When is a trade, not a trade?…
…er, when it is a hedge? Adding to my current confusion over just how the Obama administration is going to define just what is and is not “proprietary trading”, Gillian Tett of the FT today has put together a good article on some of the unexpected effects that such a ban may have – my advice is don’t mess with the all-powerful “Law of Unintended Consequences”…
More from the FT on the difficulties of defining speculation http://www.ft.com/cms/s/3/51b2f186-208c-11df-bf2d-00144feab49a.html?ftcamp=rss