Anonymous ID: b39081 July 19, 2022, 5:44 p.m. No.143255   🗄️.is 🔗kun   >>3276

They are gonna pin the whole metals manipulation on these 3 low-level (in the grand-scheme) ee's-they all followed orders from upstairs and the defense lawyers' strategy-laughable-"cherry-picking data". This was ALL JP Morgan clean-up crew (Jamie Dimon, Blythe Masters, Michael Nowak, & William Daley-who was Hussein's CoS for one year)- what they lacked in strategy they 'learned' from Bear Stearns

 

JPMorgan Trader Spoofed So Fast Colleagues Urged Ice on Fingers

 

Gregg Smith clicked his computer mouse so rapidly to place and cancel bogus gold and silver orders for Bear Stearns Cos. and later JPMorgan Chase & Co. that his colleagues would joke that he needed to put ice on his fingers to cool them down afterward, or that he must be double-jointed. That’s how his former protege, Christian Trunz, described for jurors how he watched Smith use so-called “spoof” trades -- large orders intended to manipulate prices that were quickly canceled. Trunz, 37, said he learned how to spoof from Smith and others after joining Bear Stearns out of college in 2007, shortly before the bank was acquired by JPMorgan.

 

To place and cancel the orders fast required a “rapid succession of clicking on a mouse,” and Smith, the desk’s top trader, was particularly good at it, Trunz told a federal jury in Chicago on Tuesday. That clicking was easy for everyone on the desk to hear, according to Trunz, who sat next to Smith for years and said he often pulled his chair alongside his mentor’s computer screen to watch him trade. Trunz is the third former trader to testify at the fraud and racketeering trial of Smith and two senior employees at JPMorgan’s precious-metals desk: Managing Director Michael Nowak and hedge-fund salesman Jeffrey Ruffo. They’re accused of systematically cheating to help themselves and their top clients for years.

 

“This was an open strategy on the desk,” said Trunz, who has pleaded guilty to spoofing charges and is cooperating with prosecutors. “It wasn’t hidden.” Speed was essential to successfully spoof, especially as a growing share of the precious-metals market was being dominated by firms using computer algorithms to buy and sell futures contracts in fractions of a second, according to Trunz. “We fully believed this was a battle” between the bank and the so-called algos, Trunz said. “This was the first time when machines were interacting with humans on a trading platform. It was man versus machine.”

 

The goal of spoofing was to trick the rival computers into buying or selling to benefit JPMorgan’s position, by using a large volume of bogus orders to create the false market impression, he said. “Those trades were deceptive,” Trunz said of the thousands of spoof orders the desk placed over the years. “They were used to bring out a reaction from those algorithms to get what we needed done.” Trunz, whose father worked at JPMorgan for decades and was a senior executive, was trading precious metals for the bank in New York, Singapore and London from 2007 to 2019, when he pleaded guilty. He said he idolized Smith, Nowak and Ruffo and sought to learn as much as he could from them so he could emulate their success.

 

Trunz said he sat next to Smith for five years until 2013, and when he moved to London in 2014, worked closely with Nowak, who he got to know well. Ruffo was “the best salesman on the street,” with a long list of big clients, and was the primary reason JPMorgan had kept the Bear Stearns team intact after the acquisition, Trunz said. Smith spoofed almost every day, Nowak did so about once a week, and Ruffo, while not a trader, would sit next to Smith and encourage him to spoof the market to execute client orders at the best possible prices, Trunz said. It wasn’t unusual to hear Ruffo urge Smith to “keep clicking, keep going,” with a spoof trade, Trunz said.

 

“We all traded that way,” Trunz said. “We utilized that strategy on the desk to make money for ourselves and for our clients.” Smith would sometimes spoof markets one way, then the other when filling orders for Ruffo’s top hedge fund clients to make sure they felt like they were getting a good price, Trunz said.

