Vanity Fair’s Trump Trade Story Is ‘Nonsensical,’ Says Exchange CEO
- Article is built atop a faulty reading of data, CME chief says
- Journalist stands by the piece. ‘Let regulators do their job’
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The head of the exchange where, according to a Vanity Fair article last week, a cabal of investors suspiciously earned billions of dollars by trading before market-moving news says the transactions didn’t happen.
The article’s thesis is built atop a faulty reading of the trading record, said Terry Duffy, chief executive officer of CME Group Inc. He said it mistakenly summed up all volume for those derivatives during spans of time and implausibly attributed that buying and selling, spread across thousands of transactions, to a single bad actor or group of cheaters.