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’NYSE invokes rule 48 for Wednesday’s open
Tin trampolines at the ready, it’s set to be a fast open:
Wednesday, November 30, 2011 9:13:02 AM RTRS – NYSE AND NYSE AMEX CASH MARKETS INVOKE RULE 48 FOR OPEN.SPXNYX.N
And before you ask, here’s what it means via the NYSE website:
NYSE Euronext’s bizarre internalisation U-turn
US market structure watchers may have noticed something very interesting occur this week.
On Oct 12, the NYSE Euronext filed a proposal to the SEC to create a new “Retail Liquidity Pilot Progam”. According to Joe Saluzzi at Themis Trading,
Snap news
Breaking pre-market news on Tuesday,
- Germany’s Metro on target to meet full year earnings forecast — statement.
- Thorntons warns on profits; blames warm easter weather — statement.
- Nasdaq and ICE launch hostile offer for NYSE — statement.
Don’t be surprised if NYSE volumes drop
… on account of Citigroup’s reverse share split.
Jeffrey Rubin at Birinyi Associates points out on Thursday that so far in 2011, Citigroup has on average represented 11 per cent of the entire daily volume of the New York Stock Exchange.
An exchange for the bigger, not the better
Reuters is reporting that the board of NYSE Euronext will hold a meeting on Sunday to discuss the potential merger with Deutsche Börse AG.
Details of what the NYSE Euronext board might discuss or what it might vote on were unclear.
Do you believe in coincidence? [updated]
Via Reuters on Wednesday afternoon:
RTRS-D.BOERSE<DB1Gn.DE> SHARES SUSPENDED – REUTERS DATA 15:21 09Feb11 RTRS-D.BOERSE<DB1Gn.DE> SHARES SUSPENDED FROM TRADING IN FRANKFURT – REUTERS DATA
And Dow Jones:
NYSE invokes Rule 48 for Wednesday’s open
Fresh from the New York Stock Exchange on a snowy Wednesday morning:
A background-er on Rule 48 (or as we like to call it, the ‘Tin Hat rule’) available here.
The apparent rise of the mini flash crash
Another mysterious ‘mini flash crash’ in global equity markets.
This time it occurred in the shares of Progress Energy.
Trading in shares of the energy firm were halted by the New York Stock Exchange for about five minutes on Monday.
Hindenburg sighted… on Bloomberg
Oh, the humanity! Oh, the HIND <GO>! Which function gets you, err, this when you tap it into your nearest Bloomberg terminal, as of Thursday:
Which are, of course, the components of the Hindenburg Omen indicator — allowing you too to watch for signs of a market crash.
Hindenburg sighted…
The Death Cross. The Bearish Abandoned Baby. The Hindenburg Omen.
Who names these ominous technical indicators?
On Thursday the third of those examples — named after the airship disaster of 1937 — reared its head.
[MoneyTech] Data-feed arbitrage
The joint CFTC-SEC hearing into the ‘flash crash’ has attempted to shed a light on what may have brought about the infamous sell-off on May 6.
One area probed on Wednesday, in the regulators’ first session,
Digging into Goldman’s trading losses
Goldman Sachs’ 10-Q filing revealed a much less glittering trading performance in the second quarter versus the first of this year. In fact, the bank registered trading losses on 10 individual days in Q2 2010 versus none in Q1:
Jersey Shore and the (New York) stock market
Or rather, the Jersey Shore goes to the NYSE.
The cast of MTV’s car crash television show of the moment — now elevated to cult status in the States — will be ringing the opening bell at the New York Stock Exchange this Tuesday.
NYSE programme trading soars end of June
We’ve noted a large fluctuation in last Friday’s programme trading numbers out of the NYSE.
