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China continues to run very large trade surpluses.
First of all, the meeting to this point feels very different than past COPs in that Week One had the sense of a very large trade show.
As everyone knows, the United States runs very large trade deficits with many countries, but let's focus on China and Japan.
In Ireland, both exports and imports are running lower than they were a year earlier, but the country continues to benefit from a very large trade surplus, with exports 82 percent higher than imports.
What may have happened was that somebody rather clumsily tried to make a very large trade on an electronic exchange called Globex.
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So speculators become the ballast in the market, making the contrary trades, taking on the risks the hedgers want to shed, reacting quickly when news jolts the markets and, most important, creating liquidity by pouring in enough money to allow everyone to make very large trades quickly without causing wild price swings.
They make thousands of trades a day, rather than very large trades, and smaller numbers a day than took place 20 years ago.
"If some of the big players in the market got together and put through some very large trades - billions of dollars each - then that could affect the market," said Mark Taylor, a former forex trader who is now dean of Warwick Business School.
Mr. Kerviel's assistant, Thomas Mougard, and other traders have told investigators that it was "well known" in the trading room that Mr. Kerviel took very large intraday trading positions.
The Nasdaq 100, which consists of 100 very large stocks traded on Nasdaq, has done even worse than has the overall Nasdaq composite, falling 3percentt yesterday and 10.9percentt since Oct. 20.
Weich sees the recent efforts as another step by "very large publicly traded endeavors" to consolidate the power that comes from controlling access to massive amounts of content.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com