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Hide Not Slide
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Hide Not Slide
@HideNotSlide

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Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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    1. Hide Not Slide‏ @HideNotSlide 4 Nov 2020

      An epic 1950s market manipulation scam made two CME traders rich, farmers broke, and onion futures banned in the United States. This is the story of the Onion Futures Act:pic.twitter.com/xkzsF6gdJ0

      1 reply 1 retweet 4 likes
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    2. Hide Not Slide‏ @HideNotSlide 4 Nov 2020

      In the 1950s, CME was a small, fledgling futures exchange. At the time the exchange supported only two main markets: eggs and onions. Onion futures made up 20% of all volume traded on the CME. That is, until two traders blew it all up.pic.twitter.com/RZcpSCXxCF

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    3. Hide Not Slide‏ @HideNotSlide 4 Nov 2020

      Sam Siegel and Vincent Kosuga, two CME onion traders, decided to try and corner the onion market in 1955. That summer they bought up 98% of the nation's onion supply - over 30 million pounds - and paid for storage in Chicago.pic.twitter.com/IJ6Nb6V3yb

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    4. Hide Not Slide‏ @HideNotSlide 4 Nov 2020

      As supply dried up, onion prices soared. By the end of 1955, Siegel & Kosuga flipped to shorting onion futures & started loosening their massive supply on the market. Onion prices dropped from $2.75 per 50lb bag to under 10 cents by March 1956. The traders minted millions.

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    5. Hide Not Slide‏ @HideNotSlide 4 Nov 2020

      Problem was, Siegel and Kosuga had counterparties that were getting crushed - America's farmers. Agriculture groups lobbied Congress, and then Representative Gerald Ford sponsored a bill to ban onion futures trading. Eisenhower signed it into law in 1958.pic.twitter.com/3RnW3GWo1g

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    6. Hide Not Slide‏ @HideNotSlide 4 Nov 2020

      The effect on CME was immediate. 20% of its business had been outlawed overnight. The exchange sued to block passage of the bill, but lost in court. CME would shrink to record low profits in the years that followed. Onion futures are still banned to this day.

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    7. Hide Not Slide‏ @HideNotSlide 4 Nov 2020

      Sources: https://www.good.is/articles/the-great-chicago-onion-ring-why-selling-onion-futures-is-against-federal-law … https://forum.ampfutures.com/AMPforum/trading-jokes-events-chitchat/jokes-trade-shows-chit-chat/6508-trading-legend-the-great-onion-caper …

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    8. Mike Wilkins‏ @ilkandcookies 4 Nov 2020
      Replying to @HideNotSlide

      There was a great @planetmoney podcast on it a while back:https://www.npr.org/sections/money/2015/10/14/448718171/episode-657-the-tale-of-the-onion-king …

      1 reply 0 retweets 2 likes
      Hide Not Slide‏ @HideNotSlide 4 Nov 2020
      Replying to @ilkandcookies @planetmoney

      Thanks! ill give it a listen.

      6:49 AM - 4 Nov 2020
      0 replies 0 retweets 0 likes

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