“John is looking out for his self-interest,” said a reader. “John must be out money,” said another. It is often assumed that what motivates each of us is our own self-interest. We could not take a breath without that being true. We have to breathe. I am not without self-interest. However, my self-interest in the MF Global case is the best interests of my customers. The customer comes first. Always. Ever. As a futures broker for the last 22 years (and some before that), I am a customers’ man. That is what the position used to be called; Customers’ Man.
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Anthony Neglia is president of Tower Trading of New York City, an open outcry floor brokerage firm specializing in options on precious metals at the New York Mercantile Exchange (NYMEX). His commentary regularly appears on CNBC and TheStreet.com. John Lothian News editor-at-large Doug Ashburn spoke with Neglia about volatility in the metals market, position limits, the role of speculators, and the future of the metals space.