ADVANCED MIDTERM PROJECT: FILM REVIEW

Name: MENDEVIL, JOEBHEL L.

Course & Section: AB FOREIGN SERVICE 201
Subject: INTRODUCTION TO INTERNATIONAL TRADE (IITN04F)
Professor: MR. JUMEL G. ESTRAÑERO

TITLE: “FLOORED”

I. BACKGROUND OF THE FILM

“Floored” is a documentary film which was initially released on the 1st of September, year
2009. Directed by James Allen Smith, it is a 1 hour and 17 minutes documentary film about how
the trade happened in the past, particularly in Chicago, and how the lives of those who are
experts in the field of the classic “Floor Trading” has changed because of the emergence of
computers a couple of years later. This film was composed of various interviews featuring: Floor
Traders who had it tough catching up with the new modern trade, Floor Traders who had given
up trade after the dynamic change, Floor Traders who have successfully adopted with the
computer trade, and new Traders who are experts on “Computer Trading”.

Quite leading us on the central theme about how technological innovations can be
devastating on the parts of those who are experts on doing trade traditionally in the past, this
documentary film provided a gist about how the floor traders in Chicago suffered and how did
they try to cope up and deal with the computerized trading. Then providing us a good material
for one to actually understand the marketplace, for “Floored” provided a brief transition on how
the exchanges in Chicago has changed from “Floor Trading” to “Computer Trading”.

In a general point of view, this documentary film then basically gives an overview about
how the trade in Chicago happened in the past. Focusing on a few Chicago floor traders who
have been affected by the revolution on electronic trading and whose jobs have been endangered
in the trading world by the emergence of computers, “Floored” then provided the advantages and
disadvantages as well as the differences and similarities between “Floor Trading” and “Computer
Trading”. Although it was initially viewed as an evil tool by most of the interviewed floor
traders, the Computers were still viewed as a tool that is vital for a person to be efficient and
progressive on the latter part of the documentary film.

II. BODY

By the middle of the 19th century, Chicago was said to be emerging as the transportation hub
of America. On the 3rd of April in the year 1848 on the other hand, 83 merchants then founded
the Chicago Board of Trade. And by the time when the “trade” has now increased in popularity,
it couldn’t be denied that there would indeed be times that there would be an imbalance in terms
of the supply and demand, which then basically helps in determining the value of the goods
being traded. Serving just as a mediator on the exchange that is happening, Traders then do not
really have the power to manipulate the prices by themselves contrary to the misconceptions
built about their so-called manipulation on prices.
 It has been said that the Chicago Trading Floors have been home to the most significant
form of buying and selling for a hundred and fifty years. Being primal, this then required an
entrepreneurial spirit as well as a very physically competitive environment among the traders.
Happening on a place called “pit”, a live auction was conducted where various tactics are
improvised such as wearing shirts in bright colors to stand out from the crowd and etc.

In 2008, a lot of business had gone from floor trading into electronic trading. This was the
same time when the speed at which the information was learned by all players in the marketplace
became so fast that everyone basically got their information at the same time now. Starting its
transition to the information industry, the trading industry then has unfortunately made the
people in the pits lose their advantage. For with the computers at hand, there is no need now for
the individuals who are interested in trading to learn the classical way of shouting for the
proposed prices because in contrast to how they do the exchange in the past, with the computer
trading, with only a single click and they could trade already.

Some of the most successful open outcry floor traders who have tried to move to the screen
unfortunately had zero success. Although this situation is quite expected, because indeed, to have
a pit trader trade successfully in the screen with the same way and tactics as they have applied in
the pit would really be impossible. Finding it hard to adjust because they’ve been used to doing
the same things for a long period of time, it would indeed be quite too much for them particularly
to those who are experts in the floor trading and has been doing it for more than 20 years.

Either way, it could be said that being able to adjust and to adapt to a change will always be
the most effective way to be successful and to maintain being successful for a long period of
time. Moreover, looking at the technological innovation on the brighter side, with the use of
electronic trading, one will be able to create more stability in the world through a wider sharing
of resources. Basically for the reason that when a lot of traders trade against a particular
commodity, it helps stabilize the entire pricing scheme. Therefore saying that the more people
trade throughout the world with different perspectives, the more stable the overall price of
commodities will be.

III. ANALYSIS

In terms of the overall scenario or the logical sequence of events, I thought that the transition
of the events in the documentary film was done quite well. Starting with the history of the
Trading which happened in Chicago itself until how it has transitioned to the modern trading,
“Floored” did well in presenting information in a way that is not really overwhelming to the
audience. Presenting the ideas through short statements which was then supported by the
personal views of the interviewees, it has provided the viewers a comprehensive but still an
interesting kind of documentary film to watch.

For the reason that very personal interviews were conducted in this documentary, just to
name some, one of the most unforgettable interview for me is about the former floor trader
who’s name is Greg Riba because he’s basically drunk when he’s doing the interview. Making
me quite have some ideas about the overall situation that is happening to him after the trading
has developed technologically. I have also noticed that even though his house looks very
luxurious, unlike the other former floor trader who seemed to be living his life well with his new
hobbies, Greg Riba seemed to be miserable. Leading us to the conclusion that this documentary
film is really great at providing the differences of the lives of the former floor traders.

In terms of the visual elements such as special effects, costume and make-up, given that the
documentary film was presented on a very personal approach, providing raw views and opinions,
it has then taken a very minimal attention with the costumes and such for the reason that unlike
the other actual movie films, “Floored” is mostly after the presentation of the former floor
traders’ “reality”. On the other hand, in terms of the musical elements present in the
documentary film which supposedly sets the mood and enhances the scenes or actions, I thought
that it was also very minimal. There are a lot of times when aside from the voices of the
interviewees, there is just complete silence. Which is good at some point for it is helping me to
be more focused on what they’re saying, enabling me to be less distracted due to the minimal use
of background music.

In terms of the directing of how the documentary film was executed, on the other hand, I
thought that it was also done quite well, basically for the reason that the main purpose of giving
light to the older generation who was left out in the cold was presented really well. That after
watching the film, one could really feel emphatic towards those former floor traders particularly
those who hasn’t succeed after trying the new computer trading. But on the other hand, the
positive consequences of adopting to the computer trading was also presented well, then
providing us with a well-balanced documentary film for it didn’t just base on the feelings of the
traders themselves but also on the views of those who are involved personally with the
technological jobs such as programmers and software test engineers.

IV. CONCLUSION

The only constant thing in the world is “change”. And being able to adjust and to adapt to a
change well, will always be the most effective way to be successful and to maintain being
successful for a long period of time. Adapting to change well is also a skill if we think about it,
because the period of time that will take each and everyone to adopt to a particular change
always varies. With this idea in mind then, we could say that change is inevitable. There would
just really be times when you could be the best person on a particular field today but after 20
years or more, there would always be someone who has fresh new ideas who will come to
replace you on your position of being the best.

Same case with the former floor traders. Yes, it’s unfair on their part to be left out and to be
valued as of no importance by the time the technological innovations happened, but we can’t
really do anything about it. As a trader, one should be able to value efficiency the most when it
comes to the exchanges, and that particular efficiency could only be done better through
computer trading. Providing more stability in the world through a wider sharing of resources,
computer trading in general allows more people to have their chance in earning money through
trade because unlike the floor trading which is very limited to only those who are present at the
pit, in computer trading, as long as you have the computer and the internet you can make
yourself involved with the electronic trading making the latter then a greater help for the greater
number.