archive-com.com » COM » 9 » 911OMISSIONREPORT.COM

Total: 693

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • ‘Real’ investors eclipsed by fast trading
    to trade larger positions in turn fuelling a rise in the use of off exchange dark pools and more complex algorithmic trading techniques The proportion of US trading activity represented by buy and sell orders from mutual funds hedge funds pensions and brokerages referred to as real money or institutional investors accounted for just 16 per cent of total market volume in the form of buying and 13 per cent via selling in the final quarter of last year according to analysis by Morgan Stanley s Quantitative and Derivative Strategies group That has fallen from an average of 27 per cent for institutional buys from 2001 to 2006 and 20 per cent for sells over the same period The highs were at the beginning of 2001 as far back as Morgan Stanley s analysis goes when buys and sells were some 35 per cent and 25 per cent respectively Morgan Stanley s analysts Charles Crow and Simon Emrich used 13 F filings which are public disclosures of position changes by institutions to measure the proportions The analysts said that the data may be clouded by more rapid turnover by institutions as a result of high market volatility which does not

    Original URL path: http://www.911omissionreport.com/investors_eclipsed.html (2016-02-14)
    Open archived version from archive


  • Computer-driven trading raises meltdown fears
    function in aircraft Analysts estimate that up to 60 per cent of trading in equity markets is driven in this way Concerns have been highlighted by news that NYSE Euronext the transatlantic exchange operator has fined Credit Suisse proprietary trading arm for the first time for failing to control its trading algorithms In the Credit Suisse case its system bombarded the NYSE s systems with hundreds of thousands of erroneous messages in 2007 slowing down trading in 975 shares The case was far from isolated say traders CME Group the Chicago based futures exchange is investigating a case this month where a trader in mini S P Index futures contracts inadvertently traded approximately 200 000 contracts as both buyer and seller Last year the London Stock Exchange suffered a three hour outage after its trading system collapsed under the strain of a huge volume of orders Some traders blamed the spike in volumes from algorithmic trading Frederic Ponzo managing partner at GreySpark Partners a consultancy said It is absolutely possible to bring an exchange to breaking point by having an algo entering into a loop so that by sending them at such a rate the exchange can t cope Regulators

    Original URL path: http://www.911omissionreport.com/computer-driven_trading.html (2016-02-14)
    Open archived version from archive

  • Stock trading 'fractures' may warn of next crash
    algorithms which make automated trades in milliseconds has mushroomed in recent years Competition between rival algorithms is so great that one company is spending 300 million to build a transatlantic cable that will shave 6 milliseconds off the time it takes to exchange signals between the financial hubs of London and New York But finance experts fear that one or more out of control algorithms could cause a crash as may have happened in the so called Flash Crash of May 2010 Johnson s research which was posted online on 8 February is based on price logs from over 60 different markets collected by Eric Hunsader of Nanex a Chicago based company that sells streaming market data Johnson and Hunsader trawled through the data and found that fractures are remarkably common 18 520 took place between 2006 and 2010 Intriguingly the number of daily fractures increased about a week before the stock market crash of September 2008 and also before a sudden but smaller crash in May 2010 which is still not fully understood Johnson thinks that the build up of fractures can in some cases destablise the entire market much as the accumulation of tiny cracks can lead to catastrophic failures in structures such as aircraft wings You re seeing something starting to break open says Johnson Fracture forecasts The link between fractures and stock market crashes requires further investigation but suggests it might be possible to build an early warning system based on the rate at which fractures occur Johnson makes a compelling case says Dave Cliff an expert in complex systems at the University of Bristol UK Developing his analysis techniques into methods or tools for reliably predicting crashes is a very appealing prospect Forecasting every crash is probably impossible adds Cliff but the research could lead

    Original URL path: http://www.911omissionreport.com/fractures.html (2016-02-14)
    Open archived version from archive

  • SEC examines 'spoofing,' other trading practices
    the law Securities and Exchange Commission Chairman Mary Schapiro said on Wednesday Although SEC enforcement staff have zeroed in on such trading practices Schapiro was careful to warn that this did not mean the agency had uncovered any wrongdoing Spoofing

    Original URL path: http://www.911omissionreport.com/spoofing_trades.html (2016-02-14)
    Open archived version from archive

  • Report: SEC probes 'quote stuffing' computer trades
    another practice known as sub penny pricing where orders are priced in increments smaller than a penny but are far from the price at which the stock is trading Quote stuffing and sub penny pricing have become more prevalent as high frequency computer trading has become the dominant part of the stock market in recent years the Journal said The SEC could also be trying to determine if the pair

    Original URL path: http://www.911omissionreport.com/quote_stuffing.html (2016-02-14)
    Open archived version from archive

