Show notes
Former CME floor trader and RCM co-founder Bobby “Yogi” Schwartz joins Jeff to close out our Chicago month and walks through a wild career arc: from generational hog pit roots to dominating the Nasdaq futures pit during the dot-com bubble, then building prop firms, arbing minis vs. big contracts, and eventually stepping into Hollywood film finance before returning to launch RCM. Bobby shares vivid floor stories: badges, hand signals, full-contact fights, and multi-million-dollar errors, while explaining how open outcry actually worked, why Chicago produced so many elite prop traders, and how the e‑mini revolution rewired the futures landscape. He breaks down building and backing 100+ traders, deploying early “gray box” tech, and structuring option and index arb trades that bridged futures, ETFs, and cash baskets.The conversation then shifts to what RCM does today: multi-FCM clearing, outsourced trading, ETF and mutual fund infrastructure, ag and global trade finance, and navigating the explosion of new DCMs, prediction markets, and perps. Along the way, Bobby drops Hollywood war stories, Chicago steakhouse lore, and a candid look at where derivatives trading is headed next.Chapters:00:00-01:12=Intro01:13-10:06=From Yogi’s Jacket to a Generational Life on the CME Floor10:07–20:20 = Inside the Nasdaq Pit: Dot‑Com Vol, E‑Mini Arbs, and Human Algos20:21–31:36 = From Floor to Screens: Building Prop Firms and Hollywood Film Arbs31:37–41:42 = Hollywood Trades: Indie Film, Oscar Winners, and Risk Like a Trader41:43–58:06 = Building RCM: Clearing, Outsourced Trading, ETFs, Ag, and China58:07–01:10:47 = Chicago War Stories: Pit Fights, Steakhouse Nights, and Trader Royalty01:10:48-01:17:51 = Life After the Pit: Chicago NightsCheck out previous Chicago episodes from this month:How Chicago Became the World’s Options, Vol, and Derivatives Capital (with Cboe’s Rob Hocking & Mandy Xu)Inside $2B of Chicago Real Estate: Tommy Choi on Housing, Migration, and Millennialsrcmalternatives.comDon't forget to subscribe toThe Derivative, follow us on Twitter at@rcmAlts andsign-up for our blog digest.Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visitwww.rcmalternatives.com/disclaimer