JPM CDS Proposition

April 6, 2012 § Leave a comment

News of a JPM trader running up a prop position over 100bn in CDS. Apparently a gang of hedge funders (instigated by Mike) got together and decided to play a massive April Fool’s joke on journalists, told them that this guy is moving markets by himself.

We have no idea what is happening in this world. Expectations were of a powerful European recovery this year….and then suddenly the market turns viciously down again. It is a dagger to the heart. My friend Jose in Madrid tells me it is terminal.

In the bank my fellow traders seem to have given up the chase. Nathan, I know, is negotiating with a hedge fund so he can slip out. His p&l has been positive this year so he could at least disappear with his hands full. The rest of us….well.

I’ve thought about following the family voc and going into officer training. My Uncle Teddy could probably get me a cushy role in the Lancers.

But who am I trying to kid. I know nothing about soldiering. The only fighting I ever did was on the fx markets that time Nomura tried to muscle in on a big carry trade. Good memories.

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