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Tag Archives: Goldman Sachs

Managed Futures Bloomberged, Part 1 Commentary,Managed Futures

John Lothian

Wow!  That was quite the trashing of managed futures in a Bloomberg story by David Evans on Tuesday.  The Gawker website took the story about managed futures to new depths with this headline: “Here Is Perhaps the Single Biggest Ripoff on Wall Street” If I was selling junk bonds, penny stocks, stock loans, reverse mortgages, or synthetic collateralized debt obligations, I would be feeling pretty good right now.  Those managed futures charlatans are the new bad boys of Wall Street.  Yeehaa! Having been a commodity trading advisor for nearly a decade, I found the article appalling on multiple levels.  On…

Class Action Lawsuit Filed Against LME and Goldman Sachs Alleging Aluminum Manipulation Blog,Metals,Regulation


An aluminum processing company has launched a class-action lawsuit against Goldman Sachs and the London Metal Exchange alleging that they conspired with each other to restrain supplies of aluminum in the LME warehouses and inflated aluminum prices. The complaint accuses the two companies of violating the Sherman Anti-Trust Act by agreeing to operate in “an extremely inefficient manner” and to “provide extremely low quality of service” in the warehousing arena. The class-action suit, brought by Superior Extrusion, Inc. et al., comes shortly after a New York Times article broke the story that Goldman Sachs was profiting – at the expense…

JLN Options: TOM, BinckBank Infringe Euronext Trademark Rights, Court Says Newsletter,Options

Invest in our Industry’s FutureSign up your Interns and Summer Workers Today for our Education Series I want you to make an investment in the future of our industry, our markets and our common good.  I want you to sign up your interns, your summer workers and even newer employees for our Chicago-based Intern Education Series. We have put together an impressive list of industry leaders, innovators, entrepreneurs, attorneys, technologists, investors, traders and other industry participants for this series. Your interns and the like should be part of the audience for this program.  I believe this will be an investment…

John Lothian Newsletter: CME Group Cuts Grain, Soy Futures Trading Hours; Goldman eyes Volcker workaround for buyouts; FSA says it was slow to react over Libor John Lothian Newsletter,Newsletter

CME Group forges forward to the past, as it unwinds most of a controversial extension in grain trading hours. Goldman Sachs appears to have found a way to handily circumvent the Volcker rule for doing buyouts. Over in London, the FSA releases a report on its behavior with regard to the LIBOR scandal, and concludes that it didn’t move particularly fast to identify and stop the trouble… which, in a way, is better than hearing, “Oh sure, we all knew about that for years; we just didn’t think anybody else really cared about it.”

FIA Futures Hall of Famer John F. Gilmore, Jr. Has Passed Away Blog

John F. Gilmore, Jr.

John F. Gilmore Jr. passed away Monday evening after a heroic 20 year battle with cancer.  John was a retired partner of Goldman Sachs, a founding partner of Liquidity Direct, in addition to being Chairman of the Chicago Board of Trade in 1986 and Vice Chairman in 1985.  In 2005, he was inducted into the Futures Industry Association Futures Hall of Fame. John was a 35 year member of the CBOT, a member of the CME, a 7 term director at the CBOT, a 9 time Governor of the CBOT Clear Corporation and a founding member of the Chicago Board…

Residual Interest: CFTC Proposal Poses “Monumental” Challenge to FCMs Regulation,Special Report,Video

CFTC Roundtable

A rule proposed by the Commodity Futures Trading Commission (CFTC) designed to strengthen safeguards for customer deposits at futures commission merchants (FCMs) is threatening to overhaul the futures brokerage system. The proposed “residual interest” provision introduced last fall, and discussed in a CFTC roundtable on February 5, would require substantial increases in margin buffers by FCMs. The meeting led by Robert Wasserman, chief counsel of the CFTC’s Division of Clearing and Risk, included panelists Mike Dawley of Goldman Sachs and FIA chairman and Kim Taylor,  CME Clearing president who argued that the increased margin requirements under the proposal are substantial….

John Lothian Newsletter: Bank probes find manipulation in Singapore’s offshore FX market; Goldman finds a way past Volcker with new credit fund; Swap-to-Future Conversion Has Regulators Studying Rules John Lothian Newsletter,Newsletter

Banks in Singapore, performing internal reviews, find evidence that traders there have colluded to manipulate offshore currency rates. Goldman Sachs figures out how to create a new fund that sidesteps the Volcker Rule. With many energy swaps shifting to futures contracts, the CFTC opens the box to see if the new contracts have enough transparency.

JLN Options: Indian Options Grow Fastest in World as Sensex Tops BRICs Newsletter,Options

Lead Stories Indian Options Grow Fastest in World as Sensex Tops BRICsSantanu Chakraborty and Michael Patterson, BloombergIndia’s options market is growing at the fastest pace in the world, helping restore investor confidence in a stock market yet to recover from a 52 percent plunge during the global financial crisis. Here are Wall Street’s five worst trades of 2012Matt Phillips, Yahoo Finance1) The Whale2) The Facebook IPO3) Wall Street goes long Romney4) Giving money to John Paulson5) Knight Capital’s $440 million electronic oops** I know this is not strictly options related but interesting.  If any of you have some to add…

John Lothian Newsletter: HK Exchanges gets OK to launch yuan futures; Traders call for changes to broker reporting; Glitches halt new Goldman trade platform John Lothian Newsletter,Newsletter

The Hong Kong Exchange scores a World First, receiving approval to begin trading yuan currency futures later this year.  Fund managers are calling on brokers to change how they report trades, allowing better understanding of who is getting the best results. Goldman Sachs becomes the latest trading platform provider to trip up, announcing delays in the release of its new platform due to “logistical issues.”