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by kasey_junk
68 days ago
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These headlines always irritate me because they use notional value for sensationalism. The 950m notional is if they were paying for a price move of the whole thing from $0 in cash. But these are highly levered futures contracts. And you are getting in and out at 2 price differences that are close to each other. It’s still shocking corruption and absolutely should be enraging. But that’s because it’s a 10s of millions dollar trade. Not a billion dollar one. |
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They might as well quote the Quadrillions changing hands in the OTC derivative package markets.