All New Wilmott Jobs Board                     (g)

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.

TradeStation EasyLanguage Engineering Job


TradeStation currently has an opening for an EasyLanguage Engineer at their Dallas area branch office in Richardson, TX.

The position description is posted in the Careers section of the TradeStation website at

If you are interested, you can apply for this position directly via the website and/or send your resume to

Bloomberg: World’s Biggest Wealth Fund Escapes High Frequency Trading "Flash Boys" in IEX Dark Pool

Photographer: Chris Goodney/Bloomberg

IEX Group Inc. Chief Executive Officer Brad Katsuyama.

Norway’s $880 billion sovereign wealth fund, the world’s largest, is throwing its support behind Brad Katsuyama’s new exchange.

Katsuyama’s IEX Group Inc., made famous inMichael Lewis’s best-selling book “Flash Boys,” could shield investors from the predatory habits of high-frequency traders, said the fund, which holds $521.2 billion in stocks globally and is Europe’s biggest equity investor.

“IEX is a trading venue where all players participate on the same terms,” oil fund spokesman Thomas Sevang said in an e-mailed response to questions. “We support this.”

IEX, which the oil fund uses for both direct and indirect trades, doesn’t pay firms to buy or sell shares, shunning a practice that many markets use to lure business from high-speed traders. It mandates a 350-microsecond delay between requests to trade and executions to prevent traders from pre-empting their moves through high-frequency maneuvers.

Concern about dark pools was amplified after the publication of “Flash Boys,” which portrayed an equities market where exchanges, broker-dealers and high-frequency traders are conspiring to cheat investors.

The book says the firms involved helped rig the $22 trillion U.S. stock market. The story centers around Katsuyama, who was global head of electronic sales and trading at RBC Capital Markets LLC before becoming president and chief executive officer of IEX, and his efforts to shed light on the alleged practice of front-running investors by gathering data on their trades before they’re executed and then acting on that information.

Please read more here.

Bloomberg: $3 Trillion Dollars Erased From Stock Markets in 2 Weeks


By Weiyi Lim and Inyoung Hwang

Panic is making an enemy of telephones for Catherine Yeung, the director for equities at Fidelity Investment Management Ltd. in Hong Kong.

“My children hate that BlackBerry,” said Yeung, whose clients have been calling amid two weeks of declines that erased$3 trillion from global stocks. She’s advising calm, noting that profits are rising and shares just got a lot less expensive.

“Being a contrarian and getting in when things seem bad is often a good thing,” she said in an interview today. “The companies we are looking into can still deliver attractive margins. Things are getting cheap.”

Strategists from Goldman Sachs Group Inc. to AMP Capital Investors and JPMorgan Chase & Co. are also telling clients to hang on after losses that began with currencies in Turkey and Argentina spread to developed markets. The Standard & Poor’s 500 Index slid 2.3 percent yesterday, capping its first 5 percent retreat in eight months, while Japan’sTopix index plunged 4.8 percent for its biggest decrease since June.

“We didn’t expect the U.S. would be this weak,” Kathy Matsui, chief Japan strategist for Goldman Sachs in Tokyo, said by e-mail. “Since we do not see sufficient reason to change our fundamental earnings outlook and stock prices have fallen, the market still appears attractive to us.”

Please read more here.

MoneyNews: Billionaires Quietly Dumping American Stocks . . . Fast

By Newsmax Wires

Despite the 6.5% stock market rally over the last three months, a handful of billionaires are quietly dumping their American stocks . . . and fast.

Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping shares at an alarming rate. He recently complained of “disappointing performance” in dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods.

In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced his overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.

With 70% of the U.S. economy dependent on consumer spending, Buffett’s apparent lack of faith in these companies’ future prospects is worrisome. 

Unfortunately Buffett isn’t alone.

Fellow billionaire John Paulson, who made a fortune betting on the subprime mortgage meltdown, is clearing out of U.S. stocks too. During the second quarter of the year, Paulson’s hedge fund, Paulson & Co., dumped 14 million shares of JPMorgan Chase. The fund also dumped its entire position in discount retailer Family Dollar and consumer-goods maker Sara Lee.

