Ex-Goldman Programmer Rejects Plea Deal
A former Goldman Sachs Group computer programmer indicted on charges of stealing trade secrets has rebuffed a plea offer that would keep him out of prison, his lawyer said on Thursday.
Are HFT's Days Winding Down?
They just might be in Europe where lawmakers appear to be at their wits' end when it comes to high-speed trading.
The Andean Region: Catching Up Fast
With Brazil and Mexico stealing most of the headlines when it comes to Latin America, people could be forgiven for missing some of the recent developments to come out of other countries in the region. While Brazil and Mexico might be seen as the dominant players, the rise of financial centers in Peru, Colombia and Chile is seeing brokers increasingly demand a multi-location Latin American presence.
Innovative Risk Management: How To Really Leverage Legal Entity Data
As the industry debates regulatory reform and the course toward greater transparency and stability, we are entering a new phase in the evolution of financial data and a potential renaissance in the approach to risk management, writes Tim Lind, global head of legal entity content at Thomson Reuters.
Derivatives Industry Urges Caution on Libor Reform
Libor, the interest rate at the
center of an international rate-rigging investigation, must not
be scrapped hastily and any shift to alternatives should be
gradual to avoid market disruption, the derivatives industry's
leading global body said.
Bank of America Website Slows; Prophet Film Threat Made
Bank of America Corp's online
banking site suffered intermittent problems on Tuesday amid
threats on the Internet that a group was planning to launch
cyber attacks on the bank and other U.S. targets to protest a
film that has stirred unrest in the Middle East.
How Are Algos Tested?
Bank of America Merrill Lynch's Dan Nachtman describes the firm's testing procedure for a new algorithm.
Court Told of UBS "Rogue Trader" Spread-Betting Losses
Accused UBS "rogue trader" Kweku
Adoboli lost 123,000 pounds ($200,000) on a spread-betting
account in his last year at the Swiss bank even though he had
been in trouble over personal trading and UBS had banned it, a
British court heard on Monday.
How to Save a Wounded Market from Rogue Algos
You couldn't ask for a better example in the Knight Capital debacle of how quickly today's fast markets can claim a victim. Will this be the last of the rogue algorithms to hit the markets?
Who Owns The Risk If A Third-Party Algo Goes Rogue?
What happens after a broker-dealer or sell-side firm's algo goes rogue? To find out who owns the risk, Advanced Trading spoke with Michael E. Kurzrok, director of equities for the market research firm Woodbine Associates.
How to Boost Trade Performance Through TCA
In a global market where alpha continues to be elusive and liquidity is fragmented and fleeting, firms are discovering a critical component to profitability is uncovering the performance of their trading behavior through TCA.
Sallie Weeps Blood, Greg Smith Cashes In, Breaking Up the Banks and More
Sallie Krawcheck gave what is likely the most graphic description of big bank complexity, while Goldman Sachs prepares for ex-employee Greg Smith's supposedly tell-all book. Here what people are saying about these newsmakers, breaking up the big banks and the euro's continued troubles in this week's top quotes.
Ask a Broker: Should I Trust Your Algos?
After Knight Capital's newest algorithm went rogue, buy side traders have to wonder about the safety and due diligence around their third-party algorithms. Advanced Trading interviewed a broker-dealer - anonymously, of course - on how traders can trust the safety of their trading formulas.
The Executive Compensation Revolution Shows Some Timid Results
JP Morgan chief executive Jamie Dimon, who has been in the news for all the wrong reasons in the last few months, could (and should) take a personal hit, given his bank’s $7 billion trading snafu. But in Wall Street board rooms, all is not as it seems.
Nomura, Insider Trading and Buying Politicians: Advanced Trading's Week in Review
Summer is over and it's time to get serious, especially on Wall Street and in Washington, D.C. This week we hear from luminaries in the financial services arena who touch on fraud, regulation and how to keep a large global investment firm from imploding. We also hear about whether an organization that represents banks in America will get involved in buying -- or rather, influencing -- politicians. As the saying goes, money goes to money.
We're Coming Into Financial Hurricane Season
The North Atlantic hurricane season runs
from mid-August to October, with a strong peak in storm activity
around the middle of September. A less familiar but even more
destructive pattern of disturbances is the financial hurricane
season, which coincides with the meteorological one almost to
Peregrine Trustee Seeks to Distribute $123 Mln
Peregrine Financial Group's bankruptcy
trustee is seeking court approval to distribute $123 million to
former customers of the futures brokerage, the first they would
see of their funds since Peregrine's collapse in mid-July.
Post-Knight: Can You Really Manage Technology Risk?
MIT professor Andrew Lo recently argued that the financial industry needs to develop more advanced technology to avoid the technology glitches that have recently hit Knight Capital, Nasdaq and BATS. We asked two experts, Sang Lee of Aite Group and Dr Howard Rubin of Rubin Worldwide, to weigh in on the issue.