Nick Radge - Stories from the Trading Pit
We have a very, special presentation, from. A very special, man this, man is a, warrior. And. He is a warrior. Let's. Make very welcome, Nick Greg. Do. You think on duty. This. Is the jacket I wore for four years I still. There and down there. My. Introduction of the training floor was pretty, much by accident, as. Was my entry into the industry but I was. Called, down to the trading floor I used to push paper around in the back office and I was called down to the trading floor on one. Very nasty day, in 1987. And. I had absolutely no idea what was going on there's, a lot of yelling a lot of screaming a lot of this going on a lot of mayhem and I just remember, the, spy pit. Would. Open, about an hour and a half after the, interest rates so. The interest rates that normally move two or three points a day, we're. Moving around 50, 60 70, 80 90 points. In. Fact a lot of people went bankrupt not, from the collapse in the stock market, but, from the movement in the interest rate futures at the time but, when the spy futures, opened, everyone. Just went dead quiet and normally. The spy futures, they would make a 1 or 2 point spread and they, were negotiating. Amongst. The traders in the pit, what, spread what bid-offer spread should. They trade in and they decided they'll trade in 50 point spreads, now. Back then, 50. Points, was, it was a hundred dollars a tick so it's five thousand, dollars between. The bid and offer spread, and within, the first two minutes this thing's just moved like 300 points 400 points this way and, back that way and about a minute later security. Guards came in and removed. All the option traders and of course for the last five or six years they had been short selling put options. Peanuts. In front of the steamroller and a steamroller had arrived now all these guys were. Bankrupt. But. There was no point them stopping, trading they couldn't lose any more it, was gone so they just tried to get themselves out of the hole so. The security guards were brought in to remove them so they didn't collapse the whole financial system here is a trading floor I've. Had the pleasure to work on quite a few floors or beyond, a few floors around the world Sydney, obviously, for four years or so. Sigh, mcc's which is the Singapore Exchange, London. The London international. Financial futures exchange, and I've. Had the pleasure of going on to the Chicago, Mercantile Exchange. Where they trade interest rates in the mini, S&P or, the S&P that was back there and then the Beast of them all the Chicago Board of Trade and that, there is the 30 year Treasury.
Bond Pit, and. They're all trading the same product, right there and. It's. Quite well-organized you wouldn't think so but it is quite well organized and the. Organisation structure and the pit this is an overhead shot and, the. Organisation structure and the pit and, I'll explain the way it is in in Sydney but you, can see the different colored jackets, there so, right, in the middle of the pit in Sydney. For example, you would have two people you'd, have the SFA. Officials, and back. In the day then they would have a headphone on and they. Would call a prices, and the volumes up to, a level just above us and and. The girls will be plugging, in in the machine so it was all done manually, like that, so, the sfe officials, would be in there and there was quite a few of them because there was a lot going on in the pit and then you'd have the pit boss and he, was the one that we're trying to keep calm everyone you're all a bunch of overpaid 20 year olds and. Of course they just copped absolute. Sledging. All the time. Then. The next round so they would be in the middle and the next people in the middle were the locals, so. Locals, would be working, for themselves they, would be trading, their own money. Trying. To profit from price movements, and they would be in the middle they. Were down in the middle and they would look up the, pit and they could see what was going on around them and. The reason why they were down in the middle because on the outside of the ring of the pit were, what's called the paper fillers, and these were the brokers and the, team I was in there was four of us when it got really busy there would be five of us we had one of the biggest teams down on the trade we want biggest, paper fillers, down there I worked, in the bank bill pet and so. There was four of us in this particular team, two. Of them stand. At the front looking out into the pit were, the traders, themselves then. They would have a backup that would stand behind them and that's the guys in the yellow jackets so, they're actually, the clerks that are standing behind the paper fillers, and it's, their job to take the orders from the people standing up in the grandstands, they're signaling, the orders down the, clerk would take it whisper, it in to the traders here by 100 to 102, hundred by 500, whatever it may be and that just went on all day so. That trader would be trading, with people around the pit and the reason why we've got these colored jackets, is so. You. Would know that you're trading with certain, companies, so, everyone. Stood in the same spot every single day in fact the Chicago, Board of Trade in the Chicago, Mercantile Exchange. You. They, used to pay for, the. Locals, to have the best spots, these are the people train a plane with their own money and, they. Would pay a kid, from high school to come and stand on the spot, three, hours beforehand, every single day so they could have that spot why, did they want that spot because.
