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Dedications
This book is dedicated to my parents, Marjorie Jane Cowell and John Orville Gorham, he a wellspring of humor, she a fount of fun, hard work and integrity, who were both determined that I receive a good education, even if they had to make great sacrifices to see that happen. And to my siblings, Linda, Steve, Margaret and Elizabeth, each of whom have followed their own unique paths, and from each of whom I have learned something profound. Michael Gorham To the visionaries, innovators and entrepreneurs who dragged financial markets into the future. To my parents, for encouraging me to seek my own path. And to the new dog I am getting when this book is published. Nidhi Singh
Acknowledgments
This book would not have existed if two major things hadn’t happened. First, Karen Maloney, Economics and Finance Publisher at Academic Press/Elsevier, asked Mike to write a book about the markets. Thanks to Karen for that and also for her patience and guidance along the way. And thanks to Assistant Editor, Stacey Walker, for all her work in making this book a reality. Second, at one of their periodic lunches, Mike told Nidhi about the project and realized how much stronger the book would be with Nidhi’s extensive technology background (at OCC, TT and Goldman Sachs). Luckily, Nidhi agreed to join the project. This book has benefited greatly from the help of others, and we hope that we have properly remembered all of them below, though we sometimes lay awake at night knowing that we have surely forgotten some. Dick Dufour (of the CBOE) helped early on by loaning us articles, books and his time, especially in explaining some of the less known details