Consequently we’ve decided to chart the year’s overall trend. And doing so confirms a clear and prominent spike in programme trading on the NYSE at the end of June,
Rule 48 rides again
The NYSE again invoked Rule 48 on Tuesday, having last brought it out on May 20:
For reference, the NYSE Rules explain how it works:
In the event that an extreme market volatility condition is declared with respect to trading on or through the facilities of the Exchange,
BarCap on that flash crash: ‘a perfect storm’
Regulators, politicians, media types, investors and exchanges are still trying to figure out just what happened to cause that sharp, sudden and scary plunge on Wall Street last Thursday.
Now analysts at Barclays Capital have weighed in:
Snap news
Breaking pre-market news on Tuesday,
- Reserve Bank of Australia’s Stevens raises key interest rate to 4.25 per cent – statement.
- NYSE’s European dark pool Says Q1 trading surges – Bloomberg.
A forced seller at the LSE?
Shares in the London stock exchange have taken a beating in early trading on Thursday.
See if you can figure out why.
From Bloomberg:
Traders obviously fear the Borse Dubai stake will be dumped in the market.
No HFT in small-caps? Puh-lease…
US Senator Edward Kaufman brought high frequency trading (HFT) back to into the spotlight this week when he took to the Senate floor on Monday. He argued the practice gave certain participants an unfair advantage in the market and urged Congress to tighten rules on the different types of electronic trading that facilitated the process.
Goldman getting the hint on programme trading?
Here’s an interesting report from Securities Industries News, which finds that in the week between July 27 and July 31, Morgan Stanley nearly replaced Goldman Sachs as the most active programme-trader on the New York Stock Exchange.
Going from the exchange floor to the prison yard? (updated)
If so, Wall Street Prison Consultants is here to help.
Sign up for Fedtime 101, a federal prison survival telephone crash course “designed to help you get out alive.” Fees start as low as $1499 and you can settle your bill via PayPal.
NYSE investors put trust in people
Investors are seeking a human touch amid financial turmoil, moving a rising proportion of New York Stock Exchange trades through people rather than computers. The trading floor of the NYSE, widely written off as a relic,
NYSE responds to rise of algorithmic trades
The New York Stock Exchange is responding to the sharp rise in algorithmic trading by introducing technology designed to give NYSE floor brokers the ability to trade algorithmically and to more easily locate large sources of liquidity.
[MoneyTech] NASDAQ, NYSE and the battle for (free) US financial data
Interesting nugget from Reuters (via @defrag): Nasdaq and the New York Stock Exchange (NYSE) now generate more revenue from selling market data than from equities trading. At Nasdaq, the market data accounts for 20 per cent of revenue,
Exchange players only appear to fragment at the margin
Well, on the one hand you have the forecast from Bob Greifeld, Nasdaq CEO -
The global stock exchange industry will see continued fragmentation in spite of attempts to consolidate it by big sector participants
On the other hand you have Duncan Niederauer,
NYSE chief plans shake-up
The future of floor-trading at the New York Stock Exchange was called into question on Thursday when Duncan Niederauer, incoming chief executive of NYSE Euronext, said he planned to change the role of NYSE marketmakers,
Beijing gives NYSE go-ahead for office
The New York Stock Exchange has become the first overseas exchange to be granted approval by Chinese regulators to open an office in Beijing, paving the way for stiffer competition for Chinese listings.
Nymex in talks with CME and NYSE
A two-way tussle for control of the New York Mercantile Exchange is likely to be deferred until later this year after the energy and metals-trading specialist unexpectedly revealed it had held takeover talks,
NYSE halts erroneous trades
The New York Stock Exchange was forced to halt trading in three stocks early on Thursday after erroneous orders from a broker were spotted by an NYSE specialist, reports he FT.
The specialist’s action was seen by some observers as a vindication of the exchange’s hybrid system,
GLG to list hedge fund in New York
GLG Partners, one of Europe’s biggest hedge fund managers, is expected to announce on Monday plans to list on the New York Stock Exchange via a reverse takeover that will give its top three executives $625m in cash and value the group at $3.4bn,