Standing Behind them, would, be a behemoth, like goldman sachs or someone like that and when, you want it to move volume, in and out, you wanted the biggest bloke and the pit right beside you you can turn around and go buy or sell like that so. It was a very, prosperous. Investment. If you like to pay a kid to stay in there until you got on the floor because bucket if you understand, that. So. That's, basically, the hierarchy. The brokers, around the outside on the phones are, on the phones to their clients, or trading, desks upstairs, the, orders would come down by a phone they, would send them in by hand signals, into the pit to, the clerk the clerk would say that the trader buy or sell and offer to go so. Let's, have a look at those hand signals now there, is a science, behind it it's actually pretty. Easy to do so we're going to go through that now. So. It's. To two, ways to this, buying. And the. Secret is within you buying your hand faces, in right you're buying something you're taking something so, when you see one of these Trading, Places videos, and their, hands are facing in there a buyer, they're. Buying you're taking it and. Facing, out you're, a seller you're giving it away so. That's immediately, when you're looking around the pit you can see all he's a buyer he's, a buyer, she's the seller you can see around the pit simply, from which way that hands are facing out and that's why they're standing in the pit all the time with their hands facing in or out, so. When. You buy the. Price is out in front of you and then the volume is on your face, okay. So. When, we're talking prices, we're just talking the last decimal point so I was in the bill pit two, decimal, points and it's always the last decimal point so it's last, price so one two three four. Five what. Would six be, no. Six. Seven. Eight nine and ten, or zero so 1 2 3 4 5 6 7 8 9 zero, that's, your 10 decimal places what's. 11. It's. Not going to be 1 it's going to be 11 or 21, so. It's just 1 2. 3 4 5 6 so. That's the. Price when you're buying and then. The volume is done on your face so. 1 2, 3 4, 5, 6, 7 8 9. 10. 20. 30 40 50, 60. 70 80 90 100. Thousand. 21. 22. 23, 24 25, 26, 27. So. On easy. Right. So. That's when you buy so. You'll get an order to pay 2 for 100 you stand in the pit you go to 400, - 400, - for 100 you stand there - for 100 to 400 until. Someone sold you 100 or the bid went higher okay. So. When, you're selling, it's. The opposite, hands are facing out, you're. Doing, the. Volume on your face and the, price out in, front of you so, again we're selling 1 2 3 4 5 6 7 8 9, 10. 20. 30 40 50 60, 70 80 90 100, see. When he so, 95, at 67, so. It's gonna be 95, at 7. So. If you're on the bid on the offer you'll. Be going six or a hundred or six for 150. At seven six for 150. At seven and you'd be doing that all day and. In your ear you've got this little kid, behind you're going so, 106. Pay seven for a hundred so 105. So. The. Order system also, includes. Stop. Losses, gtcys. So a stop loss for example let's. Say the market is trading five and six what these guys are doing is they're reporting, the prices, because, it's so loud you. Don't know what the prices are so. They're currently saying. So. You see the guys got a closed fist it's. Obviously a zero something. Is at zero you see a couple of the guys got fingers, going like this so that's a half point so. They're what they're trading, they're obviously, traded hogs so. It'll, be one and a half two and a half three and a half or a half five and a half that, kind of stuff so that's what they're doing so, they're reporting, the prices, back. So. Let's say you get an order let's say the market is trading five six so these guys will be just sitting here going five six sometimes. They'll be telling you the volume that's been at price five, six five six five six six trading. Six. Trading six trading six bid six seven six seven six seven seven trading 1717, 7 8 7 8 7 8 and away it goes backwards and forwards backwards and forwards so, let's say the markets trading at five six five six five six and you, get in order to pay seven for a hundred on stop. So. The, order would be seven a seven for a hundred on stop. And, you'd write that in your order pad so, six seven six seven six seven seven trading execute. Your stop, bank and away you go. All.
