May 14, 2008
Darienite takes second place in trading competition
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Ted Koly of Darien, a Quinnipiac University graduate student in the Business Administration — Chartered Financial Analyst program in the School of Business, recently took second place in the NYMEX Commodities Challenge open outcry trading competition in New York City.
Koly, a 2003 Darien High School graduate, competed against 54 other students from 10 schools nationwide. It marked the second year Koly competed in the challenge at the New York Mercantile Exchange. In 2007, he placed fifth.
“I’m glad that I was able to improve,” said Koly, who will graduate from the five-year program with a master’s degree in business administration and bachelor’s degree in finance on May 11. “It was a great way to represent the university. It’s also a way for me to build some contacts as well as build knowledge.”
While most stock and commodity markets now trade electronically, the venerable “open outcry” system is still used to trade complex options on future markets. Open outcry is the traditional method of trading stocks by shouting and using hand signals on an open trading floor.
During the competition, Koly and the other competitors gathered on the NYMEX floor after-hours and executed mock orders from fictional clients to buy and sell commodities. They were judged on technique and ability to carry out clients’ wishes.
“You’re yelling at the top of your lungs the entire time. It’s a huge adrenoline rush,” said Koly.
NYMEX judges said Koly displayed a good presence on the trading floor, participated in many trades and showed an ability to make trades while listening to quotes being shouted by the other traders at the same time.
Koly, who started trading stocks while in high school, said he plans to become a portfolio manager and perhaps one day run a hedge fund.
He currrently works part-time at Smith Barney in Stamford, where he creates, tests and monitors investment portfolios under the supervision of financial advisors.
“I enjoy the stock market,” said Koly. “I enjoy trying to find opportunities that clients can make money on.”
© Copyright 2008 by Hersam Acorn Newspapers
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