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November 4th, 2009 at 8:50 am
Phil, coincidental evidence, maybe, but Oil is the only Futures market that has seen deep liquidity and simultaneous liquidity growth in essentially identical instruments on more than one futures exchange. In the entire history of futures I think I am right in saying that this is unique.
Liquidity naturally migrates to one single exchange in futures where contracts opened on one exchange cannot be closed on another exchange (unlike US stock options) and the market naturally and profoundly prefer a single deep liquidity pool.
I think this is evidence of very significant manipulation.