Carey, Charles Kenneth, 1952-

Born on Sept. 1, 1953 in Chicago, and grew up in Chicago and its western suburbs. The Carey family had a long tradition in the Chicago Board of Trade (CBOT), as both Charlie's grandfather and father had seats in the institution, and were respected traders in agricultural commodities. Charlie grew up in this tradition, but upon graduation from high school in 1971 he was uncertain of his future. Carey attended Western Illinois University, and in 1976 began working at the Mid-American Exchange in Chicago, which also traded in grain commodities, but on a much smaller scale than the CBOT. Carey's father died unexpectedly in 1977, and in 1978 Charlie took over his father's seat on the CBOT. In 2003 he became Chairman of the CBOT, and in 2007, when the Chicago Mercantile Exchange (CME) and the CBOT merged, he was selected as Vice Chair of the CME Group. Mr. Carey related his family's story, and also gave a layman's explanation of the purpose of the CBOT and a thumbnail sketch of the intricacies of commodities trading, particularly grains. He discussed commodity futures contracts, futures options, and the dynamics of the trading floor, where traders traditionally use the 'open outcry' method of trading. Carey discussed the interrelated nature of the various markets, and the innumerable factors that can affect the price of commodities, stressing that speculators play a valuable service in determining a price, but that they should not be blamed for price swings. He also discussed the evolution of the CBOT, including the adoption of electronic trading, and the emergence of financials and derivatives as trading instruments. The interview concludes with filming on the floor of the grain commodities pit at the Board of Trade.

From the description of An interview with Charles P. Carey / Charles P. Carey ; Mark R. DePue, interviewer. 2010. (Abraham Lincoln Presidential Library). WorldCat record id: 750272651