futures brokerage

Panic Selling Hits Optionable: Buying Opportunity Created?

This morning, the Bank of Montreal reported that it lost $404 million from natural gas trading. This spooked shareholders of Optionable Inc. (OPBL), a provider of natural gas and other energy derivatives trading and brokerage services, who were already on the edge following an April 16 New York Post article that took note of the fact that, according to Optionable's latest 10-K filing with the Securities and Exchange Commission, the Bank of Montreal accounted for 24% of the firm's revenues. The article also cited that this particular business proved to be more lucrative for the company, generating 77% gross margins, compared with 56% for transactions with nonrelated parties. Sources told The Post that a single trader at the Bank of Montreal, commodity trader David Lee, was responsible for that business.