Trading jacket
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A trading jacket is a
blazer A blazer is a type of jacket resembling a suit jacket, but cut more casually. A blazer is generally distinguished from a sport coat as a more formal garment and tailored from solid colour fabrics. Blazers often have naval-style metal buttons t ...
garment worn by a broker who executes trades by
open outcry Open outcry is a method of communication between professionals on a stock exchange A stock exchange, securities exchange, or bourse is an Exchange (organized market), exchange where stockbrokers and stock trader, traders can buy and se ...
in and around the trading pits of various financial exchanges. Throughout the twentieth century, trading jackets were simply white. Following
counterculture of the 1960s The counterculture of the 1960s was an anti-establishment cultural phenomenon that developed throughout much of the Western world in the 1960s and has been ongoing to the present day. The aggregate movement gained momentum as the civil rights mo ...
, they became brightly colored and distinctive to assist in the identification of specific traders or the exchange members for whom they work. In the United States, American flags became a common accoutrement following the
September 11 attacks The September 11 attacks, commonly known as 9/11, were four coordinated Suicide attack, suicide List of terrorist incidents, terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, ...
. Today, trading jackets are mostly
anachronistic An anachronism (from the Ancient Greek, Greek , 'against' and , 'time') is a chronology, chronological inconsistency in some arrangement, especially a juxtaposition of people, events, objects, language terms and customs from different time per ...
as open outcry exchanges have been displaced by
electronic trading platform In finance, an electronic trading platform also known as an online trading platform, is a computer software program that can be used to place orders for financial products over a network with a financial intermediary. Various financial products ...
s. Chicago-based PECO Inc has been the leading supplier of trading jackets since 1919.


Nick Leeson's Trading Jacket

On 5 April 2007, the Guardian newspaper reported that KPMG, the Liquidators of Barings PLC had sold a trading jacket thought to have been worn by
Nick Leeson Nicholas William Leeson (born 25 February 1967) is an English former derivatives trader whose fraudulent, unauthorized and speculative trades resulted in the 1995 collapse of Barings Bank Barings Bank was a British merchant bank based in ...
while trading on SIMEX in Singapore. The jacket was offered for sale on eBay but it failed to reach its reserve price despite a highest bid of £16,100. It was subsequently sold for £21,000. In October 2007 a similar jacket used by Leeson's team but not thought to have been worn by Leeson himself sold at auction for £4,000.


References

Workwear Financial markets {{clothing-stub