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It Seems The CME Is Still Rigged
Two weeks ago, as we noted here, the CME unveiled Rule 575 - designed to put an end to 'disrputive trading practices' or "rigging." Today is the first day Rule 575 is unleashed to stop "spoofing," "quote stuffing practices," and the "disorderly execution of transactions." So, as Nanex notes, why is the CME still allowing major quote-stuffing?
Each bubble represents the relative number of quotes-per-second... and it appears, despite Rule 575, that CME is still allowing quote-stuffing and spoofing.
But the real effect of Rule 575 may be being seen in the high-beta names - where the algos spend most of their time... there's no support for the idiot-makers anymore...
Though Nanex point out that they suspect Rule 575 is having NO effect with volumes above normal.
I'm not sure #CME575 is having *any* effect at all. Volumes seem above normal too
— Eric Scott Hunsader (@nanexllc) September 15, 2014
So yet another useless regulation ignored by the market's participants.
h/t @Nanexllc
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NSA doing as told, override the whole system.
Wonder why world is abandong USD?
At this point, assassinations of bankers may have become inevitable.
They are not surrendering.
"At this point, assassinations of bankers may have become inevitable.
They are not surrendering." -- Again, the constant optimist. Jamie and Loyd appear to be just fine.
:-) Watch it unfold.............
When? Just out of curiosity.
Remember those "suicides"?
That was a warning, if history is a guide
What "suicides" be specific and we can start a pool on who is going to get whacked first etc. Might as well make some money, if you are correct of course.
http://www.zerohedge.com/news/2014-07-10/banker-suicides-return-jpmorgan...
Zerohedge even compiled a list a couple of times. Tyler could help here.
The good news for me is that I will probably still be alive when reality goes all Hindenburg on Wall Street, the CME and the Fed.
LOL, motherfucker wrote "seems" in the title. If I doused you in gasline and threw a lit match at you, would it "seem" I was trying to burn your ass?
Un-rigging the market is as easy as un-shitting a pile of poop. I think? ;-)
Looney
all you need is a turkey baster. it's not that complicated, if but a bit messy. nothing a little wd-40 and ammonia cannot clean.
Small fish < sigh >...
Correct.
Just a warning
My contrarian take is that the bankers know this and are now trying to defend the dollar by quietly "extinguishing" as many dollars as they can. They must give it some value as they prepare the "solution" (the SDR).
SDR = death of USD, hence uselessness of US Military
Blood will not be spared
Nothing new about 'dead pool' gambling either.
Making the market moar honest by banning quote stuffing will result in in the market crashing cause there's no honest quotes any more!
Yes, what part of destroying faith in a fiat system will lead to the destruction of all fiat don't people understand?
So you don't think the oligarchs are the ones running this circus huh? Seems like the bankers are always pulling the strings, what makes you think it's different this time? Just curious.
Bankers cut military spending and fired generals via the white house.
Bank lobby wants weak USD to suvive derivative collapse and control of commodities
Pentanton, Military wants strong USD.
There is civil war going on. Pentagon always wins, sooner or later.
ekm1, for someone extremely stupid like me, what benefits does a strong USD bring for the military?
It makes the world still use USD as world currency, so military can simply print money to buy oil for its equipment, pay soldiers, provide food and shelter to 470k strong active force.
If world drops USD as currency, which is slowly underway, then US military becomes unemployed, literally.
Nobody would need their services. They'd have to unemploy, let's say, 300k soldiers and idle countless ships.
USA and Western standard of living would collapse instantly
"USA and Western standard of living would collapse instantly" - for most, yes, for others there would be great opportunity.
correct. Energy and commodities would flow exclusively towards China
Only if they are paying in PMs or other commodities.
OK, thanks, so the bank lobby wants to inflate the currency to benefit the 0.1%, but the MIC wants to deflate the currency to maintain and expand a global police state?
You say that the MIC always wins, which means we head into a massive deflationary spiral which collapses the system, then what happens? how is the MIC funded if there is a currency crisis?
Then economy rebounds quickly.
A financial wipeout is a good thing for the economy
OK, i follow your logic, although i would be interested to see if the economy 'rebounds quickly' i guess this would be consistent with a global reset of some sort rather than the pain of a depression and then a crack up boom.
The real economy doesn't go anywhere. People need things so the economy moves on. The fantasy crap that the government and banksters currently call the economy disappears.
That's an interesting theory, but regarding the dead bankers, most (so far) have been middle management guys, those suicides could just as easily be the guys at the top tying up loose ends no?
The military cleaning house could also be seen as way of removing officers who may be insubordinate during a collapse, those who acutally might keep their oath to the constitution, be too popular among their men, etc.
What have you seen that makes you think there is major in-fighting between the military industrial complex and the bankers?
see my reply to @lostandfound
http://dailycaller.com/2014/08/01/pentagon-official-the-facts-are-in-and...
Pentagon has gone 'anonymous' attacking Obama, who is there to defend bank lobby
You could be right, oligarchs seem to agree on the need for a global order, but they don't always see eye to eye on it. Maybe the current situation has put a new strain on old alliances. I would have to see more overt hostitility between them before I became a true believer though.