Right Let's go ready now. It's. Also very handy, when you're at the pub, because. Of course beside the futures exchange was, the Brooklyn Hotel Friday. Night so it's pretty busy someone's. Up at the bar I left, em beers away. You go. So. That's the hand signals pretty good a very, easily done global, everywhere in the world the exact same hand signals for everything so all, sorts of orders will come down and. You, would, you. Would confirm, the trade so if you're trading with someone on the other side of the pit you couldn't hear them cuz it was so noisy so, you just go check I sold you 106, yep yep and you write it down so the way it gets reported, to the market, is you've got the pit. Guy, and. He would be seeing he. Would be seeing you so just. To reiterate what, goes on there so there's two teams you've. Got the spot trader which, is the main trader, he is trading, what's called the spot month that's the month that trades the most volume so. When you're going to look at open interest for example and the e-mini futures you'll see they're currently what are we shall I read. A September. Contract is, currently, the spot contract, that, trades. 80%. Of the volume then. You would have distant, months and. As Chris mentioned out there before, the. The bank bills go out for about where. They go for eight twelve months, out of twelve three. Years out, so. The, head trader would only tray the spot month and every. Broker in the pit would. All have the same guy that trades the spot month so, if you're trading the spot month you're, gonna be trading with that guy and not the guy standing, next to him with the same jacket on okay. You would get to know who's trading the spot month even, though the, guy beside you is trading, a same price but in a different month you wouldn't be trading his price with him cuz he's trading different months, so. The other guy in the team he's, trading, all those other months so he'd be trading twelve different months, but. They don't all trade the same okay, the, spot month he's doing the majority of the volume the other guys doing that now Chris also I mentioned before you're, trading spreads okay. So you might be buying the march on that's the other thing I forgot so the months you're trading different months hand signals for the month so that's March June. Set, and Dec. So. Let's say I'm the track set trader number two I'm not the spot month trader because we don't have to tell him what month he's trading he's trading only one month say, on the second trader and an order comes in and I want to Dec so, the broker, is going to say in Dec pay two for a hundred, or. In set pay one for fifty five. And. Then there's spreads what. Happens if you get someone who wants to spread do, a set Dec spread so. In the set Dec spread pay. To 450, or two for a hundred so, the way we managed it, these. Order tickets, these are trading. Cards that I used to use and you. Would have a pack of them and there was three uses, for. These trading cards too or official, uses and one was unofficial. The. Official, uses, was, one you. Would have an order an, order card, and it would hold all your orders and you'd, have all your, buy. Orders, down one side on the left hand side at the bottom and all your sell orders on the, right hand side at the top of one card and it would just sit in the, front of all, those cards and you were just be holding those cards freely in your hand and you. Would just be looking at those orders and it would be natural flow so when in order another another, order comes in unless it was executed, straightaway it would just be added to the total so, you might have a a seven, bid for, 463. You'll, get another order to pay seven for a hundred you just adjust that and so on and so forth through the day and that would just get pretty messy eventually you'd have to rewrite the whole thing when it quieten down then.
When A trade is done whether, it's a buy or sell as per these cards, you, would write down. If. The, order was done cleanly like for example say you had a hundred to sell and you sold a hundred to one particular, person. You just write that person's details down the price, and all that kind of stuff and that would go into this pocket and then. A lovely young lady would come up creep up behind me put, her hands in my pocket take all that kind of stuff out that got got jammed in those pockets, so. Trading cards would go into one pocket and then, we had a thing called Trading, chips so, a trading chit is a. Ticket, that the seller would, write and, it. Would be in triplicate the, buyer would get a copy the seller would get a copy in the exchange would get a copy so. The, sellers job when, they got time was to write that chip which had all the details, of the trade. Give. The other side, they're copy and, that copy would go into my pocket and then. They would actually have to physically go and put the SFA version. Into a box that sat on the side of the room and the SFA would collect those and then. Again. A girl would come along she would take that out and she would go back if it got really really busy the, clerk would write all the chips for you you didn't have time to actually do that so. The. Two. Official. Reasons, for the cards, to. Keep. A track of the orders that you're working and also write the orders out that. You have executed in the pit so. There's. A third unofficial. Use. For these cards and, it, happened once that I saw after, lunch one day remember. The SFA used to close for, an hour and a half for lunch people. Would just go straight next door to the pub and of course it. Would just be an absolute, fight. In. The afternoon especially it'd been quiet and the worst times were when it'd been quiet in the morning and people were expected, to be quite in the afternoon but. Someone's made a comment the market goes crazy runs, drunk it's not a good look and the. One things we found out with these cards is when, you throw them they stick together like, a brick. So. The, head trader that I taught me his, nickname was gripper, and that's another story everyone no one called, anyone the same name. Gripper. Was, prone to having a few drinks and, he. Had the shit's with Zulu on the other side at the pit and he, threw, his cards, and instead. Of them go, they. Just stuck together went, straight across the pit-boss and hit Zulu, smack in the head, and. He, got a fine for that front, running front. Running is kind. Of like insider trading you know if someone's got an order you want to jump in front from a guy got charged just the other day actually he hacked into the computers, of Port Phillip publishing, one of the biggest newsletters in Australia he hacked into the computers, got their trade recommendations. Before they published them and was front-running them and apparently made $400,000. In in a small amount, of time and asset, got on to us and, he. Got jail but. Front-running on the trading floor is actually pretty easy and. A lot of people made a lot of money from front-running orders it wasn't good etiquette to do that and if you did it. You. Would band or anything like that but, the one day you wanted to get out of a trade and that, person you front-run is your way out he's gonna go you know like. That so it was just eddakath not to do it but it certainly, happened, so, the obvious way, it happened and there. Would be some expletives, and some threats, and all that kind of stuff when it was that obvious but the. Pit is round all, the orders coming into the pit are coming from behind so. If I'm facing the pit the, orders for me of coming from behind but. The guys standing, in front of me can, see the hand signal coming in so, if he sees a big order to come in he's, just gonna go all sell, sell sell and front-run, me because he knows I'm gonna have a big order when you. Get a really, big order which we'll talk about one in a minute the. Broker would actually come, down and whisper, something in your ear and everyone would just be standing there waiting because they know something, big is gonna come but they don't know which way it's gonna be and gripper would just stand there and he'd look around the pit and, he'd just go bang bang bang bang bang bang bang minion starts selling all the orders selling, all stuff and it was a it was a mathematics.
