Trade of the Year: Not So Much

"Trade of the Year": not so much

Trader Monthly, the new-ish mag for traders—or people vaguely resembling the Hollywood version of traders (See Boiler Room) had a little feature-ette in one of their early issues called “Trade of the Year” that detailed what TM deemed the biggest, most impressive trading coup that happened in 2004.
But in keeping with the Boiler Room ethos, the “Trade of the Year” may have been illegal. The WSJ reports today that the principals are being investigated for market manipulation by BaFin. (Summary: Citicorp’s bond desk, 11 billion Euros in sell orders on the Eurex. Chuck Prince’s response, according to the WSJ: “‘as far as we can tell’ the trading wasn’t illegal, but he characterized it as ‘a completely knuckleheaded thing to do.'”)