The Shadowy Side of Derivatives Trading
Even after the economic crash and subsequent Wall Street reform, big banks have managed to maintain both a monopoly on derivatives trading and secrecy of its process. —JCL The New York Times: On the third Wednesday of every month, the nine members of an elite Wall Street society gather in Midtown Manhattan. The men share a common goal: to protect the interests of big banks in the vast market for derivatives, one of the most profitable — and controversial — fields in finance. They also share a common secret: The details of their meetings, even their identities, have been strictly confidential. Drawn from giants like JPMorgan Chase, Goldman Sachs and Morgan Stanley, the bankers form a powerful committee that helps oversee trading in derivatives, instruments which, like insurance, are used to hedge risk. Read more Related Entries December 3, 2010 Joblessness Ticks Higher in November December 1, 2010 New Data Show Extent of Fed’s Free Money Programs
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The Shadowy Side of Derivatives Trading
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on December 12, 2010. Filed under