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I think it's inevitable that Shanghai will rise as a financial center, but I don't like to see GS held up as some sort of model institution that China would be hoping to "get". What will more likely happen, is that Chinese financial firms will eventually carve out a dominant place at the...

An option writer who "doesn't delta hedge" isn't a special case: he's just a delta-hedger who happens to only hedge at expiration. UUUU or other form of auto-correlation isn't a special case; it's only a factor for someone who calculates variance using monthly/yearly (rather than daily)...

Well, I don't think 15000 RT/million/year is the world's biggest number... but if you compare to the vast majority of CTA strategies, it's large. The average I've seen is roughly 4000-5000 RT/mil/mon. I'm currently using Vision as my FCM.

Just wanted to say LngEnf2NoBetter's legal contact was great. We had a nice hour long conversation about many of these issues, and I'm much better informed (not necessarily less frustrated!). The short answer, though, is that a casual finder/referral fee for CPO fund raising is NOT...

Question about this... I'm only doing a CPO, not individual managed accounts (at least not at this point). How would the IB relationship work here, in terms of a cut of commissions? How do they only get paid for the capital *they* bring in? Even if I don't do a managed account... could I...

To answer my own question, here's an extended discussion: http://www.hg.org/articles/article_1603.html What I find confusing is this... This seems to suggest a finder's fee isn't going to work for me either... But googling around, I find a number of other private equity (venture/angel...

Hi there, This sounds like what I'm looking to learn more about. Can you give me more color, and/or point me to some references that might discuss some of the finer points here? I have one specific contact in mind who've raised a number of funds for their own investment project. We're...

Appreciate the response. If you could pm me with your attorney contact, I'd be happy to follow up. I already have an attorney assisting me with the fund formation process, but perhaps your reference has better expertise in this area. In terms of 3pm, I do not have the track record you're...

Hi all, I have a newly registered CPO, and just looking to understand the options for fund-raising going forward. I've been told that only registered broker-dealers can receive commissions for selling private interests in a partnership (like interests in a CPO). Is that the case? And...

Yea, I'm an idiot. I saw it on my screen and assumed they could still be traded electronically until end of day. Obviously, they can't.

There's some free money on the table, if anyone wants to take it. There's a bid for 2 contracts of the 83c, expiring today, at 0.13. I'm pretty sure the settlement value will be below 83, and I really don't think the J will surge above 83.13 at any point in the after market. That's a 99%...

"Because capital gains and losses are specifically excluded from the definition of "net earnings from self-employment," net earnings from a trading activity are not subject to the SE tax (IRC Section 1402(a)(3)(A))." Any fees you earn are a different story. I assumed that's what we were...

If I understand you correctly, the LP isn't the actual fund structure. You formed a LP... just because. My question would actually be, why bother with the LP? What does it buy you? Shouldn't the LP itself be a LLC? And, more importantly, are sure you don't need to pay SET for whatever...

I don't understand the need for a C-corp either. Seems to me you could've been a LLC in your LP. But as far as double taxation goes, I'm assuming you're sub-chapter S, so at least you're avoiding that... but I do believe you still have to pay the same withholding/social security you would've...

Hi guys, Thanks for the thoughts. I have a similar question over on Wilmott's. I'll

Hi, So, I know that in theory, if you on a daily basis delta-hedge a short option position with a long future (or vice versa)... and then daily realized volatility happens to match the implied volatility perfectly... you would've ended up with a neutral position. No gain or loss overall...

Hi, I have a question about the registration requirements for anyone that may help me in raising funds for my CPO. I have some friends/former colleagues who now work with high net worth individuals. They believe they can raise some money for me, and not too hard for us to agree on terms...

Something seriously broke down here. If I was an investor in the fund, I wouldn't be satisfied with the explanation in this newsletter. http://www.ebullio.co.uk/thecommodityfund.html "The objective for the margin to equity ratio is no greater than 20% on a portfolio level and no greater...

Does the LME not have position limits? What about the LIFFE? This is news to me. I had no idea the UK was so loose on this issue.

It looks like they were heavily short all of these non-ferrous metals? But seriously, how out of whack are your options hedge versus your level of leverage, for you to have this kind of a loss... while the options hedge only kicked in +5%?