  • We Need a Bank Of the World
    most important its political legitimacy is deeply flawed because its management structure reflects the 1950s with Belgium having more voting power than China In the future a global central bank is needed to oversee the rudderless global financial system There are a number of critical functions it could perform It could be the lead regulator of big global financial institutions such as Citigroup or Deutsche Bank whose activities spill across borders It could monitor risks that are building in the global market and create an early warning system that alerts banks and national regulators that trouble is coming and pushes them to modify their policies It could act as a bankruptcy court when big global banks that operate in multiple countries need to be restructured It could oversee not just the big commercial banks such as Mitsubishi UFJ but also the alternative financial system that has developed in recent years consisting of hedge funds private equity groups and sovereign wealth funds all of which are now substantially unregulated A new institution could have influence over key exchange rates and might lead a new monetary conference to realign the dollar and the yuan for example for one of its first missions would be to deal with the great financial imbalances that hang like a sword over the world economy A global central bank would not eliminate the need for the Federal Reserve or other national central banks which will still have frontline responsibility for sound regulatory policies and monetary stability in their respective countries But it would have heavy influence over them when it comes to following policies that are compatible with global growth and financial stability For example it would work with key countries to better coordinate national stimulus programs when the world enters a recession as is happening now so that the cumulative impact of the various national efforts do not so dramatically overshoot that they plant the seeds for a crisis of global inflation This is a big threat as government spending everywhere goes into overdrive The IMF could continue to exist but its board would have to be restructured its bailout role for smaller nations carefully defined and its directions including the severity of the conditions it imposes on borrowers would have to come from the new central bank To give it legitimacy a global central bank would have to be governed in light of political realities That means that its board would include not only the top financial officials of the United States the U K the euro zone and Japan but also China Saudi Arabia Brazil South Africa and perhaps a few others If a global central bank had existed before today s financial crisis it could have sounded a shrill warning about irresponsible financial transactions much earlier and if it had been set up with the enforcement teeth it deserves it would have had the clout to demand perhaps as early as 2005 that banks and other financial institutions start building reserves when times

    Original URL path: http://www.911omissionreport.com/bank_of_the_world.html (2016-02-14)
    Open archived version from archive

  • Not even renters safe from foreclosure storm
    news from her landlord My landlord came and told me that his property was being foreclosed on Stephens said She moved her children one then a newborn and the other two under 7 to a cheaper rental but had to leave there too when she lost her job and then her new landlord decided to sell the property I had to hold back my tears because I m like oh my goodness I m from a middle class family I ve had the best of everything said Stephens I ve never been in a situation where I didn t have a place to live I made the money While Stephens situation was worsened by the loss of her income advocates with organizations such as NLIHC say many times evictions hit renters who are working and financially up to date People who had been paying their rent on time had been keeping up with their lease requirements all of a sudden are served with foreclosure notices said NLIHC Deputy Director Linda Couch And in every state but New Jersey and the District of Columbia renters are not allowed to stay through their lease term and are given no special protections The problem is exacerbated for low income renters who may struggle to find affordable housing on short notice The director of SERVE a homeless advocacy group in Manassas Virginia has seen an explosion of renters in need of shelter over the past seven months Officials at another Virginia shelter have braced for an influx of families they believe will start seeking services soon Some offer emergency shelter for families who might get only a few days notice before being forced to move out Last year an Illinois sheriff temporarily refused to evict renters some of whom learned about the foreclosure when

    Original URL path: http://www.911omissionreport.com/renters_foreclosure.html (2016-02-14)
    Open archived version from archive

  • Foreclosure chaos in US after court voids banks' seizure of homes because of lax mortgage paperwork
    year and led to lenders including Bank of American and JP Morgan temporarily stopping seizing homes Courts in other U S states are considering similar cases and all 50 state attorneys general are examining whether lenders are forcing people out of their homes improperly The decision may also threaten banks ability to package mortgages into securities including whether loans that were transferred improperly might need to be bought back Wells Fargo and U S Bancorp lacked authority to foreclose after having failed to make the required showing that they were the holders of the mortgages at the time of foreclosure Justice Ralph Gants wrote for a unanimous court U S Bancorp spokesman Steve Dale said the ruling has no financial impact on the bank which has no responsibility for the terms of the underlying mortgage or the procedure by which they were transferred into a mortgage trust What they were doing was peddling these mortgages and leaving the paperwork behind said lawyer Michael Pill who was not involved in the case U S Bancorp and Wells Fargo had said they controlled through different trusts the respective mortgages of Antonio Ibanez as well as Mark and Tammy LaRace who lost their homes to foreclosure in 2007 The banks bought the homes in foreclosure and sought court orders confirming they had title A lower court judge ruled against them and Friday s decision upheld this ruling Justice Robert Cordy agreed and lambasted the utter carelessness that Wells Fargo and US Bancorp demonstrated in documenting their right to own the properties Massachusetts is one of 27 U S states that do not require court approval to foreclose Judge Gants did suggest in his opinion how banks might properly transfer mortgages via securitization trusts The executed agreement that assigns the pool of mortgages with

    Original URL path: http://www.911omissionreport.com/banks_foreclosure.html (2016-02-14)
    Open archived version from archive



  •