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’Glencore’s trading strategies disclosed!
Courtesy of Glencore’s intention to float filing on Thursday an insight (finally!) into the previously shy commodity powerhouse’s closely held trading strategies.
From the document:
Types of arbitrage strategies Many of the physical commodity markets in which Glencore operates are fragmented or periodically volatile.
[FOW Amsterdam] Delta one: the special ops of equity trading
FT Alphaville moderated a panel on “The rise and rise of Delta One” at the FOW European equity options conference in Amsterdam on Friday.
There was an excellent range of speakers representing a good slice of the Delta one industry in Europe,
LSE under attack
Technologically speaking all is still not well at the London Stock Exchange.
Prices are being disseminated on Monday morning but anyone trying to enter the LSE website via Google gets hit with this message.
MBS trade settlement failures hit record
Something’s afoot in the Mortgage-Backed Securities (MBS) market.
After this week’s drop-off in secondary market trading for private-label residential MBS, comes Friday’s news that MBS trade settlement failures reached a record:
It’s not the length of the equations, but what you do with them
Rick Bookstaber has a fascinating post about “physics envy”, which is how he describes the affliction suffered by those who would explain activity in financial markets according to sophisticated mathematical models (and base decisions on them).
Goldman’s Q2 really was ‘exciting with risks’
Does anyone remember Goldman Sachs’ 2010 Outlook?
The bank’s year-ahead piece, which carried the title “The Outlook for 2010/11: Exciting, with risks!”, is being given a second life after its December 2009 publication.
Kerviel speaks: traders, know thyselves
Roguish trader turned novelist – ‘L’Engrenage, Mémoires d’un trader’ – Jérôme Kerviel has some advice for his peers on the all-important annual review.
In an extract from his book featured on eFinancialCareers on Thursday,
Tradebot shows Goldman what minting money really looks like
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):
THIS WAY TO THE ATHENS STOCK EXCHANGE –>
Well this was bound to happen.
About 200 Greek trade unionists have blocked the entrance to the Athens Stock Exchange.
Exchange staff have been unable to enter the building since around 6:45 a.m.
You can bet there’ll be a Goldman inquiry into that one day…
Goldman Sachs’ Q3 daily trading revenues from the bank’s just-released 10-Q filing:
Related links:
Morgan Stanley and VaRiations – FT Alphaville
On Goldman’s fat tail risk – FT Alphaville
The $100bn FX hustle
$100bn — that’s the daily figure for trading volume in the retail foreign exchange market, where amateur plungers play the dollar and the like.
The IPO prospectus for Gain Capital, one of the scores of firms tapping into this area of explosive growth,
Presenting Emo
Or the Emotion Mirroring System for Online Traders.
This stylish bracelet and bowl are the fruits of a joint venture between Dutch electronics group Philips and ABN Amro, and were designed to help online traders make better decisions.Here’s how the system works: The Emobowl ™ acts as an emotion mirror,
Banks (still) making money on derivatives trading, OCC says
The Office of the Comptroller of the Currency has released its quarterly report on bank trading and derivatives activities for Q2 2009, and as usual, it makes for interesting reading.
Some highlights:
Merrill on that trading loss
Further to that NYT story….
13:58 RTRS-MERRILL LYNCH IN LONDON SAYS HAS DISCOVERED AN IRREGULARITY DURING RECENT EVALUATION OF TRADING ACTIVITIES
13:58 RTRS-MERRILL LYNCH IN LONDON SAYS WORKING CLOSELY WITH AUTHORITIES TO INVESTIGATE MATTER
13:59 RTRS-MERRILL LYNCH IN LONDON SAYS SENIOR MANAGERS SAY RISKS SURROUNDING POSSIBLE LOSSES UNDER CONTROLRelated link:
BOA MER due diligence, trading edition
The New York Times has an article out on Friday examining the dealings of Merrill Lynch traders; in particular one Alexis Stenfors, a London-based currency trader at the bank, currently under investigation for losing $120m,