They’re still playing big games.
“Wall Street mega banks are able to leverage their oil trades in the futures market by a factor of 95 to 1 or greater. Typically, margin of 5 percent or less is required of large oil speculators on the major commodity futures exchanges. If you know the direction of prices, you can make a killing using very little of your own firm’s capital. And if you also own the physical commodities, you can call yourself a bona fide hedger and avoid rules meant to rein in risky or manipulative trading.”