These headlines always irritate me because they use notional value for sensationalism. The 950m notional is if they were paying for a price move of the whole thing from $0 in cash. But these are highly levered futures contracts. And you are getting in and out at 2 price differences that are close to each other.

It’s still shocking corruption and absolutely should be enraging. But that’s because it’s a 10s of millions dollar trade. Not a billion dollar one.

100%.

They might as well quote the Quadrillions changing hands in the OTC derivative package markets.