How did you get started? How did the firm get started?
Brian Rice and Pete Turk, the owners of Rice Dairy LLC have a combined 45 years of experience in the futures industry and a combined 33 years being NFA registered. Brain started the company in 2002 with a vision in providing strong price risk management services in the dairy futures industry. With his focus on the floor, Brian created a streamlined execution venue for his customer base that was successful in building the company in the early days. Brian wanted to continue growing his company and expand his product offerings in other areas so in 2005 he partnered up with Pete; the two of them have taken the company to the next level as they converted their small boutique IB with a niche in floor execution to having 16 employees and a branch office in Pennsylvania that services all levels of dairy clients, domestically and aboard.
Does the firm provide additional services besides brokerage?
With brokerage being the core and focus of the company’s business, Rice Dairy has expanded into other offerings which compliment that service. Consulting, research, education and marketing have evolved over time and continue to grow each year.
What are the biggest challenges your clients face today? What does the firm do to help meet those challenges?
Just like our peers in the business, managing volatility is the biggest challenge our clients face. Obviously nobody has a crystal ball and can predict price movement but by investing a lot of time in traveling, visiting and understanding the buy and sell side of the business, has allowed us to assist in attempting to tame the volatility.
How has the futures and options industry evolved since you first started in business?
Dairy is very young in comparison to other markets with a tremendous growth trajectory. In less than 20 years, dairy futures have gone from a white board based trade on the CME floor when trades were scarce, to a vibrant and robust market with options exploding and multiple dairy contacts listed.
What do you believe to be the keys to the firm’s success?
Integrity, long hours, sacrifice and most importantly people have been the key to the company’s growth and success.
What trends are you most excited about?
Brokerage will continue to grow and be a very important service but the company is very excited about the opportunities in the others product offerings that they have expanded into and will continue to focus on in the coming years.
What trends are you most worried about?
As with our clients and with other industries the fast growing and changing evolution of the world uncertainties and policies will always continue to provide challenges.
Why did you become a member of the NIBA?
Though we are not directly active in the NIBA we have been heavily involved in the past on the board and believe in the efforts and vision the organization provides.
CONTACT
Pete Turk
TEL 312-492-4200 | E ppt@ricedairy.com | www.ricedairy.com
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SRC, PC is a law firm in Chicago experienced with the needs of the financial community. Contact Steve Pherson, Partner & NIBA legal advisor at spherson@srcattorneys.com.
