ADM Investor Services, Inc. v. Collins (515 F.3d 753, 2008)

EASTERBROOK, Chief Judge.

Mark Collins traded futures contracts on the Chicago Board of Trade through ADM Investor Services, a futures commission merchant (the equivalent of a stockbroker for derivatives). Over the course of 18 months, Collins made almost $1 million. His last trade, on July 27, 2004, was in soybean contracts. Collins purchased 40 contracts for delivery in August 2004 while selling 40 contracts for delivery in November. Matched pairs of long and short contracts take a position in the difference between the prices, which the futures business calls the spread. On July 27 the August contract was selling for $6.69 per bushel and the November contract for $5.89, a spread of 80