Melamed worried in particular about the competition from the futurestrading offshoot of the New York Stock Exchange, the world's most powerful exchange: "I tell you that I was scared of them." So "all chits were ... called in" by Melamed to ensure the success of the Merc's S&P futures. All those for whom he had done favors over the years were asked to return them by trading the new contract. Every member of the Mercantile Exchange was asked to spend at least 15 minutes every day trading in the S&P pit, and Melamed led the way by spending as much of every day as he could in the pit himself. "I used to meet with them in groups.... I would meet with them one on one. Whatever it took. Get 'em in the pit. Get 'em in the pit." (Melamed interview) A cash-settled index future contract worked and, some details aside, still works as follows.

Donald MacKenzie, An Engine, Not a Camera, loc. 774