William J. Mallers, Sr.

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William Mallers Sr.
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William (Bill) Mallers Sr. was a former chairman of the Chicago Board of Trade and the founder of First American Discount Corporation, a Chicago-based futures commission merchant.[1][2][3][4] He died in 2006 at the age of 77.

In 2024, Mallers was inducted into the Futures Industry Association's FIA Hall of Fame, which was established in 2005 to commemorate outstanding contributions to the global futures and options community.[5]

Background[edit]

Mallers was the youngest man ever elected to be chairman of the Chicago Board of Trade.[6][7] He was 39 years old in 1969 when he was elected CBOT chairman as a maverick candidate, one not slated by the nominating committee.

Originally a wheat broker in the CBOT trading pits, Mallers had a large retail and commercial order book. He was one of the brokers who bought wheat futures to fill the Russian wheat purchased from the U.S. in the early 1970s. He was also president of a prominent Chicago-based brokerage firm, Hennessy & Associates, before founding First American Discount Corp. (FADC).

At FADC, Mallers led the training of a group of employees, which included his sons William Mallers Jr. and Tom Mallers and daughter Joanna Mallers and John J. Lothian, founder of MarketsWiki.[8][9]
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He was prominently involved in many CBOT and futures industry watershed events of the late '60s and 1970s, including the creation of the Chicago Board Options Exchange, the creation of National Futures Association and the expansion of the CBOT building.[10][11]

The CBOT had explored the listing of a cash settled Dow Jones futures contract, but this was turned down by the SEC. The CBOT had long had a dormant securities license and had been sent a letter by the U.S. Securities and Exchange Commission to "use it or lose it." Mallers was appointed chairman of the securities committee at the CBOT in 1968, prior to his becoming chairman of the exchange. Eventually, with committee member Edmund O'Connor, the committee settled on the idea of a market on options on stocks.[12][13]

Education[edit]

Mallers was a 1946 graduate of Loyola Academy, in Wilmette, IL.[14]

References[edit]

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