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Another Ex-Goldman Employee (And His Lawyer) Take Aim At Goldman Sachs "He left Russia for freedom, justice, and the American way and he got Franz Kafka and Goldman Sachs," the Russian computer programmer's lawyer said. But there are many more issues at stake.
Sheila Bair's Book Heaps Fresh Stains on John Thain's Reputation As Hank Paulson prepared to dole out bailout funds to stabilize the nation's financial system, John Thain's biggest concern was how taking government money would impact CEO pay, according to former FDIC head Sheila Bair's new book.
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.
As Cotton Surged, China Trader Amassed $510M Bet US regulators tag China trader in speculation crackdown, as ex-COFCO trader exceeded cotton limits as prices soared 34 percent.
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.
Non-Correlated Assets Are Best Way to Temper Volatility: Survey Institutional investors say the old rules of investing no longer apply post-2008, and that global regulatory reform is a burdensome worry, according to a survey by Natixis Global Asset Management.
Roiled by Volatility, Sharp Peak Shutting Asia Hedge Fund After suffering a 21 percent loss the Hong Kong hedge fund is shutting its doors.
Will New Regulation Mark the End of HFT in Europe? Germany and other EU countries are aiming to push through legislation that will rein in high-frequency trading. But are they looking at the right issue?
Can Bank Dealers Win the Swaps Collateral Optimization Race? Bank dealers will lose 20 percent of their trading revenues when mandatory clearing of OTC derivatives begins, but they can recoup these lost revenues through "collateral optimization," contends Sungard's Daniel Parker.
Hedge Fund MST Capital Turns to TradingScreen's EMS, TCA The firm will deploy the platforms to execute electronic trades across various asset classes.
MST Capital Signs Up for TradingScreen's Multi-Asset EMS and TCA The Australian hedge fund manager will utilize TradingScreen's EMS, TradeSmart, to trade equities, derivatives and FX via the software-as-a-service model..
Financial Astrology For Traders: There Is Money in the Stars Thousands of traders are subscribing to financial astrologers' newsletters. But of course, they're keeping it hush-hush.
Brazil May Fire Up Tax Artillery In 'Currency War' Brazil threatened on Friday a further clampdown on speculative foreign capital, firing a warning shot in a "currency war" its finance minister blamed on money-printing by Western central banks.
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.
Mutual Funds: How To Find The Right Compliance and Financial Officer Regulation has led fund boards to reconsider the traditional roles played by financial officers and compliance officers.
Bank of America Alleged Cyber Attack Shows Need For Cooperation The Charlotte-based bank reported no major issues with its website a day after a group protesting an anti-Islam film took credit for the attacks.
Was the Bank of America Outage A Denial of Service Attack or An Internal Error? A group called the "Cyber fighters of Izz ad-din Al qassam," a reference to the military wing of Hamas, made threats against Bank of America and NYSE.
The Geo-Political Knowledge And Expert Skills Needed to Combat Hacktivist Attacks You have to know your attacker - and your security staff, a security consultant says.
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.
Can Buy-Side Traders Trust Their Brokers' Algos? In light of the Knight Capital disaster, buy-side traders have to ask if their broker algorithms are safe -- before they blow up the market.
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?
Fed Intervention Is Poisoning Market Data Central bank intervention is poisoning market-related and other data sets, disorienting automated trading methods today and for years to come.
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.
Gordon Brown: Europe Risks Going the Way of Japan The good news is that Europe is no longer going the way of Greece. The sad news is that it is threatening to go the way of Japan.
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.
Consolidated Audit Trail: More Than One Way to Skin This CAT It behooves today's investment firms to be prepared to tackle these new requirements now and in the future.
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.
As Markets Finally Celebrate the Euro, Charles Schwab Launches New Global Investing Platform Schwab’s announcement came after Germany's top court rejected calls to block the permanent eurozone bailout fund.
Buy Side Takes Harder Look at Broker Algorithms After Knight Debacle Before Knight Capital, the buy side may have taken the safety of broker tools for granted. But now buy-side firms are taking matters into their own hands and demanding more transparency.
Invesco Turns to OneTick to Beef Up TCA, Alpha Generation Models The investment manager says the move will provide better context around every transaction, and help its traders sharpen their strategies quicker than what's possible with only third-party analysis.
Post-9/11 on Wall Street and Beyond: What Has, And Hasn't Changed 9/11’s impact was felt worldwide. It seemed that change was inevitable. But on Wall Street, that hasn't necessarily been the case.
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.
SEC, CFTC charge Manager Who Boasted Success Amid Madoff Loss The SEC has won an emergency asset freeze against a money manager who fraudulently lured clients with false boasts of his investment prowess despite major losses in Bernard Madoff's Ponzi scheme.
Q&A: Why More Long-Only Asset Managers Now Require Custom TCA OneMarketData's Richard Chmiel breaks down the biggest challenges traders face with their executions, and why Invesco opted to deploy the OneTick system.
Mark Cuban Admits Being "Terrified of High Frequency Trading" The owner of the Dallas Mavericks doesn’t doubt that another Flash Crash will happen - and he's hedging his portfolio for that moment.
JPMorgan's 'Whale' Losses Probed by Senate Committee A Senate committee has launched a probe into JPMorgan Chase's "London Whale" trading losses.
No Trust in the 'Futures,' Morgan Stanley Plays Mr. Fix It, Technology Bugs and More Quotes of the Week Morgan Stanley officials vowed this week to fix the technology systems for the company's brokerage sales force, while the Peregrine and MF Global debacles have industry leaders losing faith in the futures industry. Plus, JPMorgan's new chief investment officer hopes for a return to a sense of normalcy at the firm after its own debacle.
Goldman Must Face Mortgage Debt Claims: US appeals court A federal appeals court in New York on Thursday revived a lawsuit accusing Goldman Sachs Group Inc of misleading investors about the risks associated with 17 mortgage securities offerings.
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 the day.
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.
The Holy Grail of Cloud Computing – Maintaining Data Confidentiality Whether a financial institution enters a public or private cloud, data privacy and confidentiality are top concerns. A financial application (or a service) must be protected, and true privacy must be maintained, says SAP's Gilad Parann-Nissany.
Libor Probe Claims Barclays Executive and a Trader The fallout from an investigation into the attempted manipulation of global benchmark interest rates has again rocked Barclays.
Amid Weak Returns, Hedge Funds Take Aim at Risk Management As hedge funds fight their way through a second weak year in a row, a study by BNY Mellon, the Managed Funds Association and HedgeMark says the industry is putting risk management under the spotlight.
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.