Finally, billionaire George Soros recently sold nearly all of his bank stocks, including shares of JPMorgan Chase, Citigroup, and Goldman Sachs. Between the three banks, Soros sold more than a million shares.

So why are these billionaires dumping their shares of U.S. companies?

Please read more here.

Bloomberg: Trader Chaos as NASDAQ Halts Options Trading

John Voorhies of the CBOE gives his reaction to the halt in trading of NASDAQ options. 

Money News: Secret NSA Deals Cast Doubt on All US Stocks

by Patrick Watson

Whatever you think about Edward Snowden, the National Security Agency (NSA) data collection he unveiled is more than a privacy issue. Investors should pay attention, too. The company whose shares you own may be lying to you — while Uncle Sam looks the other way.

Let's step through this. I think you will see the problem.

Fact 1: U.S. financial markets are the envy of the world because we have fair disclosure requirements, accounting standards and impartial courts. This is the foundation of shareholder value. The company may lose money, but they at least told you the truth.

Fact 2: We now know multiple public companies, including Microsoft (MSFT), Google (GOOG), Facebook (FB) and other, gave their user information to NSA. Forget the privacy implications for a minute. Assume for the sake of argument that everything complies with U.S. law. Even if true, the businesses may still be at risk. 

Fact 3: All these companies operate globally. They get revenue from China, Japan, Russia, Germany, France and everywhere else. Did those governments consent to have their citizens monitored by the NSA? I think we can safely say no.

Politicians in Europe are especially outraged. Citizens are angry with the United States and losing faith in American brand names. Foreign companies are already using their non-American status as a competitive advantage. Some plan to redesign networks specifically to bypass U.S. companies. 

By yielding to the NSA, U.S. companies likely broke laws elsewhere. They could face penalties and lose significant revenue. Right or wrong, their decisions could well have damaged the business.

Securities lawyers call this "materially adverse information" and companies are required to disclose it. But they are not. Only chief executives and a handful of technical people know when companies cooperate with the NSA. If the CEO can't even tell his own board members he has placed the company at risk, you can bet it won't be in the annual report. 

The government also gives some executives immunity documents, according to Bloomberg. Immunity is unnecessary unless someone thinks they are breaking the law. So apparently, the regulators who ostensibly protect the public are actively helping the violators. 

This is a new and different investment landscape. Public companies are hiding important facts that place their investors at risk. If you somehow find out, you will have no recourse because regulators gave the offender a "get out of jail free" card. The regulatory structure that theoretically protects you knowingly facilitates deception that may hurt you, and then silences any witnesses.

This strikes to the very heart of the U.S. financial system. Our markets have lost any legitimate claim to "full and fair disclosure." Every prospectus, quarterly report and news release now includes an unwritten NSA asterisk. Whenever a CEO speaks, we must assume his fingers are crossed. 

The rumored Twitter IPO, if it happens, will be an interesting test. Twitter CEO Dick Costolo will swear the prospectus includes "all material facts" potential investors should know ... except for the ones subject to secret government orders. 

I use Twitter myself (@PatrickW) and wish them well. The company resisted privacy intrusions in the past. I feel sure Mr. Costolo wants to do the right thing. Yet we now have to wonder. For a company with global ambitions like Twitter, losing public trust and possible legal action in most of the non-U.S. world sounds to me like a "material" risk.

Edward Snowden may have opened Pandora's box for Wall Street. Every individual investor or money manager now has a new risk factor to consider. Every disclosure by every company is in doubt. The rule of law that gave us the most-trusted markets in the world may be just an illusion.

Maybe it always was.


Wall Street Journal: U.S. Stocks Slide & Focus on 'Fiscal Cliff'

U.S. stocks fell after President Barack Obama's re-election, as investors quickly turned their attention toward the upcoming fiscal fight in Congress.

Please read more here.

Forex: NinjaTrader, Tradestation, MetaTrader

More Entries