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Dallas Fed President Traded S&P 500 Futures. Dallas Fed Will Not Say If He Shorted the Market During Pandemic Crisis in 2020.

Courtesy of Pam Martens

Robert Kaplan, President of the Dallas Fed

Robert Kaplan, President of the Dallas Fed

A transaction that has been missed by major news outlets on the financial disclosure form for Dallas Fed President, Robert Kaplan, is a line item showing that Kaplan made “multiple” trades of more than $1 million in S&P 500 futures.

This is a stunning revelation for a multitude of reasons. First, Kaplan’s financial disclosure form shows that he already had exposure to the S&P 500 through more than $1 million in an S&P 500 Exchange Traded Fund (ETF), which trades during regular stock market hours.

Using S&P 500 futures gave Kaplan access to making directional bets on where the market would go after the stock market closed, which is typically when the Fed makes market-moving announcements.

The most popular and liquid S&P 500 futures contract is the E-mini S&P 500. A person can get as much as 95 percent leverage on this contract – far more than the 50 percent leverage that is available for stock trades.

The S&P 500 E-mini trades continuously from 6 p.m. Sunday night through 5 p.m. on Friday evening (EDT). The stock market is open only from 9:30 a.m. to 4 p.m. daily (EDT).



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