Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Settlement manipulation was just one instance of what goes on.

I believe that there is at least one case of long standing collusion on a cosmic scale. I obviously can't name names, but you can imagine

I acknowledge that market makers have an important role but consider that we need an entirely new structure, not a million miles away from the LME structure.

ie firstly a new physical benchmark setting mechanism, and secondly a market network involving market-makers.

In order to achieve this we need a new take on contract design to produce a more homogeneous "asset-based" crude oil contract, which is exactly what I am proposing.

But let's look at it this way.

The Barclays Capital guy (I forget his name - and BC were said to have made $500m last year to come in third after Goldman and Morgan Stanley) was quoted in the FT as saying that he reckons the intermediary take will double to $26 billion a year within 3 years.

Ask yourself this.

At whose cost?

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sat Nov 11th, 2006 at 05:49:37 AM EST
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