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Pam and Russ Martens: NY Fed has second trading floor at Chicago futures markets

Section: Documentation

No wonder the U.S. Commodity Futures Trading Commission declines to answer, even for a member of Congress, whether the commission has jurisdiction over manipulative futures trading by or on behalf of the government or whether such manipulative trading is authorized by the Gold Reserve Act of 1934, as amended:

And no wonder the CME Group, operator of the U.S. futures market, gives volume trading discounts to governments and central banks for their secret trading in all futures markets:

But this market rigging is a prohibited subject with financial news organizations.

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By Pam and Russ Martens
Wall Street on Parade
Monday, January 31, 2022

On January 11 Simon & Schuster released a new book on the Fed. It's written by bestselling author and business reporter, Christopher Leonard. The title leaves little doubt about what the author has set out to prove: "The Lords of Easy Money: How the Federal Reserve Broke the American Economy."

... Dispatch continues below ...


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For those of us who have been scrutinizing the trading operations of the New York Fed for decades, with the appropriate amount of skepticism that is inexplicably missing among the mainstream press, Leonard delivers a bombshell on Page 242.

Leonard writes: "The conference room in the New York Fed was located just off the main trading floor, and its doors were open during meetings so people could quietly go in and out. The room was anchored by a large table, with a couch along the wall for staffers to sit with their laptops open and take notes. There was a set of large digital monitors hanging on one wall, one of which provided a live video feed from an eerily identical room in Chicago, in a Fed satellite office near the important Chicago Mercantile Exchange."

What Leonard is describing is the Markets Group at the New York Fed, the only one of 12 regional Federal Reserve Banks to have its own trading floor; its own traders with Bloomberg terminals; its own speed dials to the major investment banks on Wall Street; and its own analysts that ferret out market-moving information from around the globe on a continuous basis. (Leonard was given an official tour of this area at the New York Fed on February 27, 2020, according to the "Notes" section of his book.)

What Leonard is suggesting on Page 242 is that the New York Fed's trading floor is no longer just content to sit close to the New York Stock Exchange in lower Manhattan. The New York Fed's Markets Group has decided to clone itself with another trading floor that sits close to the Chicago Mercantile Exchange where S&P 500 futures are traded, as well as other futures contracts. ...

... For the remainder of the report:

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