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Pension funds rarely trumpet their intentions, partly to keep other big investors from trading against them.
The bank also has been criticized for trading against its clients.
Some at the Baltimore bank found the idea of trading against a client inimical.
In February of 1987, he brought charges of insider trading against two Kidder , Peabodyexecutives.
"Specialists dampen volatility," he said, "by trading against the prevailing trend".
The FTSE index climbed 0.75% in early trading against average 0.5% gains on other European exchanges.
Because these investors usually have less knowledge about their stocks, faster traders can make easier profits trading against them.
But some of that paper wealth evaporated after allegations of fraud and insider trading against several top executives.
Trading against others is regarded as an inherently selfish pursuit, even if it might have indirect societal benefits.
As if to confirm that fact, the euro rose again Thursday in trading against the dollar, to $1.168.
The euro hardly budged in trading against the dollar, while stocks in Paris and Frankfurt rose slightly.
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