https://www.reuters.com/article/cbo...ted-in-vix-manipulation-lawsuit-idUSL1N1S42H3 I've been called by multiple different lawyers about this already. Anyone part of this class, or know any specifics?
I have investigated oil, food and metals as well as forex and bond markets and have found that all those markets are being manipulated. I have come across vix manipulation news while I was searching for more market manipulations. Unfortunately, I wasn't really interested in VIX so I didn't investigate that market but I am not surprised with the law case.
Millions of lawsuits get filed, very few get class action status and even fewer succeed. Nothing to get excited about at this point. While it is possible VIX is manipulated the most likely cases are a matter of very small amounts at the settlement. Guessing most people here aren't greatly impacted by that, so even if it is a successful class action suit don't count on retiring off your share of the proceeds!
Yeah, it seemed like the legal team wasn't totally sure how the vix could be manipulated, much less HOW it WAS manipulated. They called me to pick my brain about the process. Most likely I'm the only ex-vix market maker who took time to chat with them when they called. The lawyers asked me a lot of questions about the SOQ process, etc... If that is the direction of the case then any market-maker or customer who held positions into expiration would be part of the class (I guess). However, no judge would understand the SOQ process, and its being explained by lawyers who also dont understand it. Also, the legal filings Ive read suggest "hundreds of millions" of manipulation due to the effect on VXX, etc... These lawyers really dont know what they are arguing, it's amazing. I told the lawyers they needed me to do all the research and lay-man explanation of findings for them, at a low low expert witness price FYI: I once lost a few hundred thousand on a HUGE settlement outlier print back in Dec 2011.
You (and those like you) are probably the only one's who could potentially really make anything out of this case. Granted you weren't in on the manipulation
In finance and economc conferences, most of presenters use too much tech terms. You hear yawns everywhere. In economics and finance classes, they emphasize too much maths. Come on, people should talk in general english and that's how I do in lectures and conferences and I get students' as well as audiences' attention so well Speaking of manipulations, it is traders fault. They dont know how to trade and blame others. Only because big guys manipulate markets, we can trade and make money. Without manipulation, there is no price volatility. But I have to say financializing commodity markets were really a bad idea because it directly affects our life.
Curious, what type of manipulation did you find? I feel like there are a lot of routine practices in MM and HFT that could be construed as manipulation... whether those practices are or are not is not for me to decide. I worked at a firm about 5 years ago wherein their chat system would censor chats not allowing certain words: curse words, racist/sexist terms, as well as liability terms such as "manipulation" etc... Literally not allowed to use that term in chat so that noone could misinterpret fratty trader talk.
I have been looking for months to see if anything would happen on this . Even reached out to attorneys no call back or interest. got his hard in 2011 and in feb 2018 had a stock account wiped out of about 500,000 and still had a deficit at the brokerage for about 170,000. So very unhappy about the whole deal. throwing the option out at market after hours is suicide.the very next day they reversed enough could have been right side up
You need to understand the nature of the manipulation. I can absolutely guarantee that even if the manipulation alleged turns out to be entirely true you would be due less than $100. You didn't lose your money because of this my friend.