Frontrunning: April 6

Tyler Durden's picture
  • More on JPM's uber-prop trader Bruno Iskil - 'London Whale' Rattles Debt Market (WSJ):
    • "Mr. Iksil has done so much bullish trading that he has helped move the index, traders say. Now, even as Mr. Iksil is selling credit protection on the company index, a number of hedge funds and other investors are buying protection on it."
    • Some investors say they are betting that Mr. Iksil could have to exit some of his bullish trades, perhaps because the pending Volcker rule limiting bank risk-taking would push up the cost of credit protection. J.P. Morgan has said the Volcker rule doesn't prohibit its CIO unit from investing or hedging activities.
    • One person familiar with the matter said the bank has run tests that show Mr. Iksil's positions likely will be profitable in any economic or market downturn.
    • A sign of how hot the trade is: The net "notional" volume in the index ballooned to $144.6 billion on March 30 from $92.6 billion at the start of the year, according to Depository Trust & Clearing Corp. data.
  • Traders Eye 45-Minute Window After Good Friday Report (Bloomberg)
  • Sky News admits hacking of emails (FT)
  • Britain’s Economy Barely Grew in First Quarter, Niesr Estimates (Bloomberg)
  • Olbermann sues Current TV for $50M, cites glitches (USAToday), full lawsuit here
  • Morgan Stanley broadens clawback rules (FT)
  • Swiss Franc Showdown Looms as Jordan Defends SNB Ceiling (Bloomberg)
  • Key Democratic donors cool to pro-Obama Super PAC (Reuters)
  • Investors' Prying Eyes Blinded by New Law (WSJ)
  • U.S. not backing off as Iran sanctions bite (Reuters)

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overmedicatedundersexed's picture

Olbermann gets 50 mil for talk tv chance for media manipulation that all these MSM stars get paid big bucks to say what they are told..a one eyed man in the land of the ....

LuKOsro's picture

I just love these low volume Fridays (especially the ones before bank holidays) in which one feels like anything is possible.

eigenvalue's picture

Mr. Iksil's positions likely will be profitable in any economic or market downturn?? But he is selling protection...

zagam2's picture

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