Lewis J. Borsellino
Lewis J. Borsellino is a well-known independent trader and author. He traded S&P 500 futures, Eurodollar futures and other contracts as a member of the Chicago Mercantile Exchange (CME) starting in 1982.
In the mid-eighties, Borsellino claims to have been responsible for 10 percent of a day's volume in the Standard & Poor's 500 pit and to have accumulated more fines for physical incidents than any other floor member at the CME.
In 2005, the NFA's Business Conduct Committee found that during 2001 to 2003 Borsellino disavowed multiple CME S&P 500 Stock Price Index futures trades, resulting in arbitration claims filed against him. Further, the panel found he refused to participate in the arbitration process in good faith. He was fined $50,000 and forced to sell his exchange membership.
Borsellino is the author of The Day Trader: From the Pit to the PC and The Day Trader's Course: Low-Risk, High-Profit Strategies for Trading Stocks and Futures, both published by by John Wiley & Sons in 2001.
Chicago Trading & Arbitrage, LLC Lawsuit
In 1996, Borsellino formed a company called Chicago Trading & Arbitrage, LLC with former New York Stock Exchange president and Archipelago Holdings founder Gerald Putnam and two software developers, Stuart Townsend and MarrGwen Townsend. The goal was to provide electronic trading to individual day traders. In 1998, Borsellino alleged Putnam and the Townsends tricked him into selling his stake in the company for $250,000, a fraction of its value.
In December 2011, an Illinois appellate panel overturned the jury's award, ruling that Lewis Borsellino agreed to release the defendants from liability in exchange for $250,000.
Borsellino earned a bachelor's degree from DePauw University.
JLN News Feed
JLN Financials: Banks raise prospect of court action over Fed dividend cuts; US banks whistling a happy tune on credit cards — for now; RBS plunges to a £1bn loss on bailout-era costs
JLN Options: Derivatives houses to open accounts with Federal Reserve; CME Group sees $5 mln savings a year from shutting New York floor; How Your $1,000 Could’ve Become $102,480 – S&P Bull Market Charts
John Lothian Newsletter: Unmasking the Men Behind Zero Hedge; Currency Trading’s 20% Drop Raises Specter of Flash-Crash Future; Derivatives houses to open accounts with Federal Reserve
Environmental Energy: EU court overturns carbon market free quotas in blow for big polluters; VW and Shell try to block EU push for electric cars; These Republican Lawmakers Are Turning To Climate Action To Help Keep Their Seats.
What We're Reading
Unmasking the Men Behind Zero Hedge, Wall Street’s Renegade Blog; The veil is lifted on a secretive website