JP Morgan can now deliver short obligations to itself.

derryb

What a scam. Seems JP Morgan is being given another license to steal:

Will JPMorgan Now Make and Take 'Delivery' of Its Own Silver Shorts?

roadrunner

Now they can naked short to their heart's content and wait days/weeks before having to go out and get the physical, if they bother at all.

Amazing.

Can I apply for a vault license?


roadrunner

derryb

I doubt they would let you "self-certify" as they did JPM.

jmski52

It's a good thing that we have honest regulators.

derryb

This afternoons down trend indicates they are "filling the vault."

jmski52

Boy! When they make up their minds to get something done, they really don't mess around, do they? It's a good thing that we have honest regulators.

MsMorrisine

where are the free market/gov't-less market people now for commentary?


The exchange rules should prohibit proprietary trading divisions, hedge funds and other closely associated or controlled financial institutions, from delivering to vaults owned or controlled by their own family of companies. Yet, no such rules exist.

CaptHenway

<< <i>What a scam. Seems JP Morgan is being given another license to steal:

Will JPMorgan Now Make and Take 'Delivery' of Its Own Silver Shorts? >>



This writer seems to be saying that JPM was approved in only two days, and that that implies there is something funny going on.

Re-reading it, all I see is that it was announced on March 15 that JPM had been approved to do what has been approved starting on March 17. It does not say when the application was initially filed, only that the application was approved on March 15.

Am I reading this wrong?

TD

derryb

<< <i>This writer seems to be saying that JPM was approved in only two days, and that that implies there is something funny going on. Re-reading it, all I see is that it was announced on March 15 that JPM had been approved to do what has been approved starting on March 17. It does not say when the application was initially filed, only that the application was approved on March 15. Am I reading this wrong? >>


From the article, "This process will ordinarily consume considerably more than 45 days. Apparently, such correct and careful practices apply only to banks and independent storage facilities that are not J.P. Morgan Chase. However, the speed, timing and manner in which the exchanges just granted it troubles us."

Implies that it took 45 days which is considered "speedy" and abnormal. But then again we are talking JPM who probably owns the CRIMEX, I mean COMEX, and the CFTC.

roadrunner

They had to get this done before March options expiration (3/28) because April would be a lot tougher month. So they did.

roadrunner

Baley

This is outragous. Are you outraged? I am.

cosmicblunder

What is a naked short? I'm hoping it's something better than a daisy duke, but I'm doubtful.

edmundfitzgerald

Don't worry. GE didn't have to pay taxes on it's profits either. Geitner didn't pay his taxes too. You know how it goes.

pf70collector

JP Morgan will take delivery of all the 125,000 of the Gettysburg ATB 5oz. Its all been arranged ahead of time with the APs. So you will not be seeing any. It will be like the mint releasing a rare mint error. Of course there will always be the mint version of the Gettysburg.

InYHWHWeTrust

<< <i>What a scam. Seems JP Morgan is being given another license to steal:

Will JPMorgan Now Make and Take 'Delivery' of Its Own Silver Shorts? >>



For those 'investing' in /trading paper silver, this is either BIG NEWS --> and back to whipsaw action, guessing SLV vs ZSL and playing for some potential nice action or lots of Rolaids and Imodium;

OR...

this is too late, the horse is out of the barn and JPM can't affect it but so much, with the 'market' having taken the reins of silver's destiny.

It is cliche', but certainly will be interesting to see how this affects the silver market in upcoming months.

BigE

As a side note, no where in the rules could I find any up or down limits on gold or silver, please correct if I am wrong. Did not check other metals---------------BigE

BigE

<< <i>What is a naked short? I'm hoping it's something better than a daisy duke, but I'm doubtful. >>





In a nutshell, naked short means betting that silver will go down in price without having the silver in hand to provide in case you need it. Nothing to do with Daisy---------BigE