 

Prosecutors showed jurors internal chat logs between Ruffo and Moore Capital Management’s Christopher Pia from April 3, 2008, in which the hedge fund trader had directed Ruffo to sell 100,000 ounces of silver for him. Smith filled the order, then rapidly placed a large number of additional sell orders that he quickly canceled as the price of silver dropped. Ruffo then congratulated Pia on his decision to sell. “Did well with that, lower already,” he said in a message. Asked to explain why Smith made the spoof trades, Trunz said, “Gregg looks like he was able to execute at a great level. Chris Pia looks like he made a great decision to sell 100,000 ounces when he did.” Trunz added, “Everybody has an ego.” The case is US v. Smith et al, 19-cr-00669, US District Court, Northern District of Illinois (Chicago)

https://www.bnnbloomberg.ca/jpmorgan-trader-spoofed-so-fast-colleagues-urged-ice-on-fingers-1.1794237

 

JPMorgan ~~gold~~ (notice how they just say gold) metals FIFY desk ripped off market

https://www.thestar.com.my/business/business-news/2022/07/11/jpmorgan-gold-desk-ripped-off-market

 

The lawyer for the defense-total SWAMP creature and known for representing (((them)))

David Meister-Skadden, Arps, Slate, Meagher & Flom

Partner, Government Enforcement and White Collar Crime

https://www.skadden.com/professionals/m/meister-david

All pb-some examples

>>133353, >>133354 Ex-Bank of America Trader Pleads Guilty to Treasury Spoofing-i.e wuz short and got caught out and then 'fired'

>>135898 Nasdaq, NYSE Dealt Blow in Clash With SEC Over Market-Data Feeds-deal wif 'spoofing' "Gary" otherwise this is useless

>>128059, >>128060, >>128061 Mkt Fag: Derivatives and Silver price containment/JP Morgan and Hussein Admin used UBLs 'death' to manipulate

Anonymous ID: b39081 July 19, 2022, 6:47 p.m. No.143259   🗄️.is 🔗kun   >>3276

>>143231

PLAY66S 92-9000 747 went back to Lackland AFB, San Antonio after a shake-down flight-you'll see this with45srecently refurbished 757 soon

 

>>143244

SKULL21 B-52 went back to Barlksdake AFB after it's turns off SoCal

Anonymous ID: b39081 July 19, 2022, 7:14 p.m. No.143262   🗄️.is 🔗kun   >>3276

This is a much better approach then ZH's fear-porning from yesterday-and also mentions top holder Japan-that will increase due to the NYFRB Ops-they are not acquiring them simply through the auction process)

And notice who is not on that list...Russia...you need a dance partner(45 and cooperative mkts)to unload the amount of US debt that Russia had-they started in 2011 and unloaded YUGE in 2018-see cap 3

 

China's Treasury holdings drop below $1tn to 12-year low

 

Rising U.S. rates and Russia sanctions add fuel to Beijing's push away from dollar. China's holdings of U.S. government debt have fallen below $1 trillion for the first time since 2010, with concerns about the risk of Russia-style sanctions possibly accelerating a long-term financial decoupling driven by political tensions.

 

The tally stood at $980.7 billion at the end of May, shrinking by $22.6 billion from April and dropping 9% over six straight months of declines, U.S. Treasury Department data released Monday shows.

 

Beijing was once the world's largest holder of Treasurys, in which it invested much of its massive current-account surpluses. But its holdings have been falling since 2018 amid a trade war with the U.S. that has broadened beyond technology to touch finance as well. China slid to second place behind Japan in June 2019. As Beijing and Washington have ramped up their competition for global influence, China has gradually scaled back its Treasury holdings as part of an effort to reduce its dependence on the dollar. Some observers suggest that U.S. moves to deny Russia access to dollars, including freezing its foreign-currency reserves, may also be playing a role. China's Finance Ministry and the People's Bank of China met on April 22 with executives from domestic and foreign banks to discuss how to protect overseas assets in the event of a U.S.-led sanctions campaign spurred by a Taiwan contingency, for example.

