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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: pater tenebrarum who wrote (64515)9/27/1999 5:58:00 PM
From: Defrocked  Read Replies (2) of 86076
 
I don't know. It's apparently large customer business,
but whether a hedge fund or pension fund is
anyone's guess. The reports I got from the floor were
that the most active sellers during the last week have
been Cargill and Merrill today, and Cargill, Merrill and
SSB last week. These were size orders of 500 to 1,000
contracts at a time. (A 1,000 lot order contains the
price change on approximately $325 million of stock.
The hedger/speculator can go through cash settlement,
lift the hedge or roll into March later.) I'm just
guessing its the same player cause 500 to 1000 lots
came simultaneously off both desks at least twice that
I remember suggesting the seller was splitting the
ticket between Cargill and Merrill. One never "knows"
for sure about these things but it fits the "m.o." of
a pension fund shifting risk to protect assets. FWIW.
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