Archives of “regulators” tag

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Psychopaths

  
  Education
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Every once in awhile the wrong person ends up working at a Wall Street firm and lives to tell their story upon exiting.

Ben Younger, the auteur behind the 2000 film ‘Boiler Room’ had, in fact, trained at one – the film is more autobiographical than you might have thought. he was an outsider and it didn’t take him long to realize what was going on around him. My own experiences have been chronicled here and in my book – it had taken me too long to realize that I couldn’t be a “good broker” no matter how hard I tried because the entire business model is set up to reward conflicted action and avarice – he with the least scruples and fear of regulators wins.

This weekend we hear from former Lehman Brothers trader Nicholas Chirls. Nichols worked at the epicenter of credit bubble psychosis in the 2007-2008 period and was every bit as out of place as I was, mainly owing to his possession of a soul and priorities other than compensation… (more…)

If Trading is War, Is All Fair?

  
  Education
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An article in today’s New York Times focuses on high-frequency traders and the efforts that they are making to avoid regulations that may limit their growing power in the markets.

According to the article, “Critics say traders with access to the fastest machines win at the expense of ordinary investors by seizing on the best deals and turning fast profits before other traders.”

Many attribute last May’s “Flash Crash” to high-frequency trading, although according the article, “Regulators did not blame high-frequency traders for causing the sell-off.”

High-frequency trading firms defend that the technology they utilize to build their business is part of “stock-exchange modernization” and helping to create “a level playing field.”

How do you feel about high-frequency trading? Has its rise affected your own trading? How have you had to change the way you trade to remain competitive?

As one of the comments on the article suggested, would it be foolish to think an average trader can beat an automatic trading professional?

Regulators to probe euro trades

  
Analysis, Economy, Education
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The regulatory fall-out from the Greek debt crisis grew on Wednesday as EU and US authorities said they would probe trades in the euro and the market in sovereign credit default swaps. European Commission officials said they would use a meeting as early as Thursday with banks and regulators to discuss regulation of trading in sovereign CDS, which have become politically contentious amid Greece’s financial crisis. The US justice department said it was also examining hedge fund trades against the euro.

Job Losses Accelerate

  
Analysis, Education, US Market
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JobWanted

Good morning. The long-awaited jobs report is out and it came as worse than expected (as Goldman predicted). 263,000 jobs were lost and unemployment rate came in at 9.8%. Futures were trading lower ahead of the report and have stayed that way since.

Other news include the World Bank’s warning of a wobble ahead for the global economy, a strong dollar is very important to Geithner, Bernanke suggests a Board of Regulators, Meredith Whitney says small business credit crunch continues and Comcast & NBC are apparently in deal talksAt 10:AM we have Factory Orders for August and news of the Chicago Olympic Bid will also come out today between 12:30PM to 1:PM EST.

Already this fall I had expected and written to have cautious approach.Now just will watch S&P 500.Below 1031 will take to 1014-1009 level and there after retest of 991 level.

Will update more about DOW ,Nasdaq Compostite and S&P very shortly.

Iam personally Bearish for Stocks/Commodity from last 15 days and will not buy anything.

Technically Yours

Anirudh Sethi

 

 

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