The marginal people on the trading desks, there's no skill set. If they don't trade derivatives, I don't know what they can do. The next stop is driving a cab.
Sentiment: NEGATIVE
When they are employed wisely, derivatives make the world simpler because they give their buyers an ability to manage and transfer risk.
Some people are so busy learning the tricks of the trade that they never learn the trade.
Derivatives trading should be standardized and as much as possible moved to clearinghouses.
The good thing about a dealer's derivatives portfolio is that it is marked to market.
Do we have to regulate derivatives? Yes, we do. 'Cause when I did this in my investments, frankly, no one knew who could pay who. But derivatives have an important place in our economy.
Life can be lived at a remove. You trade in futures, and then you trade in derivatives of futures. Banks make more money trading derivatives than they do trading actual commodities.
We're talking to every third-party supplier every day of the week, and our traders are talking to them and buying products from them. When we're doing that, we see opportunities which no one else sees.
An unregulated derivatives market essentially gives Wall Street a way to place hidden taxes on everything in the world.
Derivatives in and of themselves are not evil. There's nothing evil about how they're traded, how they're accounted for, and how they're financed, like any other financial instrument, if done properly.
We are not a trading company. We are a midstream asset company: pipe, storage and terminals. It's an unsexy, dirty business. It's not rocket science.
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