There should be a distinction made between "broker" vs "principle" when transacting in commodities. Is JP acting as a broker? Financings may mean that he is acting as a principle-literally taking virtual possession and then making the margin between buying at "X" and selling at "Y" vs commission that a "broker" would make. Hopefully detailed explanation will be forthcoming in near term as indicated by tweets. If principle then margins will exceed brokerage margins substantially. What that means?? No idea yet
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