No, it's opposite.
It is unnatural for humans to agree on anything
Oligarchs are NOT agreeing on anything
I always say, that if true evil exists, that no 'evil' will let 'another evil' get ahead. This is probably the biggest opportunity for global power in the history of humanity
Rather counterintuitive, however it's always been 'competing evil' that always keeps evil itself in check. The false dichotomy called 'Good' always has narcolepsy, or hangs around waiting to change the actual narrative after the knock out drag down barfight.
Hook Line and Barfights
Maybe I should clarify, it's easy to agree on a general idea, it's much harder to agree on the details. Most oligarchs have the end goal of a global order in mind, and most have worked together to achieve it, but that doesn't mean that they will always pursue the same means towards that end.
Broad concepts are easy for everyone to agree to because they leave so much room for interpretation, the more detailed you get the harder it is to achieve consensus.
humans do not get along and never will
"There are no absolutes!" "Are you absolutely sure?"
People get along and then they don't, the world is in constant flux. It would be more appropriate to say people often don't get along and it causes problems. However the success of our species is almost entirely do to a high level of cooperation between members.
that is an absolute
Absolutely?...not. It's merely my observation as a participant in a system at this point in time and space. It may be that reality doesn't allow for absolutes with the exception of the rigid dichotomies found only in the human mind.
How do we know that there isn't a civil war going on within the military? Perhaps the political hacks therein, the ones David Hackworth would have labeled 'perfumed princes', are winning and it has been the true warriors that have been purged from the upper ranks. For all we know, the US military is now reporting to the Bankster in Chief, not even to the Choomander in Chief. These days anything seems to be possible.
"At this point, assassinations of bankers may have become inevitable.
They are not surrendering." -- Again, the constant optimist. Jamie and Loyd appear to be just fine.
ISIS and guillotines.
the communist mongoloid exchange and everything else is just a casino wrapped in a lie smeared in dog shit and the sooner it blows up sky high along with the rest of the market the better off the world will be.
"the communist mongoloid exchange and everything else is just a casino wrapped in a lie smeared in dog shit and the sooner it blows up sky high along with the rest of the market the better off the world will be."
According to Harvey Organ, the Chinese are going to pull the plug on the metal(s) ponzi this year.
Harvey Organ- By December Whole Thing Going to CollapseHarvey 'Organ' has obviously taken up his flute.
Way too much Tocatta and Fugue from that broken pipe organ. But then again, maybe his broken clock will be right.
Hook Line and False Hope
"Mongoloid he was a mongoloid, happier than you & me..."
The good news for those that buy the real thing is..
If you give this time (It's a marathon, not a sprint), the CME will be as irrelevant as all that unbacked paper they refuse to regulate.
"Inconceivable!"
"I do not think that word means what you think it means."
and we're the ones that have been told, "to the pain"
They didn't get punished more than a miniscule wristslap for doing this previously along with all the other fraud and theft, so what's another rule going to do?!
If they 'get caught' they will pay the 'fine' and carry on regardless
look at the phony paper Silver price chart this morning...
http://www.kitco.com/charts/livesilver.html
no there's some TRULY legitimate market action.
Curiously legitimate enought to actually buy it at that price at that coin shop?
575 says a person may not...doesn't say anything about robots.
Those $150k fines are not a strong deterrent?
I'm shocked and apalled.
Better up it to $151k. That'll scare 'em into line. errr, first we'll threaten them for another six years. Don't want to be too harsh ...
Exactly. The fines are pocket change to these people.
The big banks may be “too big to fail,” but the government-sized exchanges like the CME Group are so integrated, complex and gigantic that they’ve become “too big to jail.” The salaries of the top people and the size of their controlled bureaucracy are staggering and probably as secret and entangled as the Federal Reserve’s:
FORBES:Terrence Duffy: Chairman of the Board/Director/President, CME Group Inc: Age 55 ( a member of CME since 1981):
CME Group Inc: Compensation for 2013
Salary
$1,250,000
Restricted stock awards
$2,370,760
All other compensation
$204,613
Non-equity incentive plan compensation
$1,383,206
Change in pension value and nonqualified deferred compensation earnings
$15,947
Total Compensation
$5,224,526
Stock Ownership for 2014
Number of shares owned
102,476
http://www.forbes.com/profile/terrence-duffy/
WIKIPEDIA, CME Group: CME Group Inc. (Chicago Mercantile Exchange & Chicago Board of Trade) Is a American futures company and is one of the largest options and futures exchanges. It owns and operates large derivatives and futures exchanges in Chicago, and New York City, as well as online trading platforms. In 2014, it gained regulatory approval to open a derivatives exchange in London.[3] It also owns the Dow Jones stock and financial indexes, and CME Clearing Services, which provides settlement and clearing of exchange trades. The exchange-traded derivative contracts include futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, rare and precious metals, weather, and real estate.[4] It has been described by The Economist as ‘The biggest financial exchange you have never heard of’.[5]“The corporate world headquarters are in Chicago in The Loop.
“The corporation was formed by the 2007 merger of the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT).
