Word: trader
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...Jean-Paul Sartre. Good books, some of those novels, but sometimes just too frustratingly weird. Crews also used to write a column called "Grits" for the pre-Felker Esquire, and the best of them stick in your memory like Georgia mud to your boots--an old, nearly-blind mule trader sagely discusses the art and artifices of a trade that is almost dead; a poacher takes Crews alligator hunting in the Florida swamps. And now in A Childhood, we have an account which blends the best of the columns and the best of the novels with the life that produced...
Overseas the dollar came under selling pressure again last week and gave up some of the gains it had made early in the rescue program. The selling came primarily from exporters in various countries who played what New York Money Trader Claude Tygier called "a cat-and-mouse game" with central banks. Having acquired dollars by selling their products, the exporters sold some of those greenbacks in order to test whether the government bankers really were determined to support the price...
According to money traders, American companies have been selling dollars quite as actively as European and Japanese firms. Indeed, André Scaillet, chief money trader in Europe for First National Bank of Chicago, said before last week's rescue that American businessmen "are frequently more bearish on the dollar than the Europeans." Moreover, the selling had spread from U.S.-based multinationals to ordinary companies in the American heartland. In most cases, however, the selling was self-protective rather than speculative in the true sense; if a manufacturer in Illinois bought steel from a German mill, it had a strong motive...
Surprisingly, many of the money traders agree, though they are making profits out of the irrationality, which they blame on their clients. Asks André Scaillet, chief money trader in Europe for First National Bank of Chicago: "Can you tell me if it's logical to have a 7½% [downward] movement of the dollar against the Swiss franc in a single day? It's out of this world!" Money traders worry quite as much as any finance minister about what the drop in the world's central trading currency is doing to the global structure...
...trading firms, many employed by banks, a growing number directly for multinationals. Though they work on order, they have some latitude. If a multinational orders its bank to sell, say, $1 million for German marks on a particular day, in Europe it is up to the bank's trader whether to let them all go at once or sell $500,000 in the morning, the rest in the afternoon. In New York, a trader must execute the order at a time and price that the client specifies - and if he accepts an order and then cannot fill...