Drop Down MenusCSS Drop Down MenuPure CSS Dropdown Menu
Alternative Text Alternative Text Alternative Text Alternative Text
Survivor of US Drone Attack:
Obama Belongs on List of World's Tyrants

Poisoning Black Cities: Corporate Campaign to Ethnically Cleanse US Cities Massive Marches in Poland
Against Authoritarian Threat of Far-Right
Ethiopia’s Invisible Crisis: Land Rights Activists Kidnapped and Tortured

Global Perspectives Now Global Perspectives Now

NOTHING Fair and Honest About American Investing and Investors: Chicago Futures Market — 'Guaranteed Winners and Guaranteed Losers' (Lawsuit)

Terrence Duffy of the CME Group Testifying Before the Senate on
May 13, 2014
By Pam Martens
Remember the Senate hearing on June 18 when Senator Elizabeth Warren talked about the high frequency trading firm, Virtu, reporting in its IPO prospectus that it had been trading for 1,238 days and made money on 1,237 of those days. Last week three futures traders told a Federal court in Chicago that it’s not just the high frequency trading firms that are reaping a windfall but the exchanges who are engaged in a conspiracy with them to create “guaranteed winners and guaranteed losers.”

The original lawsuit was filed on April 11 against the CME Group and four of its officials in the U.S. District Court for the Northern District of Illinois. The CME Group owns the Chicago Mercantile Exchange (CME), the largest futures exchange in the world. Terrence (Terry) Duffy, the Executive Chairman and President of the CME Group, a man who has testified before Congress that his exchanges have nothing to do with the charges of rigged markets that are swirling about, is a named defendant in the suit.

[...]

“Defendants have entered into clandestine incentive/rebate agreements in established and heavily traded contract markets with favored firms such as DRW Trading Group and Allston Trading, paying up to $750,000.00 per month in one of the most heavily traded futures contracts in the world.  At no time during the Class Period have Defendants voluntarily revealed to the trading public that these material agreements exist in established markets.  Defendants through their lawyers have repeatedly ridiculed the suggestion that clandestine agreements exist.”

Read More

No comments:

Related Posts Plugin for WordPress, Blogger...