The firesale of Bear Stearns to JPMorgan Chase for $2 per share is pushing business and personnel to other futures commission merchants.
News of the dramatic meltdown of one of Wall Street’s most storied brokerage firms led to a massive reshuffling of futures business. Bear Stearns was ranked 12th among FCMs, according to CFTC filings with $3.54b in customer equity as of January 31. JPMorgan ranks third in customer equity with $11.9bn.
Sources among the top bank FCMs confirmed that customers were shifting accounts out of Bear Stearns....