Michael J Palumbo
| Michael J Palumbo | |
|---|---|
| Born | October 28, 1966 Chicago, Illinois |
| 🎓 Alma mater | Northwestern University |
| 💼 Occupation | Venture Capitalist |
| Twitter= | |
Michael John Palumbo (born October 28, 1966 in Chicago, Illinois) is an American venture capitalist. Palumbo is a founder and controlling partner of Third Millennium Trading, LLP., Third Millennium Trading, LLC., and TMT Investments, LLC., all Chicago-based proprietary trading and market making firms.[1]
Palumbo is also the principal of MJP Capital, LLC., a private Midwest regional holding company focusing on both real estate and technology. The two main ventures of MJP Capital are Ceres Acquisitions, and CeresTech.[2] Palumbo turned $250,000 into over $100 million within ten years of founding Third Millennium Trading, LLP. (TMT) in 1996.[3]
Early life[edit]
Michael John Palumbo was born October 28, 1966 in Chicago, Illinois and adopted at birth by JoAnne and Marino Palumbo.[citation needed] He graduated from Archbishop Quigley Prep Seminary High School (Chicago) in 1984. Palumbo received his Bachelor of Science in Management Information Systems from Illinois Institute of Technology in 1988. He completed his Master of Business Administration in Finance and Economics at Northwestern University in 1990, at the age of 23.[4][better source needed]
Business career[edit]
Palumbo began his career as a credit analyst at Duff & Phelps, where he analyzed the bond insurance industry. He then started his CBOE floor career as a clerk[citation needed] for Susquehanna Financial Group in 1993.[1]
Palumbo founded Third Millennium Trading, LLP. in 1996, with Third Millennium Trading LLC. subsequently founded in 2002.[1]
Specializing in equity options at the Chicago Board Options Exchange (CBOE), Palumbo historically traded short-term options (holding positions for less than a month) in conjunction with analyzing macroeconomic news and events.[3]
During 1998, Third Millennium Trading, LLP.'s liabilities briefly outrstripped their assets, but they then returned to a positive balance.[5]
By 2006, Palumbo's initial $250,000 in Third Millennium Trading, LLC. had grown to over $100 million.[3]
In January 2008, Palumbo's firm sustained losses, which resulted in a lawsuit by Palumbo against Merrill Lynch. Additionally, in 2008, Palumbo founded TMT Investments, LLC., which has since become the operating entity for all trading activities. Also in 2008, Third Millennium Trading, LLP. moved its trade clearing from Merrill Lynch to Goldman Sachs.[1]
Palumbo is still the controlling partner of TMT Investments, LLC., which continues to operate on the CBOE, specializing in various financial products.[1] He is also the principal of MJP Capital, LLC., a private Midwest regional holding company focusing on real estate and technology. The two main ventures of MJP Capital are Ceres Acquisitions, and CeresTech.[2]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 1.4 "Historical Timeline". Third Millennium Trading. Retrieved August 17, 2016.
- ↑ 2.0 2.1 "About Us". MJP Capital, LLC. Retrieved January 3, 2014.
- ↑ 3.0 3.1 3.2 Ryan, Kate (2005). "Focus 40 Under 40". Crain's Chicago Business. Retrieved August 17, 2016.
- ↑ "Michael Palumbo". Yatedo.com. Retrieved July 8, 2013.
- ↑ Daly, Brenon (September 11, 1998). "Some options firms under pressure as market slides". MarketWatch. Retrieved July 7, 2013.
External links[edit]
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