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To some it may seem unfair that deep-pocketed trading outfits can buy an early look at market-moving numbers.
But trading outfits can lose many times that amount in the blink of an eye, even with vaunted leadership.
The cheapest trading outfits, which offered the most radical alternative to Merrill's business model, are closing shop.
While regulators will ban standalone proprietary trading outfits at big banks, such activity can seep into other trading desks under the guise of helping clients.
They can be found at large hedge funds like Two Sigma Investments or at smaller trading outfits they have founded themselves.
So Saudi Arabia is seeking new markets for its oil and new opportunities for its trading outfits at the very moment that China is on the hunt for new sources of oil and new customers for its accelerating industrial output.
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The Dangote Group started as a small trading outfit in 1977.
Kit, the head of a trading outfit, tells of a visit from a policeman one morning.
Its main trading outfit stopped buying diamonds on the open market.
Canary Capital Partners, the trading outfit that Mr. Stern named after grandpa's first product, racked up double-digit gains, even as the overall stock market dropped in 2000, 2001 and 2002.
One at Merrill is quoted calling it "totally unacceptable we are failing when we have over a million shares of stock available".The e-mails also suggest close commercial links between the two firms and at least one trading outfit that was a target of regulatory probes into shorting violations, SBA Trading.
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