Behind It was pretty simple it was just a process of, learning. Different. Number combinations. So, say for example I. Get, an order to sell 500, contracts. You. Might have 27. You might have 13, you might have 86, you may have had 150. You may have 200, and the. Gentlemanly, thing the etiquette thing to do was to, dish them out evenly if you just went I'll sell you 500, over there and forget everyone else well. That's. Gonna be returned to you one day so. The best thing to do is be nice about it if, the market was really busy, and you had unload, a lot very quickly you can kind of go like I've shown you 250. Over there and that would just set everyone, off and then you go right I'll sell you 13 I'll serlio 30 and you'll be writing them down and you just add them up in your head until you got to 500, and. Every so often you'd sell too many or buy too many or whatever way weight would be but. This front running story I'll try not say, their names because they're both still alive. HSBC. Up there is funny. But. What. Happened once on the trading floor and. It, happened in the 10-year bond pit had, probably happened in a lot of other places to give you an idea that potency at front-running there was a pit a guy in my pit and he. Was about 24, and his. First year of trading for himself I think he made $900,000. It wasn't. Bad back in 91. Or 92 and he, was only doing it because he could see these orders come in and it was just slowly shifting. Off and doing that kind of stuff anyway. But, this one what was going on so in. A 10-year bond pit now as two people are on the floor in this room and you'll know who I'm talking about. So. She, was. A local in other words she traded, her own, money and she, stood in the middle of the pit he, her. Boyfriend. Worked. For one of the biggest paper, fillers, in the 10-year bond pit and he, stood, right behind her so, she was here facing, in and he was behind her his, orders would come in and he. Would just give, her a little tap on the. Left leg or the right leg if he was gonna be buying or selling a, big amount of, shares. And they, had some other signal, that, if she had a position, and he was gonna wipe the slate with. Her position, that he'd quietly say you better get out and, what. They got caught eventually, and the way they got caught is one of the guys on the other side of the. Pit. Saw, the otter come in to, this particular paper filler and he. Sold the wrong amount and the, guy on the other side of pit case no no you sold the wrong amount you only sold 400, you're supposed to sell 500 guys no no no I've done I've, done the 500, no.
