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As per Earl and others request I am posting this to the list part of
this was sent privately. This will be my last posting until at least
Monday as I will be away. Once again I apologize for the slightly off
subject content of this posting.
> Dear trader,
>
> What an experience! I hope that I would never have to go through that.
>
<snip>>
>
> If you had not dropped the claim against your broker firm, would you think
> that he and the floor broker firm may gang up against you in the hearing?
That was one of my original thoughts. As I think of it now that was
wrong. I could have always dropped against one of them at the last
minute if that was my concern. Also, that would have made all the facts
come out. I could have used the facts as they would have been included
in the documents.
> that would have been worse (less chance of success, even though the final
> outcome would still be the same now that you lost the case).
I thought that but now I am sure that I should have named both. No
doubt in my mind.
>
> Since you had dropped the claim against your broker firm, the least they
> should have done was to accompany you and assist you in the hearing. If you
> had thought of that alternative, would that have worked better for you?
yes, The CME seemed to want to make it my duty to obtain the
information.
To be fair about it they should have made all information involving this
matter available to all parties.
Although I'm not sure that would have helped either.
Here's what they did with The time and sales that I was hoping to use.
My attorney thought we had a great point here but not quite.
The Time and Sales did not indicate fast market conditons on October28
for the Dec. 750 SP Put.
Months before the hearing the
floor broker produced a memo that he claimed he distributed to the
houses that he traded for on October 27,1997. It said that he would not
be held during
fast market conditons until further notice. But the Time and Sales that
the CME produced for
the panel and the parties involved had no fast market indications.
I figure I got him right?
Well at the hearing my attorney asks the floor broker where the Fast
Market conditions are indicated on the Time and Sales.
The Floor broker says the market was Fast. My attorney asks isn't it
your duty to have the Pit Boss note those fast market conditons.
Then the CME offical states. All the other strikes and months were in
fast market condtions. So my attorney
asks, are you saying that this time and Sales are incorrect. So the CME
says Yes, the time and sales sheet has an error on it
by not having the F's on it which indicate Fast market conditons.
They only had 11 months to correct it.
Now I had quite a few good points to make beyond that but I have to say
I figure I'm a Dead Man...I'm history. So you have to ask yourself
what's the point. I still could have won at that point but ... Well I
think you can understand how its going.
<snip>
>
> I'll be away this weekend in Philly and I just want to post this about how my hearing was cancelled for June 25,1998 and I was holding 2 round trip tickets to chicago with a $75.00 penalty for each. I was leaving on a Wednesday the 24th of June for Chicago and I didn't find out until the day before that the hearing was cancelled. I was notified of the June 25th hearing date around (Now I don't have the paperwork in front of me so I'm pretty sure but not positive at this minute) the first week of June. I had called on June 22 because a document wasn't included in the packet and I wanted it to be added ( price by Volume). I reached the voice mail for the CME offical that was my contact.
She called me the following morning and said that she was sorry but the
hearing had been cancelled. It was cancelled around June 10th. Now In
all fairness my attorney was between offices and there might have been a
problem but I usually had no problem reaching him. The CME certainly had
my phone number, so they could have contacted me. They knew my
address. But that doesn't matter because The CME knew I was planning to
attend. It would have been nice if they told me about it. I'm only 1000
miles away.
Here's why they knew. In April we had a date set but they only gave me
about a weeks notice. At that time I hadn't retained an attorney and I
was going to go it alone. In April I told the CME that I was planning to
attend in person (they allow you to do this by telephone if your out of
town) but that the airlines were all booked up for the return flight.
Unless I wanted to pay an outrages fare.
They were willing to meet my needs by cancelling the hearing. For the
next hearing they promised to give me more of an advance notice. Well
they gave me the advance notice of the hearing date but not the
cancellation. Apparently they new it was cancelled around the 10th of
June.
If I didn't call to have that document included I would have went to
the hearing and there wouldn't have been one.
Getting back to the April hearing. I received notice on a Saturday to
be in Chicago a week from that coming Monday. Now I had just returned
from Florida where I was on a 1 week vacation. If my vacation had been
a week later I would have found the notice in my mailbox on a Saturday
to be in Chicago in 2 days.
That's it. Have a nice weekend.
I think I'll just cut and paste my posting and send them to the CFTC.
Anybody have their address?
Regards,
Tom Brun
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