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Naked CDS Short Ban To Last Through March 31, 2011 And Other BaFin Amusement
- ( NAW ) 05/18 02:31PM GERMANY'S BAFIN SAYS BAN TAKES EFFECT FROM MAY 19 TO MARCH 31, 2011 AND 'WILL BE CLOSELY MONITORED'
- ( NAW ) 05/18 02:32PM GERMANY'S BAFIN SAYS BAN ON SHORT-SELLING ALSO APPLIES TO SHARES OF 10 LEADING FINANCIAL INSTITUTIONS
- ( NAW ) 05/18 02:33PM GERMANY'S BAFIN SAYS STEP 'DUE TO EXTRAORDINARY VOLATILITY WITH GOVERNMENT BONDS IN EURO ZONE'
- ( NAW ) 05/18 02:35PM GERMANY'S BAFIN SAYS MASSIVE SHORT SELLING COULD HAVE LED TO EXCESSIVE PRICE MOVEMENTS
- ( NAW ) 05/18 02:36PM GERMANY'S BAFIN SAYS MASSIVE SHORT SELLING COULD HAVE ENDANGERED FINANCIAL SYSTEM STABILITY
- ( NAW ) 05/18 02:40PM GERMANY'S BAFIN SAYS SHORT SELLING OF SHARES BANNED AT AAREAL BANK AG, ALLIANZ SE, COMMERZBANK AG
- ( NAW ) 05/18 02:40PM GERMANY'S BAFIN SAYS SHORT SELLING OF SHARES BANNED AT DEUTSCHE BANK AG, DEUTSCHE BOERSE AG, DEUTSCHE POSTBANK AG
- ( NAW ) 05/18 02:41PM BAFIN SAYS SHORT SELLING OF SHARES ALSO BANNED AT GENERALI DEUTSCHLAND HOLDING AG, HANNOVER RUECKVERSICHERUNG AG
- ( NAW ) 05/18 02:42PM BAFIN SAYS SHORT SELLING OF SHARES ALSO BANNED AT MLP AG AND MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG
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Wow. This should make the EUR/YEN action absolutely spectacular during tonight's session...
Edit to add: Never mind. It is not dull now. My charts finally came up. Holy smokes we're heading back towards 112.
No need to trun on the TV tonight. Just watch the forex page in the computer.
And if you add some cheesy 70s music it serves as bear p0rn.
Not that I'd know myself, but I believe the expression is "woof!"
Stupid double posts.
Haven't I seen you in some zombiesque location?
So it's not only naked shorting but also regular shorting?
1.2228 EURUSD and falling.
Banned for everyone, or banned for people/institutions operating in Germany, or on German exchanges?
This has to be a prelude to real bad news.
Greece default.
French default?!
No, no he said bad news
Good news for people who like bad news.
Great reference. Gotta love MM.
.
Agreed. I was going to post that the bailout had fallen apart and that the payment was due tomorrow and they obviously didn't make it to the finish line. The Greman banks are protected but what about the Frenchies?
This is a game changer.
112 and change on the EUR/YEN. Asia will crap the bed tonight if the JCB doesn't start buying Euros 5 minutes ago.
LOL..
WE WILL BAIL OUT ANYONE WHO IS LONG..
AND WE WILL ALSO BAN ANYONE FROM MAKING MONEY FROM ANY DECLINES..
this will either create a bubble or a crash... and I think we are all outta bubbles.
there is goes...1.2189...1.2175....wooow!
1.2161!!!
Jesus getting hard to post right now, must be ROFLCOPTER Ben and his team taking up all the bandwith.
This is Germany taking the hard steps to rectify a broken system? And they're just removing huge systemic risk by instituting this ban? Hopefully preventing another Fall 2008 scenario?
Or, more likely, some really stinky poo is about to hit the fan and unless they disable the 'SELL' button on everyone's trading platform we're about to drop 30% in the coming months?
