As Dan Collins reports in the May edition of Futures, it's clear why the upstairs trader begged for electronic trading and why the downstairs trader suppressed it for as long as possible. Two traders caught trading ahead of some paper in the 5-yr pit were fined by the ever-vigilant CBT $175,000 & $125,000 for stealing (I mean, allegedly stealing) $2 million. Nice work if you can get it.
Meanwhile the Feds are taking the two pit boys to court to fine them, according to Dan, for the $2 million, plus twenty year jail sentences for each of six charges.
One charge may be too tough, but the other was pathetic...