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uesday july 28 2009 moving on posted by tyler durden at 12 21 am dear zero hedge readers and blogger fans it is time to move on to our new home www zerohedge com for a little over 6 months blogger has served us well and yet it reached its limitations some time ago our new website in addition to all currently existing features now has a full rss feed a contributors section a complete term glossary and a full forum for reader initiated content and after a one month beta testing period is now fully functional not to mention faster and this just the beginning the flexible architecture of the new site has allowed us to develop some really cool brand new features which we will be launching in a few weeks we are extremely excited about these we will keep blogger until such time as google blogger decides to shut it down it will be a repository for the roughly 2 600 posts put on here since january 9 going forward no more posts will be uploaded to blogger also this website will be preserved as a backup blogsite in case of some unpredictable infrastructure failure at www zerohedge com readers who wish to continue following our analyses reports presentations and opinions are kindly invited to visit us at www zerohedge com you will find it a very hospitable new home while it saddens me to leave blogger it is time to move on to the next phase of the project farewell blogspot td sphere related content bookmark this post with view comments monday july 27 2009 ron insana on hft posted by tyler durden at 6 27 pm hey ron didn t realize your new position as a contributing editor on cnbc came with the contributing title of portfolio manager didn t stevie put a one year kibbosh on that but i digress and in all honesty i am surprised that you seem to have the correct spin on things as per letter below from jim cramer s failed media experiment thestreet when you say i d prefer that regulators look into whether a firm like goldman sachs gs unfairly view sic order and information flow ahead of its customers and clients we are pleasantly surprised yet when you follow up by saying but the press won t touch that topic we are totally ecstatic that you do not lump us into the definition of that derogatory word then again feel free to do a search for goldman sachs here even an erudite portfolio manager such as yourself may learn a thing or two high frequency distraction by ron insana portfolio manager 7 27 2009 11 40 am edt the new york times and the wall street journal are taking aim at a new form of computerized trading known as high frequency trading the algorithm based trading is allegedly an illegal form of front running as high frequency traders hook into exchange computers and use flash trades to suss out incoming order flow and use the lightning speed of their own programs to jump ahead of customer orders critics argue that individual investors are at a distinct disadvantage for this reason and a variety of others the proximity of high frequency computers which can be placed next to exchange computers for a fee allows for an almost osmotic transfer of information senator charles schumer d n y is asking the sec to ban flash trades which are phony orders placed by high frequency programs that aim to fool market participants into entering orders the programs jump in front of customer orders and gain a trading advantage if that is indeed what is happening it qualifies as front running an illegal practice on wall street if high frequency traders are just faster than everyone else and not illegally jumping in front of others or paying off the exchanges to get preferential trading treatment then this new area of technology based trading is no less legitimate than the use of the telegraph the telephone the ticker computers handheld devices or older style black box or dark pool programs that give sophisticated traders the ability to simply trade faster i d prefer that regulators look into whether a firm like goldman sachs gs whose former executives continue to run the new york stock exchange nyx advised on the merger between nyse and archipelago and formerly owned a portion of the combined entity own speer leeds kellogg the largest specialist firm on the big board floor and control the greatest number of seats in the equity markets unfairly view order and information flow ahead of its customers and clients i am far more concerned about that than i am about the emergence of high frequency trading but the press won t touch that topic it s easier to go after the dreaded speculators and dark pool traders than lose access to the most profitable and prestigious firm on wall street sphere related content bookmark this post with view comments 1 to 3 years of securities recalls aka forced squeeze to go posted by tyler durden at 5 13 pm after numerous posts on this blog discussing speculation of assorted forced buy ins it seems that this phenomenon is quite factual and quite pervasive among the asset management community as zero hedge has noted previously forced buy ins are a critical issue as it leaves shorts at the mercy of their securities lenders and repo desks most of which are tarp recipients and thus beneficiaries of higher stock prices which generically have the option of recalling lent out shares at a moment s notice and thus creatingartificial purchasing pressure i e a forced short squeeze according to securities industry news in a recent survey by callan associates over half of the respondents said they are undergoing a controlled unwind with their securities lending desks aka state street bony and northern trust firms participating in securities lending programs are trying to reduce their risks and push for greater disclosure of what happens to cash given as collateral according to a survey released this week by callan associates a san francisco based investment consulting firm about half of the respondents to the callan survey said they are undergoing a process called controlled unwind to reduce the risks in their existing securities lending programs and minimize current and future losses properly executed an unwind involves recalling securities out on loan without incurring any financial loss or restricting either the number of transactions or the types of securities lent almost all the respondents are using their current custodian or securities lending provider for the unwind and most believe it will take one to three years to complete said callan more than half of the 44 respondents who said they wanted to make changes to their securities lending programs rank fine tuning their cash collateral reinvestment guidelines as their top priority this reflects a common concern among respondents about losses coming from the reinvesting of cash used as collateral against the securities that are lent out the firm surveyed 72 fund and plan sponsor organizations of which public and corporate funds comprised the majority of survey respondents about 54 percent of the respondents were mid sized funds that hold from 1 billion to 9 billion in fund assets nineteen percent of the respondents were small funds with less than 1 billion the remaining respondents were split between mega funds with more than 25 billion in assets and large funds with between 10 billion and 24 billion in assets bottom line in a market where an unknown but significant amount of trading is based on widely permitted and pervasive advanced looks compliments of the exchanges ecns and the regulators and the balance consists