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I'm glad your friend says he learned from his 50% DD, but... you have to separate your friendship from your investment decisions. - If this was a *close* friend of mine, I'd tell him not to waste his time pitching me. He can still keep me on his contact/distribution list, but I'm not...

I had a small deal that I was an angel investor for go public 5-6 years ago. I was held up in a lock-up for six months after the IPO itself. I don't really remember the details of the lock-up, but I assume that applies to FB'ers. If that's the case... boy, people must be disappointed over...

Dimon wishes he had $1B notional to worry about... Think someone with lots and lots of money (multiple of billions), who might be a little concerned about events over the last few days.

Wonder what the IV is on the OTC market.

Well, now I kinda feel bad... I don't usually like big swinging dick competitions, and I try not to brag/participate in any such thing. So, that's not my intent here. This is especially because I'm realistic enough to say, in fact, there but for the grace of God go I... anything could happen...

I'm up about 150% in that time frame, and with a much larger account size. I have no idea what your point is. That equity curve is horrendous. He's up 200% since 2008, or you could say hes down 50% since 2010. Wouldn't touch that deal with a 10000-ft pole.

Weird. I heard Kyle Bass speak at a II/AR event a couple of years ago, and I thought his big point on Japan was that it was very easy to purchase instruments with a lot of optionality/convexity embedded in them. (Like, for example, CDS.) Not sure how you manage to lose -32% in a month when...

?? The monthly/quarterly reports are released at 7:30 AM CT. How is that outside of CME hours? I'm not being a smart-ass, just want to make sure I understand the CME's new hours.

See if this helps ya. http://agecoext.tamu.edu/fileadmin/user_upload/Documents/Resources/Risk_Management/rm2-11.pdf

There seems to be a huge volatility mismatch between CL / HO / RB... and I guess I'm a little surprised by it. CL July, atm vola is at 30%. RB July, atm vola is at 24%. HO July, atm vola is at 20%. I recognize that these instruments aren't 100% correlated... after all, that's why we...

Did we figure out IB symbols??? I haven't been watching, since that first article said there was no volume.

The survey is flawed, because the assumptions here are broken. This industry (a little like the medical industry) doesn't have typical forms of supply/demand. You can't plot it out and try to figure out the sweet-spot. If you actually had a "reliable market prediction" system with a 80%...

Bunch of Luddites. Sooner these guys retire, the better. I'm nervous about initial market reaction around crop reports too, but I know it's inevitable we will trade around it. Sooner we get started, sooner market makers figure out their business. And hell, maybe the USDA will eventually...

Oh, and to bring things back on topic.... These market makers have nothing to do with the seat/license issue we have been talking about. There are probably 10-20 MM firms out there, total. There are thousands (tens of thousands?) of CME members.

Thanks for "helping". There are only a few market-makers in the few markets in which there's even a LMM program. And almost all of these market-makers are, well, traditional market making firms. NONE of these are "HFTs" by any stretch of the imagination. They live off of ask/bid, in the...

You realize we are talking futures at the CME, and not equities, right? Do you actually know anything about the substance of the lead market-maker programs at the CME? As far as lining up to buy memberships/seats, every prop firm (in the Chicago, futures sense) has one. But you only need...

HFT absolutely require CME seat licenses. A seat license doesn't just give you a badge for going into the pit, but also allows you to get substantial discounts on clearing fees. That's mandatory for HFTs. If I had to guess... maybe the new extended CBOT trading hours have convinced some...

Yes. My fund admins calculate fees monthly, and shows it on the investor statement... but it only "crystallizes" at the end of the quarter (or if the client takes a withdrawal, of course). If I give up some gains before the end of the quarter, the fees are reversed. If I lose money...

I don't, but I know some people who're experienced in doing exactly that. Send me a PM with your contact info if you want a reference.

My understanding is CME proposed change to the CBOT grains is under review / scheduled for next week. But ICE grains begin trading today.