Analysts Dismiss Suspicious "New 9/11" TradesExperts track down nature of transactions but concede they represent biggest gamble since last SeptemberBy Paul Joseph Watson Prison Planet Sep. 01, 2007 |
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![]() ![]() As we reported on Monday, a mystery trader risks losing around $1 billion dollars after placing 245,000 put options on the Dow Jones Eurostoxx 50 index, leading many analysts to speculate that a stock market crash preceded by a new 9/11 style attack could take place within the next month. The anonymous trader only stands to make money if the market crashes by a third to a half before September 21st, which is when the put options expire. However, experts at TheStreet.com have dismissed the so-called "Bin Laden trades" as nothing more than nervous lenders trying to attract customers at a time when the market is fraught with apprehension following the sub prime mortgage crisis coupled with last week's stock downturn. "Dan Perper, a Partner at Peak 6, one of the largest option market makers and proprietary trading firms, has confirmed that the trades are part of a "box-spread trade," report Steven Smith and Aaron L. Task. "This was done as a package in which the box spread was used [as a] means of alternative financing at more attractive interest rates" explained Perper.Though seemingly skeptical that the trades could foreshadow outside events, as was the case with the put options placed against American and United Airliners in the days before 9/11, the analysts concede that the volume of the trades "completely outstrips anything seen last September." They also note that, "The positions in question had option industry experts perplexed to come up with a rational explanation, which are far from the best or most efficient way to profit from what would be outlier events." |