 

A government representative mentioned the possibility of diversifying dollar-heavy holdings into yen- and euro-denominated assets, according to a source familiar with the discussions. Roughly 60% of China's foreign-currency reserves were in dollars as of 2016. Its gold holdings have not changed much since September 2019, suggesting that Beijing may be replacing its Treasurys with yen and euro assets. Expectations of U.S. interest rates rising to combat inflation have accelerated the move away from U.S. government debt. The Federal Reserve has picked up the pace of its rate hikes, and began quantitative tightening in June, shrinking its balance sheet by unloading Treasury securities and other assets.

 

Foreign investors, worried about losing money on Treasurys as rates rise, have been selling off the bonds. The Treasury Department data shows both overall foreign holdings of U.S. government debt and Japan's total falling for three straight months. "With interest rates at an appealing level, domestic holders of U.S. dollars appear to be actively buying Treasurys"*, said Eiichiro Tani, chief strategist at Daiwa Securities in Japan.

https://asia.nikkei.com/Business/Markets/Bonds/China-s-Treasury-holdings-drop-below-1tn-to-12-year-low

https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/mfh.txt

*The way the the US Treasury 'auctions' were reclassified in the mid 2000s were done for exactly this-using it as the reason-they "appear to be showing retail Japanese 'investors' buying US Treasuries" and some of this is true but the overall result is not that..it's the hidden hand with statistics that they can point to and say "see look here"...there is a saying in the bond market "don't fuck with Mrs Watanabe"...that is a direct result of how the US Treasury Dept classifies it's auctions back then-the changes made- to show huge retail demand (in-direct vs. direct)

Cap#2 is the data that cap#1 shows and from the US Treasury Depts. site

Anonymous ID: b39081 July 19, 2022, 7:27 p.m. No.143267   🗄️.is 🔗kun   >>3276

>>143203, >>143248

RSD840 Ilyushun II-96 began it's descent to Moscow from TehranVP almost homewhile our media (and the rest of the world too) having kittens-he's done and already back in Moscow and they are still on the "OMG he's in Iran now!!"-even three hours ago still saying that-Welcome Newfags!!

and very well played VP...like a violin-especially with Erdogan and that look earlier >>143223

Anonymous ID: b39081 July 19, 2022, 8:42 p.m. No.143272   🗄️.is 🔗kun   >>3273 >>3276

JASDF (Japanese Air Self Defense Forces) JF701 777 departed Chitose AB (home of Special Air Transport Corps) over Caspian Sea at present-dunno who on this as humanitarian flights fininshed on July 15th-it's VIP based on JF in the callsign

Chitose AB are where these 777s are based-you see them up periodically doing certification and/or maintenance flights under the CYNGSXX for tail#80-1111/2 for non-VIP flights and JFXXX for official'''

Anonymous ID: b39081 July 19, 2022, 9:01 p.m. No.143274   🗄️.is 🔗kun   >>3275 >>3276

FinancialcancerKathe Wood closes her transparency fund-and it just started in Dec 2021-not a huge amount money-wise but this is the domino effect-Skybridge fund halted redemptions >>143120 lb on one of it's funds so look for this trend to continue...plus you've got all those single-stock ETFs coming online nao too >>142938 pb

 

Cathie Wood's ARK shutters Transparency ETF in first closure

 

Cathie Wood is closing down one of her exchange-traded funds, the first time her Ark Investment Management has pulled the plug on an ETF.

 

The St. Petersburg, Florida-based firm is shutting down its ARK Transparency ETF (CTRU), which launched at the end of last year, according to a regulatory filing. With holdings like Teladoc Health Inc. and Spotify Technology SA, the fund aimed to invest in companies that received high scores on transparency. Ark said in a statement that Transparency Global, which shaped the fund’s underlying index, will stop calculating the portfolio at the end of July. “While ARK investigated alternative index providers, it did not find a suitable solution and decided to close the fund,” according to the release. The product had gained only US$12 million in assets since it started, a fraction of the US$9 billion in Wood’s flagship fund. Its price has dropped more than 30 per cent since its debut in late December. It will no longer accept creation orders after Thursday and won’t accept redemption orders after July 26, the filing showed.

https://www.bnnbloomberg.ca/cathie-wood-s-ark-shutters-transparency-etf-in-first-closure-1.1794189