Word: tradings
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Dates: during 1980-1989
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...continuation of Communist Party rule. Acceptance of the scheme has been grudging at best, and its future course is anything but certain. The delicate political balance is threatened by radicals within Solidarity who are itching to leave the opposition benches and lay claim to the popular mandate the trade union won in the June 4 legislative elections, when it captured all 161 seats open to it in the Sejm and 99 out of the 100 Senate seats. The economic experiment also ! faces challenges. Last week, as a monthlong wage-and-price freeze was lifted, prices doubled and even trebled...
...months Chicago's commodities traders had been nervously waiting for the big shoe to drop. The FBI announced last January that its agents had quietly penetrated the trading pits at the Chicago Board of Trade and the Mercantile Exchange and found them to be full of snakes. Since then the bureau's investigation -- the most extensive ever conducted into any financial market -- has been proceeding, not so quietly, as more than a dozen traders have been pressed into cooperating with the Government. Last week, with FBI director William Sessions and U.S. Attorney General Dick Thornburgh in Chicago for the occasion...
Although FBI agents masquerading as brokers spotted some wrongdoing in the pits where U.S. Treasury bonds and Swiss francs are traded, the bulk of the charges are directed at the Board of Trade's soybean pit and the Merc's Japanese yen pit. The yen traders have long been viewed with suspicion by other brokers, while the old clique of soybean traders had a reputation for playing by their own, traditional rules and resisting interference, even from their exchange officials. The Government has accused no fewer than 19 of the 50 soybean brokers and 21 of the 70 yen traders...
...type of shady deal was "front-running," in which a broker profits from advance information by trading ahead of a customer's order. A crooked broker might receive an order, for example, to buy 250,000 bu. of soybeans at $5.85 a bu. He could easily execute his own order to buy 50,000 bu. first. Later, when the market reacted to the larger order by pushing prices up to $5.95, the trader could sell his contracts, pocketing $5,000 in profits. A second illicit practice uncovered by the feds was "curb trading," in which brokers conspired to consummate deals...
Since the federal sting was disclosed in January, the exchanges have scrambled to put their houses in order. Disciplinary actions at the Board of Trade have jumped to 119 so far this year, from 55 in the same period last year. During that time, member fines at the Merc have increased eightfold -- to $1.9 million. The day after the indictments were published, the Board of Trade announced it would initiate a $1 million upgrade in its computerized surveillance program as well as triple its minimum fines to $250,000. The Merc's chief, Leo Melamed, pledged "to put the fear...