More than 50,000 Greeks marched on the nation’s parliament to protest austerity measures required by bailout agreements, according to Reuters: ”‘We can’t just sit by idly and do nothing while the troika and the government destroy our lives,’ said Dimitra Kontouli, a 49-year-old local government employee whose salary was cut to 1,100 euros a month from 1,600 euros previously.”
Spain is moving towards accepting European bailouts, even as protests in Madrid turned violent and politicians in the Catalonia region called for secession.
“It’s just amazing how Libor fixing can make you that much money or lose if opposite.” So said Tan Chi Min, a former Royal Bank of Scotland trader in a conversation with traders at other banks, in an affidavit reviewed by Bloomberg. “It’s a cartel now in London.” Tan is suing RBS in Singapore for wrongful dismissal after being fired for attempting to manipulate Libor.
When former Minnesota governor Tim Pawlenty was campaigning to be the Republican presidential nominee, he told reporters that his “truth message to Wall Street is going to be, ‘Get your snout out of the trough.’” Which, maybe that’s still his truth message? But instead of delivering it as co-chairman of Mitt Romney’s campaign, Governor Pawlenty will be speaking it as head of the Financial Services Roundtable, a banking industry lobby.
Somewhere, an algorithm read the coverage of yesterday’s Senate Banking Committee hearing on high-frequency trading, and figured it will take years for the government to hammer out reforms to fix market structure issues.
The Senate Banking Committee will hold hearings on high-frequency trading today, and the Wall Street Journal meets the star witnesses: Dave Lauer, a former trader at Citadel and Allston Capital who plans to tell lawmakers that high-speed trading has made markets less fair for many participants; and Andy Brooks, head of U.S. trading for T. Rowe Price, who will say that rules governing high-frequency trading generally favor bodies with short-term profit incentives.
Former Goldman Sachs and UBS trader Haim Bodek went to the SEC after he learned that exchanges were offering some high-frequency traders a way to get their trades processed ahead of ordinary investors, according to The Wall Street Journal.
Goldman Sachs’ Chief Financial Officer David Viniar will retire at the end of January, Read More
The May 6 flash crash rattled the stock markets, prompting investors to make large-scale withdrawals from mutual funds and other vehicles and creating the impression that exchanges are dominated by unpredictable, rapacious computer traders. In the months since then, more than a dozen individual stocks have experienced near-instantaneous spikes or dives. Each new bizarre event Read More
The flash crash of last May, where the DOW dropped 1,000 points in a few minutes, highlighted the increasing power of high frequency trading bots. On Friday a mini flash crash sliced the value of Plantronics, a $1.5 billion electronics firm, by nearly a quarter in less than one minute.
Analysis firm Nanex Read More