniel Stern, and Lester Moucher - the CBOT had the suspension expunged. A book chronicling his life was written by Stern and Neal Samors. The book is titled A Kid From The Windy City.[4] Education[edit]Stern attended Roosevelt University in Chicago. John Lothian Profiles[edit]References[edit]
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