By Hal Weitzman
Independent futures traders at one of the CME Group's most high-profile
trading pits have walked off the job in a highly unusual protest
against"block trades", large, privately negotiated...
Join the CME Co-Location Services Team for an afternoon of technology
discussions, hardware demos and interactive games from Microsoft, all while
overlooking Chicago from the 99th Floor Skydeck of the...
By Howard Packowitz
CHICAGO -(Dow Jones)- Independent traders staged a walkout Friday of CME
Group Inc. (CME) options on Eurodollar futures, protesting a large,
privately negotiated trade a day earlier.
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By Steven Russolillo
This just in: Trading volume still stinks.
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By Peter Orszag
Commodity prices have fluctuated substantially over the past few years. The
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Representing the Secretary-General of UNCTAD, Mr. Heiner Flassbeck, will
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FORGET OCCUPY, EVEN THE TRADERS ARE PROTESTING NOW
By Paul Vigna
Mom and Pop have developed a pretty deep mistrust of the market, and after seeing their nest eggs ripped apart twice in the space of ten years, who can blame them? But the when market insiders themselves start bailing, you know there's something big going on here.
The latest row came this morning in the obscure arena of eurodollar-futures trading pits at the Chicago Mercantile Exchange, when a group of traders just flat-out stopped trading to protest a private trade they claimed was unfair.
This wasn't the Occupy crowd. These were insiders, market guys, and while they were protesting something specifically related to their own market, this trend of off-exchange exchange trading is growing across assets, it's scrambling the definition of the what "the market" really is, and it's doing it so fast even the insiders are being blind-sided.
Our colleagues at Dow Jones, Howard Packowitz and Owen Fletcher, reported on the protest:
Independent traders staged a walkout Friday of CME Group Inc. (CME) options on Eurodollar futures, protesting a large, privately negotiated trade a day earlier that they claimed was unfair.
The action by the floor traders, who are also known as locals, threatened to deplete volumes in one of CME's most-actively traded interest rate products, although there were signs the protest might be calming down as the morning went on.
The protest followed a massive block options trade performed in Eurodollar futures on Thursday. Block trades are privately negotiated transactions performed off the trading floor, but cleared by the exchange, and reported minutes later on the CME website.
The locals were upset because they weren't able to participate in the trade, brokers said.
This is a trend. Yesterday, we reported that BlackRock is looking to set up its own exchange to trade bonds among its clients. More and more business, in fact, is being handled off-exchange, something average investors may not quite be aware of. Check out the story of Pipeline Trading, reported by Scott Patterson and Jenny Strasburg (part of their must-read "Dark Markets" series,) which also set up its own off-exchange exchange.
Like the old song says, there's something happening here, what it is, ain't exactly clear
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