1.2177 EURUSD
Get your flash crash limit orders in before everything freezes.
I'm bidding $0.01 for each and every company in America.
You always make me laugh.
Yours.
You lose.
But he can wipe the common stock holders and get rich. Hey GG if you need some muscle on this. I'll put da hoit on dem dere Xeon servers whos owes yous money. I'll give dem da van degraff generator treatement.
http://icanhascheezburger.com/2009/03/03/funny-pictures-erasing-your-har...
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Well, I don't have all the facts yet but generally naked shorts ought to be illegal - period. Good move IMHO.
Naked CDS isn't the same as a naked short... naked shorting is effectively fraud.. there is nothing fraudulent about simply purchasing a CDS contract, just because you don't own what you are betting against.
They are talking about "naked CDS" (which is just some term they came up with to make it sound bad like naked shorts), and normal shorts...
Naked short selling is basically selling something that doesn't exist.. vs a "naked CDS" which just means you don't own what you are betting against which is completely different.
Where does the PPT get all their money? Oh...wait..nevermind..
There is a little cheat build into their terminal.
The cheat is:
add_money X B/T
The X stands for a number between 1 and 999
B/T stands for: B : BILLION and T : TRILLION
WS fuckers....here it is...you been begging for it. Idiots
Suck job of the day:
Hedge Fund Manager in Europe or the UK attempting to raise cash to cover your now illegal shorts in Germany. And you only have the US and Asian markets to sell into.
Which ain't the most liquid equity markets in the world right now when you think about it. Sell stocks, buy gold, and if you're in Germany, consume mass quantities of fine beer.
Or C: Get on a plane to Argentinia TODAY will all of your belongings in 1 suitcase :)
I guess this is THE point. Kein Panik. Just a BIGFUCKYOU from ze Germans. Dontcha mess with the BaFin Sondertruppen.
Doesn't matter. Commence 3:30 meltup.
oh yea...look at that bizzarro move. Wow the markets are manipulated now, they don't even bother to hide it.
The President's Working Group's last stand?
oh yea...look at that bizzarro move. Wow the markets are manipulated now, they don't even bother to hide it.
Short covering on steroids! They are selling their gold "high", to cover their loses now!
Moin from Germany,
this is a PANIK or even worse POPULISTIC / POLITICAL move ...
Almost every of the single stocks is still within spitting distance ( often less than 10 percent ) of their highs......
Needless to say that the DAX is one of the best performing indices worldwide.....
Sell gold to cover shorts..?
The more I think about it the more convinced am I.
* Glass-Steagall should be re-introduced immediately
* FED should lay-out a three-year macro economic forecast. Say a 2,5% real GDP growth and a 2,5% inflation (or whatever they think is appropriate)
* FED should set out a plan to raise FED trgt in, say 9 pre-determined 50bp steps, to normalize the interest environment over 18 months commencing now.
This should rout the TBTF stranglehold that we are paralyzed of since 2002.
Banks should under no circumstance rule the world. Full stop. They are here to serve. The fck:ers got a oligopol license to print money (which requires 0 intelligence) and they fuck-it up completely.
Question for Y'all
I read a recent article by "Captain Hook" on Safehaven where he warns bears not to push the trade too far in that if we really CRASH here, the companies that run these ETFs may be broke, or they'll shut the MKTs down etc.
Comments??? Thanks, Mr Been there....
You have been playing too much FFPS, Fun Fair Positive Soccer, where they don't keep score and everyone is a winner!
When your trade is underwater, do expect others to play nicely because you may lose your ass? Good luck if you do.
Just short SPY.
Next they are going to ban gold ownership. Mark my words. They've done it before and they will do it again.
Will Germany even last through March 31, 2011?
They were on the receiving end of 5 Years of strategic bombing - they can take it.
Interested in some nice Kingdom of Bavaria bonds?
Emmmm No, I would be more interested in some Munich Beer Bonds. I am sure they are very liquid.
