22 year old trader makes $100 million plus in one day (04/20/2020)

The CME buggered it out of the blue when they removed the hard low limits on the contract without telling anyone. Meats have a hi/lo hard limit, and when that limit is reached, that's it. The contract can go no higher or lower. It doesn't halt or close, it just maintains it's limit until normal specified trading times have ended.

That was the specific idea represented in their CL contract specs on Apr. 20th. Forget all the pre-warnings ahead of time. Something was very awry about that whole mess.
 
I haven't read the CFTC report in detail but to me, they will walk away free with the cash as long as they didn't hammered the may outright just before and during the 2 min settlement window. That's the old Optiver case where they were buying loads of TAS contracts during the day and pushing the settlement downside automatically, creating momentum and averaging a sell higher than the settlement they created. If they continuously sold may contracts during the day and hoped the settlement would be lower or even negative, there is no manipulation possible, just trading skill and good forecating of the risk of oil turning negative. I watched it live and I remember there was still liquidity available until it turned negative. So if most of their sells were on the positive side, I can't see a manipulation case being brought...
 
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