June turned out to be a very good month in the end and much better than I expected. It was the best June Ive had for a few years. How useful to have a decent send off as it were, given the news from last week.

The highlight was obviously Royal Ascot and that contributed the bulk of things for the month. As I have done for a little while, I used both exchanges during Ascot week and this has put me in good shape for the future.

From here on in I dont think there is much point in posting up individual P&Ls or results for the month. Obviously a headline P&L will be very different from an underlying P&L now and my activities will change, as does my incentive.  There is still plenty of incentive for somebody to earn £250k if they only pay 20% of that in fees. But at my level I just cant work incredibly hard, put significant risk into the market, be a net liquidity provider then give away 60% of anything that is left to somebody that isnt willing to share risk or funding that risk. In my long and varied career I have never seen this anything like it, so Im not going to directly reward the hand that takes from me. So things have to change, thats for sure. One immediate change I have to make is to start record keeping afresh. There is little point in measuring against prior records if you have a mercurial change, so Ill have to park that for the moment and work forward afresh. Actually this is quite a cathartic moment, I feel a bit of a release from the endless chasing down of prior results.

Just a shame I cant close out the year in the manner it which I started, well not in the same way as before anyhow. But as always, onwards and upwards.

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