SciComp SLV Calibrator

Robots Are Coming for Wall Street

 

Last fall, Antony Jenkins, who was dismissed a few months earlier as chief executive of Barclays, the giant British bank, gave a speech in which he said a coming series of ‘‘Uber moments’’ would hit the financial industry.

I predict that the number of branches and people employed in the financial-services sector may decline by as much as 50 percent,’’ Jenkins told the audience. ‘‘Even in a less-harsh scenario, I expect a decline of at least 20 percent.’’ This process could, in at least some cases, help do away with some of the expensive bloat in the financial system, providing more transparent services with fewer hidden fees. It could also be seen as a satisfying blow against the titans of an industry that only recently almost crashed the world economy. But so far the burden of job losses is stopping just short of the executive suites, even as the gains in efficiency are worsening already troubling levels of income inequality.

Please read more here.

Retail "Supertrader" Karen makes $105 Million Profit Trading Options on 3 Indices

Please learn more about Karen the "Supertrader" here.

Why Trader Nav Sarao Had To Be Destroyed: He Found A Way To Beat The HFTs At Their Own Game

 

by Tyler Durden

And while the world wonders how it is that (HFT firm) Virtu can have 6 years of trading with just one trading day lossSarao not only figured out how to outmanipulate the manipulators, but how to profit from it.

....Sarao continued:

 
 

ICE : The iceberg function on the CME isn't adequate for me, I hardly ever use it because it puts me at the back of the queue all the time. Hence, 2,000 needs to trade to get me out of 800 lots for example, My iceberg function is placed at a price and as soon as it is bid/offered at the price the iceberg will take all contracts at the price up to and including the number of my order. Again, there is a minimum volume box, so for example 1 can put 50 into it and put a sell ICE of 1,000 and then at that price every time the bid is more than 50, the ICE wilt take all contracts out until 1,000 is traded. This is a good way of catching spoofers, and et voila I can trade 1.000 lots at one price (following on from the above example),

 

The other orders I sometimes place during the day are slightly away from the market price and move up and down as the market moves with It. This Is to catch any blips up/down in the market so that I can make a small profit as the market comes back into line (almost immediately). These orders are placed rarely and only when I believe the market Is excessively weak or strong. Again, this was inspired by other traders I could see doing the exact same thing.

 

I am a member of the CME.

Alas, not any more, for one simple reason: you showed the broken system that it can be beaten, and explained how.

As a result, the only response the broken system had was to put you away for good.

Oh and as for the actual question whether Nav Sarao caused the Flash Crash, the answer is: of course not.

Please read more here.

"Bulls and Bears" (Trading Documentary)

Please see more here, here and here.

Kids Explain Futures Trading

Proprietary Trading Firms: Listings and Reviews

New York Mag says "we were duped" by $72 million teen trader

 

NEW YORK (CNNMoney)

New York Magazine issued an apology to its readers Tuesday morning, acknowledging the editors were "duped" by the teen stock trader rumored to have made $72 million.

"Our fact-checking process was obviously inadequate; we take full responsibility and we should have known better. New York apologizes to our readers," the note read.

The note was added to the profile of 17-year-old Mohammed Islam, featured as part of the magazine's "Reasons to love New York" issue.

It was the second editor's note in 24 hours. The first came late Monday night after the New York Observerran an interview with Islam in which he admitted to making the story up.

Please read more here.

New York Post: 17 y.o. kid makes $72M trading stocks (on his school lunch breaks)

 

 

By Laura Italiano

He’s the teen wolf of Wall Street.

A kid from Queens has made tens of millions of dollars — by trading stocks on his lunch breaks at Stuyvesant High School, New York magazine reports in its Monday issue.

Mohammed Islam is only 17 and still months away from graduating — but worth a rumored $72 million. “The high eight figures,” is as specific as the shy and modest teen would get when asked his net worth.

Islam bought himself a BMW but doesn’t have a license to drive it. And he rented a Manhattan apartment, though his parents, immigrants from the Bengal region of South Asia, won’t let him move out of the house yet.

Still, the cherubic prodigy is living, and dreaming, large.

Please read more on the New York Post.

University Trading Challenge – North America

The 4th US University Trading Challenge – November 14th 2014

An Educational Competition for Finance and Economic Students

The University Trading Challenge (UTC) is open to full-time students in Finance and Economics programs at any university. The competition has four main components: Real Market Trading Challenge , a Portfolio Trading Challenge, and (2) Case-Study Presentations.  The live portion of the competition (Short-Term Trading and Case-Study Presentations) will take place Friday November 14th, 2014 at Fordham University’s Trading Floor in Bronx New York.

Please see more details here.

Japan's Stock Market Rocked by $617 BILLION "Fat Finger" Trading Error

 

 

Share orders worth several billions of dollars were cancelled in Japan due to a trading error.

At 9:25 am local time, orders for shares in 42 companiestotalling 67.78tn yen ($617bn, £380bn, €488bn) were cancelled, according to data compiled by Bloomberg from the Japan Securities Dealers Association.

The stock orders amount to more than the size of Sweden's economy.

The companies involved in the trading error include Toyota Motor, Honda Motor, Canon, Sony and Nomura Holdings. The biggest order was for Toyota shares at 1.96 billion, representing 57% of the company's outstanding shares, for 12.68tn yen through an off-exchange transaction.

Off-exchange or over-the-counter trades are conducted directly between two parties without supervision of the stock exchange.

"It's not rocket science that there was a fat finger here, but it reopens the question about accountability," Gavin Parry, managing director at Hong Kong-based brokerage Parry International Trading, told Bloomberg.  

Please read more in the International Business Times.

Note: Image credit from Blue Point Trading.

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