By guest contributor Harry Cator, Executive Chairman, DMP Asset Management
The recent debacle in the oil futures market is yet another example of structured products being exposed, badly, when markets dislocate. My greatest friend, a market maker of yesteryear in the City of London, reminded me of the obligation of market makers to make a market when asked for a price and how, in the commodity space at the expiry of a futures contract, you had to take or...