On March 17, 2008, CME Group announced it had acquired NYMEX Holdings, Inc., the parent company of the New York Mercantile Exchange and Commodity Exchange, Inc (COMEX). The acquisition was formally completed on August 22, 2008.[6] The four exchanges now operate as designated contract markets (DCM) of the CME Group.[7]
“On February 10, 2010, CME announced its purchase of 90% of Dow Jones Indexes, including the Dow Jones Industrial Average.[8] Dow Jones Indexes subsequently became S&P Dow Jones Indices, in which CME has a 24.4% ownership interest.[9]
“On October 17, 2012, CME announced it was acquiring the Kansas City Board of Trade for $126 Million in cash. KCBOT is the dominant venue for the sale of hard red winter wheat. The Chicago Board of Trade is the leading trade platform for soft red winter wheat.[10]
http://en.wikipedia.org/wiki/CME_Group
GFX Corp
And when the little guy with his little 401(k), working and not glued to the market because of his work, makes a move and inadvertently invests at the top before they jerk the rug out from underneath him while he has his nose at the grindstone working as a 21st century underpaid engineer or whatever, they shake their collective $160 haircuts at him and admonish him for “greed.”
It reminds me of a soup that just gets thicker and thicker untl it can't be stirred. It would be one thing if it were cyclical, but it isn't. It's becomimg unworkable for a free society; already it has killed the free market.
Catch me if you can!
Friggin' in the riggin'
Friggin' in the riggin'
Friggin' in the riggin'
There was fuck all else to do
Sex Pistols, 1978
Rules are for perception only and everyone knows it.
It's funny watching organized criminals pretending to curb themselves.
New backdoors and access passwords.
FED software applications have difficulty at first but in the long run they will have total control
BTFD
Well you don't have to go watch reruns of Rod Sterling's, "Twilight Zone", when you have zerohedgers with all kinds of fantasy stories.
'Bankers versus the Pentagon", come on.
TZ was a lot more creative
Miss, there's something on the wing of this plane! I swear...it looks like Janet Yellen!
all stocks are being sold to buy 'baba'
baba will rule the world within 3 years.
jack ma is the new Napoleon.
Every time they claim to reform these 'markets' the plebes have new hopes for the future, which keeps them from selling it all and going Galt. This is the game, keep the zombie staggering along until it just can't move no more. Soros and Buffett know better, they are backing away from it already.
If you're doing "god's work" rule 575 does not apply.
rogue algo
It’s like a dart board. No industry, no production, no commodity can escape the targeting of the oligarchs; they have commandeered and dominate every institution and market, the CME included.
And to think that the CME “was founded in 1898 as the Chicago Butter and Egg Board, an agricultural commodities exchange” and originally the exchange was a non-profit organization.
From eggs and farm commodities they’ve added the complex financial instruments: interest rates, equities and currencies to alternative investments, such as weather and real estate derivatives.
With the result:
“Goldman Sachs' entry into the commodities market via the Goldman Sachs Commodity Index has been implicated by some in the 2007–2008 world food price crisis. In a 2010 article in Harper's magazine, Frederick Kaufman accused Goldman Sachs of profiting while many people went hungry or even starved. He argued that Goldman's large purchases of long-options on wheat futures created a demand shock in the wheat market, which disturbed the normal relationship between Supply and Demand and price levels. He argues that the result was a 'contango' wheat market on the Chicago Mercantile Exchange, which caused prices of wheat to rise much higher than normal, defeating the purpose of the exchanges (price stabilization) in the first place.” (Wikipedia)
The sharp contrast between the production industries and the money changers reminds me of the poem, “Soybeans” by Thomas Alan Orr:
Soybeans
The October air was warm and musky, blowing
Over brown fields, heavy with the fragrance
Of freshly combined beans, the breath of harvest.
He was pulling a truckload onto the scales
At the elevator near the rail siding north of town.
When a big Cadillac drove up. A man stepped out,
Wearing a three-piece suit and a gold pinky ring.
The man said he had just invested a hundred grand
In soybeans and wanted to see what they looked like.
The farmer stared at the man and was quiet, reaching
For the tobacco in the rear pocket of his jeans,
Where he wore his only ring, a threadbare circle rubbed
By working cans of dip and long hours on the backside
Of a hundred acre run. He scooped up a handful
Of small white beans, the pearls of the prairie, saying:
Soybeans look like a foot of water on the field in April
When you're ready to plant and can't get in;
Like three kids at the kitchen table
Eating macaroni and cheese five nights in a row;
Or like a broken part on the combine when
Your credit with the implement dealer is nearly tapped.
Soybeans look like prayers bouncing off the ceiling
When prices on the Chicago grain market start to drop;
Or like your old man's tears when you tell him
How much the land might bring for subdivisions.
Soybeans look like the first good night of sleep in weeks.
When you unload at the elevator and the kids get Christmas.
He spat a little juice on the tire of the Cadillac,
Laughing despite himself and saying to the man:
Now maybe you can tell me what a hundred grand looks like.
Of course the central banks would never do this shit.
(sarc off)