@Dr Acula:...just a stupid comment. Go fck with the Tea drinkers you FOXicated fool.
Release the hounds!
NEW YORK (AP) -- U.S. stock exchanges would briefly halt trading of some stocks that have big prices swings under new trading rules aimed at avoiding market plunges, according to two people familiar with the plan.
The rules are expected to begin in mid-June under a six-month pilot program agreed to by exchanges and regulators, the people said. They spoke on condition of anonymity because the plan has not been made public.
An announcement could come Tuesday.
Under the plan, trading of any Standard & Poor's 500 stock that rises or falls 10 percent or more would be halted for five minutes. These rules, known as "circuit breakers," would be applied if the price swing occurs between 9:45 a.m. and 3:35 p.m. Eastern time. That's almost the entire trading day.
The rules are intended to prevent a repeat of the May 6 market plunge in which the Dow Jones industrials fell to a loss of almost 1,000 points in less than 30 minutes. The pilot program is scheduled to end Dec. 10. Regulators and the exchanges would then decide whether to widen the program to include other stocks, according to the people.
http://finance.yahoo.com/news/AP-Sources-Exchanges-to-apf-1989906018.htm...
Looks like EUR crash part 2 is about to begin..
EUR looks to be ready to go under 1.2150 here in a few mins, and probably set off some stops and collapse to 1.20 area
here's Denninger...on the banksters and the rigulators:
The German Government Has Had Enough | Karl Denninger | May 18, 2010 - 15:13
If you thought the German government was going to be a lapdog for Sarcozy, or worse, was going to fellate Brussels and the ECB, you got a rude shock today.
It appears that the German Government has just plain had enough of the crap that the banksters have tried to pull, and has decided to do what Barack Obama should have done in early 2009.
That is:
It's about damn time.
Oh, and it appears that instead of telling all the banksters what they were going to do and "getting permission" first, or even discussing it with other governments, the German Government did what all governments should do - make up your mind and then do it without giving a good damn whether the banksters or other governments like it - and without giving them input into the decision or notice that it's coming.
The bid rigging, the game-playing and the rest are all a bunch of crap. I've been hollering about this now for more than three years and yet our government spends it's time fellating the bankers and their dogs instead of enforcing the law.
It is illegal to defraud people.
It is illegal to rig markets, including the massive bid-rigging that I wrote about this morning, the Jefferson County Alabama scam and dozens if not hundreds more - all committed, it is alleged (and in some cases proved) by the major banks.
It is illegal to short stocks with no intention or ability to deliver.
And it is illegal to bribe government officials, no matter how you accomplish it.
These are not "isolated incidents" or even a pattern of conduct - as the bid-rigging report this morning makes clear ripping people off has become an institutionalized practice and policy throughout the entire banking system.
Many said that the Germans were not "really" arm-twisted by Sarcozy and the French Banking interests a week or so back. I think we can put that to rest here and now, as it's pretty clear that the truth is something else entirely.
Now Barack, about your willingness to get up off your knees and kick these banksters in the nuts?
Better late than never.
http://market-ticker.org/
Now Barack, about your willingness to get up off your knees and kick these banksters in the nuts?
Barrys sexual orientation is between him and the guy he finds.
Gotta mean something huge is about to blow up, something so big that a trillion scleros doesn't even get you a week's respite.
DB, anyone? Then some knock-on effects in the US.
Commerz, Santander, others were green on the day.
just remember, there are more naked shorts on Silver than Gold. Silver should get a nice lift over time from this, and even more so, if other countries follow suit, which I think they will.
Trade 1. Call DB for a put on Commerzbank - if you buy it they are long but cant hedge the delta, so the market is way high. Maybe they only show you a bid. Complain. I thought you guys were good, assholes, never calling you again.
Trade 2. Call Socgen for the same, no such issues.
Sell puts to panicked DB, buy same from Socgen.
Rinse, repeat.
Honestly, i wish I worked at a hedge fund.