About You: How did you get started? Do you provide additional services besides brokerage?
I began at the MidAmerica Exchange in Chicago in 1976, and have traded on COMEX since 1982. I formed Great Lakes Metals, Inc. in 1987, a floor brokerage and trading firm on COMEX. Currently I serve as Chairman of the COMEX Governors Committee; International Advisor to the Shanghai Gold Exchange; Director at NIBA. I started my GIB in 1995 (now GLT Group). In 2008, I created Great Lakes Global and Great Lakes Hong Kong to offer brokerage services internationally with a focus on Asia. In Asia we also offer technology consulting, market research, and educational services.
What are the biggest challenges your clients face today, and how do you help them?
Since we do business in Asia, communication is key. We have a 24 hour order and service desk in Hong Kong with English, Mandarin and Cantonese speakers. Handholding on technology is key to individual clients and FCMs.
How has the futures and options industry evolved since you first started in business?
I was very fortunate to begin in the industry at a time when growth and innovation was poised to expand rapidly. Financial and currency futures were in their infancy and options on futures did not exist. Nearly all of the innovations that have shaped the markets today took place during my years in the business. The biggest change has been the globalization of the markets, which was made possible by electronic trading. As a floor trader I would have preferred to keep everything open-outcry, but the biggest challenges and opportunities came with the migration to an electronic venue. Because of this globalization we see great potential in the Asia markets and direct our energies in that region.
What do you believe to be the keys to your success?
One key is not to get complacent. Identify where you can add value, and then design a product or service to offer. We made sure our company was flexible and agile enough to provide customizable solutions to clients. We have relationships with several clearers and technology vendors which enables us to find the right fit for the client. The downside to this approach is the reliance on third-parties, but we have good relationships with our service providers.
What trends are you most excited about/worried about?
I am most excited about the large markets that are opening up, but that is tempered by increasing regulatory demands that are often undecipherable and create layers of administrative and compliance work that takes away resources from customer service and research.
Why did you become a member of the NIBA?
Melinda Schramm, the chair of the organization, asked me to participate on the board level because of my relationship with COMEX and NYMEX. Since then I have found the NIBA to be a valuable advocate for IBs and the only real voice for this important part of our industry. It is also an excellent source of information and resources. Most IBs will find it worthwhile to join and support the organization.
Learn more about Great Lakes Global or GLT Group by visiting our website: www.gltdirect.com
Contact William Purpura: wpurpura@gltdirect.com
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SRC, PC is a law firm in Chicago experienced with the needs of the financial community. Contact Steve Pherson, Partner & NIBA legal advisor at spherson@srcattorneys.com.