You, Only sold 400, no no I've done the 500, and this happened about three, times until. It got reported, and it turns out that, he, was quietly. Giving, her some, of the trade and no, one was picking, it up but the guy in the other sort of didn't realize that was happening, but he could see these anomalies. Going on all the time so they both got pretty well barely find, the. Old fat finger. You. Ever see this today but back then this, was still when we were pet trader but the New Zealand futures exchange, was that one of the first computer, trading, platforms. Out there and, we. Had a client that always, executed. Market, on clothes, and. One. Of the guys that used to work with me Stewie Martin it was his job to execute, these orders so we had to go back up to the office wait, for this Kiwi, market to be within one minute and then execute, these orders now, it was the, day before the. Election which. Was a Saturday was a Friday night it was a Saturday it's day before the election we've got a normal order that came through it was about 200 contracts, and. Stewie's. Sat down and he, accidentally, put, in two and a half thousand, or something like that and, once you release the order it just goes, now. Again the New Zealand market only moves about four or five points in a day and this massive, all to win right in within, one minute to go and it's, driven the market about 50 or 60 points, down. Executed. Filled, two, and a half thousand contracts, and I just remember Stewie King. And. He just he. Couldn't he physically, couldn't talk. He'll. Sit there they cool and it's, the election, we can't exactly hold the position overnight. There's. No way to get out there's, nothing to hedge it against so. We, go right let's ring all these counterparties. That we've sold to and. Would ring up we'd be ringing people like Westpac, yeah, yes. Sorry no I can't let you off that train, you, know because, they've just made so much money all. They have to do is hold it over the weekend and we ring in no one would let us off the trades whatsoever, and then. BT, rung up and BT. Said oh you, guys got a problem. You. Know Stuart was a bit more exploitive, ridden than that but he was saying yeah a problem, and no one's letting up he goes all right we'll. Take a whole lot. It's. Like what I said we'll take everything you've sold we'll, take whatever you don't need whatever you can't get rid of we'll take the whole lot and Stuart's. Just gone oh my god how good is this and then, about 20, minutes later an announcement, came out something, big with the election and the market, just went boom, on Monday morning and gapped about 150. Points down so, all these other guys from Westpac are bringing up yeah we'll break that trade no problems well it's like sorry it's all gone you.
This Guy George. Soros. So. When. I worked in London the. Dealing room I worked you know over there had a thousand, traders on it it wasn't the trading floor it was actually HSBC. Deal room and. This. Was just after George, Soros broke, the Bank of England so he was at the top of his game and. We. The little dealing. Desk I was on was segregated, from the big dealing room but they they, were just outside, our door was open, anyway, straight, outside our doors was the FX, desk, and there, was about, 450. Guys on the FX desk and the, way it worked was a big order would come in and they, would distribute because they were market makers they were price makers and they'd have to distribute that out to their clients so one day there was all this noise going on and I've stuck my head out there and. I'll George had run up with, his monstrous. Order, to. Sell some currency, and the. Way it worked is one guy took the order and he goes yet we'll take your order and we'll give you a price now when they give you a price you. Don't know if he's gonna go yea, or so low that price or I'll buy that price you don't know what they're actually gonna do so. He's made the price he didn't know the size he. Just made the price and George, Soros goes yep I'll sell it and this guy stood, up and, a. Clerk beside him punched in some numbers and a big scream, had. This number of this the the size of the order comes up on the screen and, the, guy stands, up and you've got those thousand. People dead quiet and the rest of the dealing room and they're getting on their phones and ringing their clients, trying, to get rid of this trade so, they're all ringing up so it might have been a billion dollar trade for example so, one goes ringing up you know one bank okay we'll do 50 million yen will do 100 million, or 225 million 50 million 50, million 25 million hundred million 50 million 25 30 80 60, it's right all the way up and the tickets, just going down down down down down down down down down gets down to zero and he goes clear and sits down it's just gone dead quiet and they'd clear this trade in about two minutes flat I don't know how much money they made or lost on it but, it was done it's quite remarkable just like that when I was on the floor I was included, in an experiment. That was run by I think the Sydney Morning Herald at, the time and they, wanted to test the stress levels, of various. Jobs, around. The place so, I had an ECG put, on me for 24 hours in the pit, an, emergency, on, an emergency room had one put on an air traffic controller and a couple of others so. In the pit standing, still my. Heart rate went over 200, during. This during. Is they, just happen to pick the most volatile, day and they knew it was going to happen back. Then interest rates were about that 20% so. The market was swinging around backwards and forwards, very, very wildly. So. Yeah that was interesting I've tried to hunt for that article and the conclusions, and all that kind of stuff but that was it, was pretty interesting to to have that done we all hear about. Spoofing. Do. You know what spoofing, is it's illegal now. But. Spoofing. Is, when, you play with the market trying to influence, the market and it's, now done by computer, so for example, let's, say and you see algos playing around in the in the depth right you'll see all these orders come in and go out come in and go out come in and go out spoofing. Kind of did the same thing, you just send all these orders in straight away and. Cancel them all straight away trying to influence the price because people watching depth they'll see 500, buy orders come in for this massive quantity and you all should I better buy and I start buying and all the sudden you cancel at all and they're, left holding the holding, the rope. So, we. Used to do it on the train for all the time. So. Back then and I'll give you an example I, was, working over in the 10-year bonds at this particular time, not in the pit actually on the phones and I. Had a client that big, hedge fund in the US wanted, to come in now in the, spike pit a big order would be a hundred maybe 200, contracts that would be considered a big order on, this particular morning I got a phone call from this guy in New York he wanted to sell five thousand, knows by five thousand, spy contracts, it's, like yeah I'll just walk straight in the Pentagon that's.
