On this day in 1991 – Solomon Brothers trader Paul Mozer attempted to corner the U.S. Treasury market, illegally placing orders and buying 90% of the bills in the $12.26 billion auction. The result would lead to a massive crisis at Solomon, turning Warren Buffett into its temporary chairman and nearly ruining the company. No one knew what Mozer had done until much later. However, newspapers reported strong demand for the bond auction. One trader described the auction as a “Very unusual auction” and that there seemed to be an “Isolated source of demand” for the securities. Little did they know, a rogue trader at the most infamous investment bank in Wall Street had broken the law.
From EI 2054, Wednesday 19th May:
“The quirks of the Western Sahara (a former Spanish territory claimed by Morocco but occupied in part by separatists) have been evident across the Spanish territories of Ceuta and Melilla this week due to a hospital bed. Said bed is occupied by Brahim Ghali, the leader of the Western Sahara's Polisario Front who got there via a pseudonymous entry to Spain. Seemingly Madrid authorities were aware of his arrival. A furious Moroccan government perceiving Spain as supporting separatism (oh the Catalan irony) have thus left their sides of the border unguarded leading to thousands attempting to land in the Spanish territories to the south of Gibraltar, (Children Among 6,000 Migrants In Desperate Swim From Morocco To Spanish Enclave).”
NEXT WEEK TUESDAY! Season 6: Episode 3
IPO-VID Livestream 033
Guest: Flip Pidot
Tuesday, May 25th: 1800 UK, 1900 CET, 1300 EST
At The Sharp End of Prediction Markets
Flip Pidot is the founder and managing director of Sharp Square Capital, LLC, an alternative investment management firm specializing in event futures. For over a decade, Flip has been involved in the development, operation and evangelism of political event markets, as head of American Civics Exchange, producer of the prediction market content network OldBull.tv, and market curator at PredictIt.
Previously, Flip worked as an investment analyst for Boyar Asset Management and a Certified Fraud Examiner for Arthur Andersen. A graduate of Notre Dame (BA, economics) and UVA's Darden School (MBA), Flip also holds a Series 3 license and is a CFA Charterholder.
NOW ONLINE! Season 6: Episode 2
IPO-VID Livestream 032
Guest: Clive Lambert
Tuesday, May 18th: 1800 UK, 1900 CET, 1300 EST
Towards A Digital Market Profile
The author of “Candlestick Charts” (Harriman House 2009), Clive Lambert has over 30 years of market experience including a decade on the LIFFE Floor. He has run his private technical analysis service Futurestechs since 2000AD.
Clive is Vice-Chairman of the UK Society of Technical Analysts and European Vice President of IFTA, the International Federation of Technical Analysts. Clive has appeared on CNBC and, Reuters TV amongst other media and is widely quoted on newswires.
EI WEEKLY PODCAST
A load of hot air? Emissions of value again in London as Coinbase’s results cannot stifle an accelerating stock slide.
20 years on from the first fintech bestseller “Capital Market Revolution!"... "Victory Or Death" is a must-read book for anyone interested in the intersection of Blockchain, Cryptocurrency and FinTech as part of the whole future of finance.
How A $1 Part Broke The World
These days, microchips—not heavy-duty materials—make the world go round.
China Wants Disruptive Chip Tech To Prepare For Moore’s Law Demise
South China Morning Post
Non-Professionals Likely To Be Permitted To Design Small Buildings
Loop News Jamaica
Comparatively the only thing giving these kinds of returns is the Jamaica Stock Exchange (which is experiencing a downturn) and US exchanges.
Zoy Exposes Dark Underbelly Of China’s US$11 Trillion Stock Market
South China Morning Post
Developers Flee Open Source Project After 'Takeover' By Korean Crown Prince
Catch up Monday for Exchange Invest 2058...
the future continues in the water cooler for the bourse business...
Exchange Invest Daily is the benchmark newsletter about exchanges and market structure, read by the leading figures in the 'parish' across the world.
Patrick L Young wrote the original fintech book, "Capital Market Revolution!" (FT PH 1999) and has, alongside many entrepreneurial endeavours, been an exchange CEO.