DIRECT ACCESS FUTURES

Make optimal use of the new futures trading technologies
Direct access, the democratizing force that transformed stock trading in the 1990s, has come to the futures industry in a big way. With the advent of a new electronic futures trading infrastructure, everyone-from the former pit boss, to the hedge fund manager, to the individual investor working from home-has equal and instantaneous access to futures markets in six continents. To survive and thrive in the futures markets, experienced and novice futures traders alike need to educate themselves with the ins and outs of the electronic trading environment. Silverman, former board member of the Chicago Mercantile Exchange who has successfully made the transition from trading on the floor to trading electronically, acquaints readers with his proven strategies for playing both the long and short sides of the futures market and profiting in all market conditions.

DAVID I. SILVERMAN is a longtime member of the Chicago Mercantile Exchange and has traded futures since 1982, both on the floor and using electronic systems. Mr. Silverman recently finished his eighth year as a member of the Board of Directors of the CME. In that capacity, he filled many important exchange positions, such as chairman and vice chairman of various technology and product committees. During his tenure as a board member, he helped develop order-routing and communications technology geared toward making the trading floor more efficient; chaired committees that developed a handheld trading device and wireless headset technology; and participated in the development of GLOBEX(r), the CME's electronic trading network. Silverman also served as Chairman of the Board of the GFX, the CME's online foreign exchange market-making division. An accomplished public speaker, Silverman has participated on panels and delivered a number of keynote addresses at industry conferences.

Foreword

Introduction: The Impact of Technology on Futures Trading

1 Direct Access

2 Discussions about Direct Acess

3 The Case for Futures Trading

4 The Exchanges

5 Software

6 Stock Index Futures

7 Foreign Exchange

8 Treasury Futures

9 Becoming a Successful Trader

10 Twenty-five Frequently Asked Questions about Electronic Trading

Appendix A: Glossary

Appendix B: Index Components: S&P 500 and Nasdaq 100

Appendix C: Contract Specifications: S&P and Nasdaq Futures Contracts

Appendix D: Tax Treatment of Futures

Appendix E: The Investor's Bill of Rights

Appendix F: Using the World Wide Web

Appendix G: Suggested Reading

Index