Not Gonna happen so. The whole day, I would. Just quietly ring over to the adviser over, there and tell. Him to buy, hundreds, buy wait, five minutes by a hundred spy wait five minutes by a hundred spy and, eventually. What happened was everyone, started watching him because. He keeps coming into the market so I'd wait half an hour then I started signaling the orders direct from one the other side of the trading floor to the trader over. There so we'd do that for an hour then people would start to pick up that it's coming from me. So. All this went on all day just you know quietly, normos walking outside and making the phone call to do the trade and all this stuff was going on and then I would walk over and do some trades and I'd call the bill trader to go over and do some trades and we would just unload, this order anyway. I think we'd done about four and a half thousand. We had 10 minutes to go during the day so, I just started increasing, the buying and then, in the last one minute I just threw the last 250. 300, contracts into the pit market on clothes just jam the price right up to the high of the day so, basically what. We did is made ourselves look like superstars, because we've accumulated all, this volume and then falsely, closed the market right up on the day. Didn't. Go to jail for that one this, is in Singapore and, you've all heard of Nick Leeson, right. So, the story behind Nick Leeson he was jailed just after I got to Singapore and I was doing the exact same thing, that he was doing so. It took me 8 weeks, I was told to come to Singapore sit, there shut up don't speak to anyone don't do anything for eight weeks and. Singapore. Completely, investigated. My whole background they went back 20 years into my history to find out who I was what I was doing before they granted. Me access apparently. Nick leeson had, a driving. Infringement. That he never paid off and singapore, seemed to believe that if, they pick that up he wouldn't have been allowed and all this, wouldn't have happened whatever.
Anyway. So, what the background would Nick Gleeson is I'll, be one minute last story is that. He made, an error or someone in his company of bearings made an error and, he. Decided. To run the error for a little while it got a little bit worse came, back a little bit for him and he thought this is going well and it started getting worse so. Rather than just cutting, the Eric I cutting, the position, he, decided to hedge it so. He hedged it using, instead of the Nikkei he hedged it using the JGBs and then they started going the wrong way so, he said all right what I'll go and do is I'll come into the Nikkei and start buying the Nick pay up and influence the price, so. He did that and that lasted about one minute then they started going the other way now all of a sudden he's position, in the Nikkei is even bigger and it's going further and further away from him and this went on for about six or seven months, and. These positions, just got bigger and bigger and. Bigger and beginning and all he would do is he'd be sitting, there and like you know he couldn't sleep or anything and what, he would do is he'd walk into the pit and again. A big order, was about a hundred contracts, and he'd just walk into the nikkei one day out of the blue and just go six, for five thousand, six for five thousand. Just. Go bolting, and start buying everything and he'd just try and force the price up like that of course as soon as you start the price or fall back again but. What he didn't know was there, is a guy in a soccer now. A soccer trades, the Nikkei and it's the exact same contract. Nikkei that trades on Sai mcc's you, can trade both of them and offset they're exactly the same so, I'll make called, Goldfinger. Why. He, made 98, percent of the bank's profits, that year because, of Nick Leeson. 98. Percent and he was the most arrogant prick, you've ever come across in your life he seriously was and. He. Did all his dealing through us and we, employ one special, staff member, to. Look after him and she would spend the, whole day, on. The open, phone to him no. One else no other client, open line to Asaka from Singapore just to speak to him and the way it worked was. He. Would be on the computer terminal in Osaka and we. Would, take his orders in SIMEX and they would offset so. When you got idiot Nick Leeson walk, into Singapore and start, buying the crap out of the Nikkei well. He would just sell it all it's. A nick leeson here, and be, buying it over here and just lock, in the profit and he would just ride it to the end of the settlement, and offset, him and make all this money and this just went on and on and on and Leasing just got bigger and bigger and bigger so he'd pushed the spread out and to come back again he pushed it out and come back again pushed out come back again and this, guy in Japan he couldn't lose any money he was just making my money hand-over-fist. Risk, free so, all you had to do is sit there and wait for this dick listen. To come, and do it again, which he did for about six or seven months and eventually Leeson, built up massive. Positions like hundreds, and thousands, of positions and he started doing it in the JG bees and, this guy started doing the same thing easy. These money as you could make and eventually, it all unraveled, and bearings baked went under and that was the end of the story but old mate kept the money and. He got given the name.