Introducing Buck Haworth, Chairman and Chief Financial Officer at Born TechnologyJessica Darmoni
Born Technology is a team of experts at the center of markets and technology. We are committed to finding better ways to tackle the toughest technology challenges facing institutional trading firms today. We are dedicated, innovative and experienced in capital markets as well as financial technology.
This summer we would like to introduce you to the people at Born Technology. They are building and supporting the reliable, flexible and unprecedented solutions that connect you to the marketplace. We invite you to learn more about our team of specialists. This week we are featuring Buck Haworth, Chairman and Chief Financial Officer of Born Technology.
- What is the best part of your job?
There is always a new problem or challenge to be met.
- What is the most challenging part of your job?
Learning to lead and inspire without dictating. The only person you can control is yourself.
- What was your first job?
Cleaning houses, which were under construction, when I was 12 to 14.
In my hometown there was a general contract builder of residential homes. They subcontracted most of the work, my Dad was one of their subcontractors. As the houses were being built they were getting full of debris from all the construction work. At my Dad’s suggestion, I went into their offices and cut a deal with one of the brothers to clear the houses of the debris as they were being built. I bought a broom, shovel and two buckets. I would ride my bike to the build sites and clean each house and site at least once a week. It lasted for two years before each of the subs agreed to clean up after themselves.
- How did you get into the derivatives industry?
I had been working in public accounting for 6 years, I wanted to change my career path, my clients and career path were not interesting or exciting to me. After searching for a way into the securities/futures industry I was introduced to Ralph Peters, a large speculator who owned his own clearing firm. I was told Ralph was a very demanding boss, but if I worked out he would give me an opportunity to get onto the trading floor. Two years later the CME needed a CPA to head their audit group and create a professional staff and program to audit the financial viability of the clearing firms. When I joined the CME, I was the only CPA on the staff. I quickly hired Phil Hubbard as my number two (Phil went to become the President of CRT, one of the first large prop trading firms). We built a staff and created audit programs to gauge the financial viability of the CME clearing firms. Along the way I was offered an opportunity to run a foreign exchange arbitrage operation on the CME trading floor. My days as a floor trader began.
- How has the industry changed since you started in it?
Demutualized exchanges and electronic trading. The result has been a dramatic consolidation of the industry on all levels. Fewer traders/ market participants, fewer exchanges, fewer service providers, fewer jobs. The result is a consolidation of the economic, political and monopolistic power.
- What are some of the most pressing challenges facing the trading industry today?
Exchanges as they exist today are monopolies, monopolies ultimately manipulate the markets in which they exist to maximize their profits, often to the detriment of the marketplace. The eco-system which was the futures industry has been restructured. Fewer participants at every level and the drive for higher profits every quarter foreshadow longer term troubles for the industry.
- What was the best piece of advice you ever received?
Reach for the stars and never give up, never quit.
- Do you have any siblings and where do you fit into the chronological?
I am the oldest of five, one brother and three sisters followed.
- If you could live anywhere in the world, where would it be and why?
The mountains in the summer and the desert in the winter. The ease of communications and travel today make it easy for one to stay in contact regardless of your location.
- What is your favorite sports team?
Professional and college sports teams are created to make money. I try to enjoy the triumphs and the defeats without becoming attached.
- Do you have any pets?
Joyce, my wife, tells me we can only have one animal in the house, I seem to qualify!
- If you could go to coffee with anyone in the world, dead or alive, who would it be?
Coffee is such a short time and there are so many who have impacted my life, I have many to thank.
I would have coffee with my parents to express my gratitude for all they gave to our family and their positive intentions. They raised their children better than their parents had raised them, and they expected us to do a better job raising our children than they did raising us.