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Are All Execution Traders Insider Traders Waiting To Happen?

According to Bloomberg, yes. As in the case of Moore Capital’s alleged little insider trader, Julian Rifat, who found the “look but don’t touch” rule too difficult to abide.

Rifat was an execution trader in the London office of Moore, a New York-based firm that oversees $15 billion. His job was to get the best prices for portfolio managers without telegraphing the firm’s buying and selling to rivals. He was taken into custody on his 41st birthday.

“By definition an execution trader sits near the money; he can smell the money, but he can’t touch the money,” said Jason Kennedy, chief executive officer of London-based executive- search firm Kennedy Associates.

For any managers hoping to avoid embarrassing headlines and nationally televised perp walks, a suggestion. At the end of each day, allow these guys to strip naked and roll around in the room where you keep the cash. Let them dive, Scrooge-McDuck style into the ball pit of gold coins. Let them rub it where the sun don’t shine. Let them tap that ass. Only when you remove the forbidden fruit aspect of it all will you be able to trust these guys.

In marginally related news, here’s some random info about Rifat. Haven’t yet figured out how it can explain his motivation but surely one of you can figure it out.

Rifat in 1984 set a local high-jump record by an under 17- year-old at 1.95 meters (6 feet, 5 inches), according to Andy McKenzie, a Gloucester Athletic Club official. He also holds one of the U.K.’s all-time best combined scores in the decathlon, according to Athletics Weekly, and competed in the event for Great Britain in an international meet in 1990.

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94 Responses to “Are All Execution Traders Insider Traders Waiting To Happen?”

  1. RTH says:

    Really Bess, no news on Carney? Isn’t this a Wall Street tabloid?

  2. Anonymous says:

    Haven’t seen anyhting on Buhl getting fired either.

  3. If you think buy-side execution traders are bad, take a look at the sell-side execution-only traders.

  4. Bess Levin says:

    @1 Indeed! Does Carney work on Wall Street?

  5. Anonymous says:

    Hands!!

  6. Another plank in the argument for HFT.

  7. Tax Chick says:

    @Bess – Does fucking SHIA?!

  8. Anonymous says:

    I hate Carneys. Strange folk….little fingers….they give me the creeps.

  9. Tax Chick says:

    This spoofing business makes me feel schizophrenic.

    Eunuch @7 – get a life and your own identity.

  10. ncvbanker says:

    @tax chick – Shia is a trader with his OWN newsletter.. haven’t you heard? BTW, stories on Shia are much funnier to read.

  11. Anonymous says:

    That is a quote from the salacious 90’s rock song, “Berserker”

    :Would you like some fucking Shia, BERSERKER!

  12. muchado says:

    Only our good BL could make smut out of execution trading …

  13. Anonymous says:

    a) @ 11 – the whole point of that song is summarized by the line from Clerks “Did he say ‘making fuck’?” – if you use fuck correctly you are ruining the whole thing…

    b) Bess – aren’t we a bit snippy about Bloomberg reporting today? Do I sense some journalistic competition brewing?

  14. guest says:

    @12 “Just the tip.”

  15. Bess Levin says:

    @13b nah, I like Bloomberg, in spite of the attempt to retard up the basketball player.

  16. Anonymous says:

    uk decathalon-

    scotch eggs eating
    warm pint pounding
    cig smoking
    stomped coke snorting
    most translucent skin contest
    coldest sweat
    most chins
    least whole teeth
    wham!karaoke
    eastern euro hooker pimping

  17. Anonymous says:

    @BL/15… yeah – that was a bit much, and I have to confess that I read the section on the guy’s athletic history twice looking for the relevence… I think maybe he ran out of info on the story and just kept typing…

    on a different note, curse you for referring to ducktales… no I’ll have the damn theme tune in my head for the rest of the week. “Ducktales, wooo-oooo, there’s a blah blah blah blah, Ducktales, wooo-oooo, there’s a blah blah blah blah blah blah, Ducktales, wooo-oooo, there’s a blah blah blah blah blah blah, Ducktales, wooo-oooo, there’s a blah blah blah blah blah blah, Ducktales, wooo-oooo, there’s a blah blah blah blah blah blah, Ducktales, …”

  18. RTH says:

    @ Bess – He used to!

  19. Anonymous says:

    @7, FTMFW!!

  20. Tax Chuck says:

    @9 They have medication for that

  21. Crude says:

    @16, prick. you went and wasted your bestest ever joke.

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