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To: Jon Koplik who wrote (20419)	12/24/1998 6:52:00 PM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

Definitely O.T. - obsessions with "lucky" neckties among futures floor traders : US FUTURES TRADERS ASK NO NEW NECKTIES FOR CHRISTMAS, PLEASE! By Alyce Andres and Suzanne Cosgrove CHICAGO (MktNews) - At the Chicago Board of Trade, a necktie is considered a badge of honor, a lucky charm, and a pathway to good karma -- but not a proper Christmas gift. Neckties are a required part of the dresscode at the CBT and are chosen carefully by traders, often in an effort to prolong luck and promote "good karma." A survey of 25 traders and brokers on the CBT financial floor revealed that nearly 70% of the men wear the same tie every day, while the remaining 30% either rotate between two or three, or wear a different tie every day. Luck was the number one reason for traders to wear the same tie every day. Unfortunately, the luck runs out on some ties. Chuck Retzky, a senior vice president at Credit Lyonnais, who usually wears the same tie every day said, "you don't change a lucky tie until something bad happens." Retzky compares wearing a lucky tie to having good karma. "Every day there is the chance that you could lose your job or have a six- figure error, so you need everything possible going for you," he said. One Treasury bond pit clerk said, "if I have an error, I go out and buy a new tie," while a broker might make a determination if the tie could stay based on the amount of the error. "If the error is less than 100 ticks," which is equivalent to $3,125, "the tie can stay .... If it's more than 100 ticks I cut it in half and get a new one." "The tie is the culprit on that day," he added. Another trader spoke of a friend's "volatility tie." This was a sacred tie kept in a desk drawer on the floor and was unveiled after the trader had lost substantial amounts of money. Unveiling of the tie was thought to bring volatility or large price swings to the market so the trader may have the opportunity to earn back some of the earlier losses. A few traders rotate between two or three ties. Although tie rotation can be "dicey," one broker added, "you have to rotate them in slowly to see if it really is a lucky tie." One options trader prefers to wear ties until they unravel. He boasts to have only worn two ties in the last 15 years. "The first one was retired after I lost $94,000." The second is still wearable. He staples it together every morning before coming to the floor. Although the actual age is unconfirmed, the oldest tie worn daily on the financial floor is said to be 15 years old, and resembles more of a string rather than a tie. Traders gave varying ages for their ties, but most wore the same tie between two and seven years. Others are not so superstitious. They say tie choice is a matter of practicality. "Why should I ruin a good tie down here?" asked one trader. Ties get a lot of wear and tear because of the physical nature of working in the pit. On average, it takes approximately one-and-a half to two years before a tie will fray from daily use, sources claim. Why do some traders not care how ridiculous their ties look? "Appearances are not as important (in the pits). There is no face-to- face customer contact," one floor trader said. Generally, most outside business is conducted over the phone. "The tie means nothing except that the establishment requires you to wear it," another broker added. Another trader said the "older generation" sport nicer ties on a daily basis. Ironically, that generation at the CBT is comprised of members who are over 40. However, wearing a necktie at the CBT appears to have no real correlation to the financial success of the trader. But it does serve a purpose. As for Santa, delivering a tie would be to "tread on sacred ground," Retzky said. "You don't want to give that much authority to Santa at this point."--Alyce Andres and Suzanne Cosgrove, 312-214-3336; email: cosgrove@mktnews.com. 12:13 EST 12/24 © 1998 Market News Service, Inc.