Mostly: Classical

[lvlamb]

In the commodities markets "large brokerages" are markets makers and their own clearing house. The controlling body is named and chosen among .... guess who?

Receivables from clearing operations? I posted a while ago that in this electronic age, the filings of the trades takes an average of 3 weeks.

Securites sold, not yet purchased? What is new? Many ETFs have short open interest larger then the published prospectus. Simple reason, ETFs do not have an uptick rule and may be shorted as simply as pushing the sell button. Exchange rules.
Borrowing before selling would kill the products (and the Amex).
Some of them you never will be able to purchase. You'll pay money for them, but never see the color of a certificate.

Who cares, it's only money.

And there will soon be plenty of: helicopter Bernanke will be the next fed boss.

Bizness as usual. Refco? Just the last joke about the dummy who got caught.