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- Feed Preview Craig Pirrong-The Streetwise Professor
Begging the Question on VIX Manipulation
Stung by yet another allegation of manipulation of the VIX, Cboe Chairman and CEO Ed Tilly and President and COO Chris Concannon fired off an open letter defending the exchange and VIX . To say...
Rusal: Premature Celebration
Rusal shares rose sharply and aluminum prices fell sharply on the news that the US Treasury had eased sanctions on the company. The concrete change was an extension in the time granted for thos...
Where’s Hercules When You Need Him? McCabe’s “Defend...nwittingly Reveals How DC Puts the Augean Stables in the Shade
Writing on the relentlessly anti-Trump, pro-swamp Lawfare site, Steptoe & Johnson attorney (and made swamp thang) Stewart Baker attempts to explain and rationalize Andrew McCabe and the “lack...
Mars(?) Attacks
I have taken refuge here on Tumblr because Streetwise Professor is under relentless attack. It is like a DDOS attack, but worse. Someone apparently inserted malicious code that has registered...
The Joint Report on the Treasury Spike: Unanswered Questions, and You Can’t Stand in the Same River Twice
The Treasury, Fed (Board of Governors and NYFed), SEC, and CFTC released a joint report on the short-lived spike in Treasury prices on 15 October, 2014 . The report does a credible job laying out...
Hey, Elon-Put *OUR* Money Where Your Big, Fat Mouth Is
In one of my periodic Quixotic moments, I tilted at the Cult of Elon Musk. First, I argued that he or someone manipulated the prices of Tesla and Solar City stocks : I stand by that analysis. Sec...
I Think I Read These Predictions About the Impending Revolution in LNG Trading Somewhere Before
The FT, Goldman, Jonathan Stern at the Oxford Institute of Energy Research, Vitol, and others are now predicting that the emergence of the US as an LNG exporter, and the looming surplus driven by...
Gazprom Agonistes
It has been a hellish few months for Gazprom. It’s profits were down 86 percent on lower prices and volumes and the weak ruble. Although the ruble has rebounded, the bad price news will persist...
A Matter of Magnitudes: Making Matterhorn Out of a Molehill in the Sarao Prosecution
The CFTC released its civil complaint in the Sarao case yesterday, along with the affidavit of Cal-Berkeley’s Terrence Hendershott. Hendershott’s report makes for startling reading. Rather th...
Did Spoofing Cause the Flash Crash? Not So Fast!
The United States has filed criminal charges against on Navinder Sarao, of London, for manipulation via “spoofing” (in the form of “layering”) and “flashing.” The most attention-grabb...
Cargill: Still Private After All These Years to Solve Agency Problems, or Because of Them?
The commodity trading sector is remarkable for the prevalence of private ownership, even among the largest firms. My recent white paper discusses this issue in some detail. In a nutshell, publicl...
Not So Krafty?
The CFTC has filed a complaint against Kraft and Mondelez Global, accusing the companies of manipulating the December, 2011 CBT Wheat Futures Contract. A few comments, based on what is laid out i...
The Biggest Loser, Iran Deal Edition: That Would Be Russia
I am following around Iranian negotiator Javad Zarif, arriving this morning in Geneva, and then going to Brussels next week. Don’t worry, I won’t go biking. Certainly not in the absurd getup ...
The Clayton Rule on Speed: Is HFT Manipulative?
I have written often of the Clayton Rule of Manipulation, named after a cotton broker who, in testimony before Congress, uttered these wise words: > “The word ‘manipulation’ … in ...
As An Oil Market Analyst, Mullet Man Igor Sechin Makes a Better KGB Agent
Igor Sechin, he of the ape drape, has taken to the pages of the Financial Times to diagnose the causes of the recent collapse in oil prices. I am sure you will be shocked to learn that it is th...
When It Comes to Oil, the "I" in BIS is Superfluous
The Bank for International Settlements is creating some waves with a teaser about a forthcoming report that claims to show that financialization is largely responsible for the recent fall in oi...
Obama Bigfoots Net Neutrality: Wasn't Screwing Up Health Care Enough of a Legacy?
Last week the Chairman of the Federal Communications System announced that the FCC will pursue net neutrality regulation by subjecting the Internet to Title II of the Federal Cable and Telecommun...
Turn Out the Lights, The Party's Over
What party, you ask? The one with the mosh pit at LaSalle and Jackson in Chicago. The one held in the building that’s in the background image of my Streetwise Professor blog. That’s right. ...
A Devastating Critique of the Worst of Frankendodd: The SEF Mandate
On the day of its passage, I proclaimed the Swaps Execution Facility (SEF) Mandate to be the Worst of Frankendodd. Somewhat later, I called the Made Available for Trade (MAT) process to be the Wo...
Russian Central Bank Roulette: Rubble the Ruble or the Banking System?
On Friday the Central Bank of Russia surprised pretty much everyone by cutting its policy interest rate from 17 percent to 15 percent. Bloomberg lays responsibility at Putin’s feet, and no doub...