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’2010: Obama’s year of the market-maker?
The ‘Volcker rule’ may be bad news for big speculative investment banks.
It might even be bad news for the inter-dealer brokers like Icap and Tullett Prebon, much of whose business is dependent on offsetting client-risk the big banks can’t internalise themselves.
Was 2009 the year of the market maker?
We were intrigued by a comment by one of our contacts that 2009, more than anything else, had been the year of the market maker. And that’s on every level.
Think about it:
Traditional value investing was confused;
When equities are not enough, HFT turns to FX and futures
When Nasdaq-listed Knight Capital Group reported third quarter earnings on October 21, the numbers took many investors by surprise.
Net income at the electronic-trading provider fell in the period by 9 cents to 31 cents a share or $29.2m,
Myners enters the HFT debate
City minister Paul Myners on Tuesday became the first mainstream UK politician to wade into the current debate on the dangers of high frequency trading (HFT).
Though his contribution will no doubt drown under certain other news,
In defence of Goldman Sachs
By Goldman Sachs…
A 50-odd page presentation from the former investment bank has surfaced – prepared by three Goldman MDs for a meeting with SEC officials back in September.
The document provides a detailed defence of the benefits of high frequency trading,
Schapiro really is on the HFT case
So, it wasn’t just an afterthought. The SEC has clearly woken up to the possible unfair advantages enjoyed by those practising the art of high frequency trading.
Alternative trading systems, co-location services,
HFT according to Greenwich: Friend or foe?
Just as the debate over high-frequency trading intensifies alongside the SEC’s inquiry into the structure of the US equity market, a new study from research firm Greenwich Associates provides further evidence that institutional investors are divided about regulating HFT.
HFT’s first casualty: Van der Moolen files for bankruptcy
Van der Moolen, the Dutch market maker and broker that unsuccessfully tried to transform itself into a high frequency trading shop after being muscled out of the US market by increasingly algorithmic-focused competition,
Volume magnets
As the Wall Street Journal’s Heard on the Street column reported on Tuesday, there has been astounding trade – on a volume basis – in Uncle Sam’s ‘ward’ stocks for the past week or so:
How much is the stock market driven by Washington? Forget bailouts,
Van der Moolen, HFT’s loss
Dutch trading and brokerage firm Van der Moolen on Monday sought creditor protection and permission to suspend payments from an Amsterdam court due to what it called ‘a weak liquidity’ position. The company also released second half results,