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With the rise of the Internet, many pundits predicted that middlemen would disappear. But that hasn't happened. Far from killing the middleman, the Internet has generated a thriving new breed. In The Middleman Economy, Silicon Valley-based reporter Marina Krakovsky elucidates the six essential roles that middlemen play.

“Commodity players are a shrewd and indomitable lot. And the contracts they trade are still so loosely regulated that the correct combination of money and skill creates irresistible opportunity. That's why I'm only half joking when I call them the secret club that runs the world.”When most people think of the drama of global finance, they think of stocks and bonds, venture capital, high-tech IPOs, and complex mortgagebacked securities. But commodities? Crude oil and soybeans? Copper and wheat? What could be more boring?That's exactly what the elite commodity traders want you to think. They don't seek the media spotlight. They don't want to be as famous as Warren Buffett or Bill Gross. Their astonishing wealth was created in near-total obscurity, because they dwelled either in closely held private companies or deep within large banks and corporations, where commodity profits and losses weren't broken out.But if the individual participants in the great commodities boom of the 2000s went unnoticed, their impact did not. Over several years the size of the market exploded, and so did prices for raw materials—raising serious questions about whether the big traders were intentionally jacking up the cost of gasoline, food, and other essentials bought by ordinary people around the world. What was really driving all those price spikes?Now Kate Kelly, the bestselling author of Street Fighters, takes us inside this secretive inner circle that controls so many things we all depend on. She gets closer than any previous reporter to understanding these whip-smart, aggressive, and often egomaniacal men (yes, they are nearly all men). They work hard, play hard, flaunt their wealth, and bet millions every day on a blend of facts, analysis, and pure gut instinct.Kelly's narrative focuses on one of the most extraordinary periods in financial history. Though the practice of gaming out price changes in commodities goes back to ancient Mesopotamia, it had never before reached the extremes of the early to mid-2000s. Kelly exposes the role of the hedge funds, banks, brokers, and regulators in this volatile market, through fascinating stories of “secret club” members such as... Pierre Andurand, a self-made multimillionaire who generated the winningest annual performance ever for an oil trader in 2008 and hired Elton John to perform at his wedding.Ivan Glasenberg, whose secretive Swiss commodities giant, Glencore, founded by the infamous American fugitive Marc Rich, orchestrated a massive merger with the help of former UK prime minister Tony Blair.Jon Ruggles, a brash know-it-all—recruited by Delta Air Lines to revitalize the airline's fuel hedging business, he continued to make trades in his personal account, a questionable practice given his position.Drawing on her exclusive access to the secret club, and following the trail from New York to Houston, London, Dubai, and beyond, Kelly reveals the immense power in the hands of a few, and the so-far contentious efforts by the Obama administration to rein in the cowboys.

The perspective of those who receive commissions has been largely ignored, and much of the literature on commissions and bonuses focuses on the concerns of management without regard for the employees or much recognition that understanding the employee perspective contributes significantly to fostering a more productive work environment. Getting a Cut is based on semi-structured interviews with over 450 people between the two volumes. The diverse respondents from across the U.S. provide a people-first perspective on work within commission structures. Understanding what people think about their compensation and how they experience their work provides an understanding of management that has never been addressed. The book provides empirically-based, practical information for anyone interested in effective, professional management. The experiences of those who work for commissions teach us that commission structures interact with the dynamics of the work force and the skill of management to elicit specific behaviors from sales staff. Employers may use employee perspectives to gauge the work environment and determine how to structure of the commission system may yield the greatest gains in performance.

Hedge Funds and Prime Brokers, Second Edition is the first book to analyse the regulations proposed in the light of the Credit Crisis in Europe, the US and Asia. Edited by an internationally recognised expert in financial services regulation and with contributions from leading experts in investment, law and regulation, Hedge Funds and Prime Brokers, Second Edition is the indispensible guide to all aspects of what has become one of the most important relationships in modern finance.This new book builds on the coverage of best-selling first edition, with expanded coverage and additional contributors. Leading industry experts focus on new laws and rules and what they mean for the industry.

In the past 10 years a growing number of countries have established or began establishing a primary dealer system. This paper discusses the role of primary dealers, as well as theoretical, operational, and technical issues related to the establishment of a primary dealer system, in the overall management of public debt for countries that may be considering taking this step. Drawing on a 2001 survey of country practices, the paper discusses the rationale, costs and benefits, and key prerequisites, as well as selection criteria, obligations, and privileges of a primary dealer system. It also attempts to determine the conditions under which a primary dealer system would make a positive contribution to the functioning and development of the government securities market.