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September 8, 2019

The Commodity Exchange Act in broad terms prohibits the use of any manipulative or deceptive device or scheme in connection with the contract of sale of any commodity in interstate commerce[1] and manipulation or attempt to manipulate the price of any swap or commodity...

November 15, 2017

Add the chairman of the largest electronic brokerage firm in the U.S. to the list of Cassandras warning us of the perils posed by the trading of cryptocurrencies.

In a remarkable open letter in The Wall Street Journal addressed to J. Christopher Giancarlo, the Chairman...

December 22, 2016

George E.P. Box, the internationally renowned mathematician and statistician, once said, “Essentially, all models are wrong, but some are useful.”1 So where mathematical models replace human thought and judgment, as they are doing on an ever larger scale in today’s fin...

July 9, 2015

It’s now been about a year since the furor following publication of Michael Lewis’s book Flash Boys: A Wall Street Revolt died down, and we thought we’d examine what happened in the interim to address the issues raised — particularly the willingness of securities excha...

February 23, 2013

At the International Exhibit of 1884 in London, Sir Francis Galton’s curiosity was piqued by a weight-judging competition, in which contestants guessed the weight of an ox to be “butchered and dressed.” About eight hundred people tried their luck at sixpence a ticket....

May 3, 2012

“Banging the close” is a practice in which traders place a large volume of orders just before the close of an exchange. The practice, often with the aid of high-speed computers and sophisticated algorithms, attempts to influence the settlement price of the day with the...

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The Racketeer Influenced and Corrupt Organizations Act, better known as “RICO,” is a federal law which provides for extended penalties and a civil cau...

Metals Trading: It's a Racket

October 3, 2019

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September 22, 2017

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