Both Goldman Sachs and JP Morgan were able to boast of having made money every single day in the first quarter of 2010. An impressive feat? Certainly.
But how’s this for performance, via the NY Times (emphasis ours):
The founder of Tradebot, in Kansas City, Mo., told students in 2008 that his firm typically held stocks for 11 seconds. Tradebot, one of the biggest high-frequency traders around, had not had a losing day in four years, he said.
Woah.
Related links:
Goldman Sachs, or how to mint money daily – FT Alphaville
Blame the trading bots – again – FT Alphaville
Full coverage: High-frequency trading – FT Trading Room
Watchdogs weigh uniform ‘circuit breakers’ – FT