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Energy Futures Market Halted, Unhalted, Daily Limits Doubled
Update 2: NYMEX GASOLINE, HEATING OIL LIMITS NOW 50 CENTS, CRUDE $20. Basically the CME just doubled daily limits. Of course, the CME is happy to double the drops... but never the surges.
Update: CME RESUMES TRADING ON NYMEX CRUDE, PRODUCTS FUTURES
Uh, what?
- CME HALTS TRADING ON GAS, CRUDE OIL, HEATING OIL FUTURES
- CME TRADING HALT IN ENERGY FUTURES WILL LAST 5 MINUTES
So now crashes cause the entire market to be halted? Swell
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Oh, I get it. The spot price of silver is down and now paper is worth something again.
Horrayyy
in a sea of red ink, wool is up, nicely.
is it chilly in here, or is it just me?
The dude who really runs the CME is Chairman Emeritus Leo Melamud, whom I encountered 33 years ago when I was a runner and too dumb to realize he was the only one on the floor entitled to smoke a cigarette and who the fuck did I think I was giving him a look like why are you are smoking you prick and did I really want to find out what was behind those dead reptilian eyes.
Leo Melamed(ovich).
A Polish Jew.
Add him to the list below.
Fuck the CME
Comrade President Obama wants no $5 gas in 2012.
How bout no gasoline. Pedal to work.
They never halt trading on the way up do they?
This is an aspect of the markets I find completely illogical. For every bubble that pops there once was a bubble. Either completely remove the circuit breakers or regulate the rate of increase/decrease in both directions.
Trade War Jihad on the way. All markets will close soon. The EU is already about it, taking Russia off their version of "most favored nation" trading status. When global trade barriers go up, which nation that has been selling cheap stuff to everyone gets hurt the worst? Which country has been accustomed to massive trade surpluses and has built MASSIVE capacity in this global depression.
Gentlemen, a moment of silence please, for the Century of China that would have been.
+thirteen trillion
Crude
It is possible that this is just a fishing expedition to clean out all the new tender bulls that got in the last few days? Just saying.
sure. and anybody else.
the mkts have been trending, nicely; more choppy, now.
got lifejackets?
"free markets" is no longer an acceptable phrase for use in the English language.
So now crashes cause the entire market to be halted?
DJ 2nd UPDATE: CME Halts Energy Trading After Gasoline Plunge
Was NAFTA Passed in Exchange for Mexican Gold to Support the US Dollar?
http://silverdoctors.blogspot.com/2011/05/docs-thoughts-on-case-of-myste...
CME Group main access directory is publicly available here:
http://www.cmegroup.com/tools-information/contacts-list.htm
I posted this elsewhere but I think it got buried. Here's some fun reading about NYMEX (CME owned, of course) traders getting their knuckles rapped. Follow along at:
http://www.cmegroup.com/rulebook/files/20110502_May_Update_electronic.pd...
Hope you don't mind if I summarize, but the full text is in the pdf. "Disciplinary Actions" section.
Craig Cechini (CRAG) - Fined $140,000 and suspended for three months, barred from trading for an additional six months. The rap: Lack of proper records, pre-arranged trading, holding or withdrawing orders for the convenience of another, violation of prior orders to cease and desist.
Michael Cokeley (MICK) - Fined $7,500, customer restitution of $378 (hah), not allowed to reapply for membership for 3 months. The rap: This one is interesting, seems he didn't register someone as a clerk, and made trades for them in the clerk's account. Nice Try.
Peter Iocolano (PI) - Fined $175,000, remit his ill-gotten gains of $15,640, suspended for four months and banned from trading any account for two years. The rap: Pre-arranged trading from 2008 (what the... what? 3 years AGO?) traded opposite customer orders, recorded trades out of sequence, etc..
Richard Meister (RXM) - Fined $75,000, restitution of $10,815, Barred from holding a membership of any CME controlled exchange for one year. The rap: Front-running customer orders, permitted his clerks to initiate trades, failure to 'supervise' his clerks resulting in his gains, failure to produce records due to an investigation request.
William Squiers (SQR) - Fined $35,000, disgorge profits of $1,250, Six week suspension of membership and trading privileges. The rap: Pre-arranged trading in a ten-lot, round-turn SILVER futures trade (also from 2008, wow.. gave them time, eh?) also another pre-arranged trade on a nineteen-lot Silver trade, and *another* ten-lot pre-arranged trade.
Fun, eh? Glad to know the best in execution is waiting for your order. Don't sweat it, they'll catch them eventually...