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Friday, March 29, 2024

Frontrunning: August 5

Courtesy of Tyler Durden

  • Flash trading reversal by SEC may hit Direct Edge, Boost NYSE (Bloomberg) – let’s see what happens to the NYSE when dark pools are unwound next…
  • Ethics, journalism, the web and the profits of brokerage businesses – oh, and Paul Krugman (Bronte Capital) – John, I can put it on the record that Zero Hedge represents no lobby interests and has never received any compensation either direct or indirect in its fight for market transparency, and stands to benefit in no way from the market topology either changing or staying the same (aside from the 0.5% of total market cap price I pay for liquidity any and every time i trade a stock, and which fee, which I disclosed in my observations on Implementation Shortfall, you failed to bring up in your cost-benefit analysis, and whose bottom line as to liquidity costs is dramatically different from your figure). While I am sure you can provide the same disclaimer, to say that a simple blog can dictate policy is a little far fetched (also, not sure how your journalistic colleagues feel about your condesending opinion of them, who, by your statement is a virtual majority, of everyone out there). Or maybe not, if your null assumption is that regulators were letting illegal activities go on for years and are now backpedalling once someone dares to shine some light. In fact, once Flash Trading is done away with, Zero Hedge is fully intent on exposing Dark Pools for the opaque, “liquidity providing” yet liquidity fee gobbling, IOI-based machinations they really are. Oh, and as a total aside, Goldman’s record $100MM+ trading days in Q2, and Medallion’s 40% compounded returns since inception at a 5.0 Sharpe (I am sure you understand what that means) – that’s totally unrelated to HFT as well.
  • Credit crunch part deux (DollarDaze)
  • Why you’ve stopped watching CNBC (Slate)
  • S&P downgrades UK bank debt (FTAlphaville)
  • FDIC sends out warning on second mortgage loan accounting (The Truth About Mortgage)
  • The ramp visualized: 85% of stocks above 200 DMA (BreakPointTrades)
  • Lloyds loses $5.3 billion in H1 on bad loans (AP)
  • Tax revenues plummet… Again (Fundmastery)
  • Transportation Secretary says Cash For Clunkers program is a huge success for inflating U.S. subsidy program and does wonders to further isolating the U.S. in a non-WTO-induced trading bubble (AP)
  • Wild randomness (City Journal)
  • Why are company insiders selling? (MSN)
  • What does a double dip recession look like (Credit Writedowns)
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