of artificial buying from rolling buyins only the most insane or foolhardy or both believe they can trade with any hope of short or long term success sphere related content bookmark this post with view comments nyse claims it does not engage in flash trading posted by tyler durden at 4 41 pm from an interview earlier with nyse s larry leibowitz who is surprisingly vocal against flash trading larry since the nyse does not engage in flash trading can you please indicate whether or not the slp program provides advance notice to goldman sachs ala direct edge s elp program regardless the escalation in the ecn wars is starting and should be a very interesting one to follow especially now with a toothless and clueless mary shapiro stuck in the middle sphere related content bookmark this post with view comments the goldman var exemption question escalates posted by tyler durden at 2 29 pm it seems only yesterday that zero hedge had some questions in regard to goldman s var fed exemption no response was received from 85 broad today it appears several congressmen lead by alan grayson are willing to drive a sharp stick pretty deep into the hornets nest by sending a letter directly to wall street don ben bernanke demanding an explanation exactly to the question of goldman s var exemption among the reasons provided as casue for potential alarm are the following 1 in the letter granting a regulatory exemption to goldman sachs you stated that the sec approved var models it is now using are sufficiently conservative for the transition period to bank holding company please justify this statement 2 if goldman sachs were required to adhere to standard market risk rules imposed by the federal reserve on ordinary bank holding companies how would its capital requirements differ from the current regulatory regime 3 what is the difference in exposure to the taxpayer between these two regulatory regimes 4 what is the difference in total risk to the portfolio between these two regulatory regimes 5 goldman sachs stated that as of june 26 2009 total capital was 254 05 billion consisting of 62 81 billion in total shareholders equity common shareholders equity of 55 86 billion and preferred stock of 6 96 billion and 191 24 billion in unsecured long term borrowings as a percentage of capital that s a lot of long term unsecured debt is any of this coming from the government in this last quarter how much capital has goldman sachs received from the federal reserve and other government facilities such as fdic guaranteed debt either directly or indirectly 6 many risk management experts most notably best selling author nassim taleb note that var models can dramatically understate risk what is your overall view of taleb s argument and of the utility of value at risk models as regulatory tools zero hedge had a rather comparable battery of questions and believes it would be in the general interest of whatever remains of the general investing public the one that for some reason or another still has not lost all faith in a fair and efficient marketplace compliments of several major monopolists who have usurped exchanges and ecn as their personal taxpayer and speculator funded piggy banks sphere related content bookmark this post with view comments schumer letter to mary shapiro posted by tyler durden at 1 26 pm i write out of concern that the integrity of our capital markets is being compromised by the ability of some insiders to view order information before it is available to the entire market and use electronic trading strategies to profit from that information at the expense of other investors full letter here schumer letter sphere related content bookmark this post with view comments goldman s ed canaday on the requirements for high frequency trading oversight posted by tyler durden at 10 05 am damage control or is goldman a little worried what direct edge may disclose from the appended schumer piece on bloomberg goldman sachs believes high frequency trading should have an accompanying obligation to provide liquidity and be subject to appropriate regulatory oversight canaday said ed we have been giving you the chance to provide your side of the story for months please take us up on the offer sphere related content bookmark this post with view comments paul tudor jones exposed posted by tyler durden at 10 04 am the mythical trader the documentary is finally available on you tube relevant full frontal insights on the making of a hedge fund legend and a paleolithic market dominated by monochrome pcs what no bloomberg running to the municipal library for that 10 k and no flash orders frontrunning every trade part 1 and related series 2 7 are on you tube hat tip j m sphere related content bookmark this post with view comments the etf gloves are off posted by tyler durden at 9 21 am bearish bets made impossible compliments of ubs either that or ubs recently upgraded with i7 chips of course computers just cant handle the basis calculations either way is something very fried with etfs going on behind the scenes important notice inverse leveraged and inverse leveraged exchange traded funds are no longer available for new or additional purchases at ubs effective july 27 2009 ubs is suspending the offering of inverse leveraged and inverse leveraged exchange traded funds etfs you will no longer be able to make new or additional purchases and will only be able to liquidate current positions through ubs at this time any attempt to execute a trade of such etfs will be rejected please contact your financial advisor with questions hopefully ishares and direxion have some good class action defense lawyers sphere related content bookmark this post with view comments daily highlights 7 27 09 posted by tyler durden at 8 53 am administration looking for chinese help to narrow trade gap and boost us jobs advertisers are getting cheaper rates than a year ago on television commercials aetna 2q profit dropped to 346 6m due to greater commercial expenses and cuts full year forecast asian markets were higher monday on hopes for further earnings recovery nikkei hits 10 000 mark china s new small company stock exchange gets 108 ipo applicants on 1st day as launch nears china shares up for 4th day on high liquidity driven sentiment led by metals and airlines euro rises to 1 4263 in european morning trade as investors continue to leave dollar eu says iceland s entry talks will likely be simpler shorter than others german consumer confidence rises amid lower prices and stable job market oil rises above 68 in asia as economic recovery hopes fuel 3 week rally us economy probably shrank at slower pace signaling recession abated us stock futures point to higher open ahead of earnings new home sales update aetna inc puts its pharmacy benefit management business on the block arcelormittal exploring a jv spin off of its stainless steel business est 3b citigroup trader is pressing it to honor a 2009 pay package that could total 100m corning s june net income declines from 3 2b to 611m de beers qtrly net drops 99 but sees sales of uncut diamonds improving eastman chem beats by 0 15 posts q2 eps of 0 86 revs fell 31 7 to 1 25b ericsson to buy nortel s north american wireless unit for 1 13b fortune brands net falls 27 on continued weakness in home products segment honeywell s june net income declines from 723m to 450m julius baer profit falls 47 to 204 3 million as managed assets slump msft bows to pressure gives european 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