Quantum Leap
Article Abstract:
The Chicago Mercantile Exchange hopes to generate new business by hooking up with the Singapore International Monetary Exchange (SIMEX). This will allow traders for the first time to open a futures position in gold or currencies. This action will streamline overnight trading. Critics believe this linkage will be used to avoid tax laws and shield foreign investors from United States disclosure rules. The monetary authority in Singapore is eager to promote this link because it would like regulated futures trading to replace the unregulated deals formerly popular. The linkage is expected to ease trading for Americans and offer traders the option to trade at any hour. The link is aimed at doing more business with Far East investors. This link also may allow access to United States markets without United States regulatory restrictions. If this linkage is successful other international linkages will likely follow.
Publication Name: Barron's
Subject: Business, general
ISSN: 1077-8039
Year: 1984
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Taking Their Lumps
Article Abstract:
A group of investors is filing a class-suit against Conti Commodity Services Incorporated, charging fraud, misrepresentation, and racketeering. The firm's arbitrage customers claim they were induced into participating by company assurances in writing that the program was low-risk and conservative. In this case Conti was to buy and sell sugar futures. Investors claim Conti began trading cocoa as well as sugar, which is where large losses were incurred. Investors also claim that when they wanted to close their accounts and liquidate, it often took months. There also is an allegation of assigning unauthorized trades to investors' accounts. The complaints are being investigated by several parties.
Publication Name: Barron's
Subject: Business, general
ISSN: 1077-8039
Year: 1984
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Not the Cruelest Month
Article Abstract:
The Dow Jones Industrial Average climbed 10.26 points in March 1983. Oil moved the market up during the month. Several takover rumors surfaced in March 1983. Increasing costs of some long-delayed nuclear projects pushed two utility companies into the loss column. Tables are provided detailing the major gainers and losers in the three major markets.
Publication Name: Barron's
Subject: Business, general
ISSN: 1077-8039
Year: 1984
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