- advertisements -
abaci? I didn't know that's what they were called in plural! I learned something new, again!
abacuses is also correct in English.
I have two slide rule objects (calculation engines), what they be called, slaci?
Ill bet the $900 million they don't do a thing
You really should send a formal letter to Mary Shapiro exactly as is. I'd be curious to see what the response would be...
Be sure to include some crayons and face paint.
yea, and some fat pencils.
And, please, save yourself the embarrassment: don't call this frontrunning. This is called insider trading. Just because you've learned a loaded phrase doesn't mean you can apply it indiscriminately (that means "whenever you want" in case that word was too big for you.)
Dude: You make some good points, but your attitude is downright offensive. Do you work as a HFT for GS or something? You defend HFT like it's your freakin' religion, and your logic is flawed. Remember what Greenspan said about derivatives? You're applying the same logic to HFT.
Like Don Quixote tilting at windmills, I rail against ignorance in all its forms. Should a flawed argument in favor of HFT ever grace the pages of ZH, I will counter it just as quickly. If I offend the poster in the process, it is only because I find shame to be a far better teacher than dispassionate statement of fact.
Rock on and continue to shovel toilet paper deep into the gullets of those whose mouths spew shit.
I love your early twenties rookie trader overconfidence. Just to break your arguement. These operations can be BOTH insider trading and front-running.
All front running is a form of insider trading, not all insider trading is front running. (front-running is nothing more than insider trading a client order)
When you take the time to research suspicious market operations and post them for the general community, THEN you will earn the right to wield your flaming sword of semantics self-righteousness.
In this particular case, I'm not making an argument. I'm stating fact. "Insider trading" and "front running" are two very different and unrelated concepts, perpetrated by two very different groups of people. That both groups seek to profit from their respective crimes does not make them the same crime.
"Insider trading" is when a company insider (actually more broadly defined as any person with material non-public information about the company) seeks to profit from that information by anticipating the market's reaction to the news when it eventually becomes public. The criminal in this case is the person with knowledge about the company itself. The "victim" is not obvious, but could be argued to be the market itself, or the specific anonymous participants with whom the insider traded.
"Front running" is when a broker receives a large order from a client and, given that the supply/demand effect of a large order on the market is well-known, decides to trade for himself first, before executing the client's order. The criminal is the broker, who does NOT possess any non-public knowledge about the company but who DOES possess non-public information about imminent market activity in the stock of the company. The victim in this case is quite obviously the broker's client, who receives a worse price for his order only because his broker took advantage of him.
I will stress this again. Insider trading can be committed by anyone with information the rest of the market does not yet know. Front running requires advance knowledge of other market participants' orders - in particular when the perpetrator has been entrusted with the handling of such orders, and has decided to act for himself before revealing the orders to the market.
Not all front running is insider trading. A broker is NOT an insider. A customer order is NOT materal non-public information about a company. I may know nothing non-public about some company, but decide to buy a lot of its stock anyway. My broker may also not know anything non-public about that company, but what he DOES know is that my order will cause the stock to rise. He buys first, then fills my order, then sells after I have pushed up the price. He has committed front running, but not insider trading.
"Semantic self-righteousness," I like that. Nice turn of phrase.
Why doesn't this seriously piss off the head of the SEC? Not from a standpoint of ZH thoroughly and consistently throwing them under the buss, but from a standpoint of pure ineptness. If I were running the show there I would have heads on the chopping block. I'd be thoroughly embarrassed. You'd like to think with their resources they would be on this like stink on ...
It is all so unbelieveable.
It must be somebody "above the law" to do something so blatantly illegal. I'd be curious to find out who.
dunno but betch it sounds like 'foldman fachs'
I have confirmed it. Personally, I would have probably gone with 'abacuses'. What do they call the abacuses that have, like, 8-9 beads on a piece of nylon cord? Is it easier to work out math probelems with that style?
–noun, plural ab⋅a⋅cus⋅es, ab⋅a⋅ci
/?æb??sa?, -?ka?, ??bæka?/ Show Spelled Pronunciation [ab-uh-sahy, -kahy, uh-bak-ahy] Show IPA .
Balls, as in Ben Wa.
From Wikipedia -
It is possible to leave Ben Wa balls in one's vagina all day, or use them while seated in a rocking chair, for an effect that some find pleasurable.
Ms. Schapiro is using them as anal beads, maybe she just needs to be educated on what to do with them.
The SEC will ignore this. They only investigate insider trading when an individual rogue trader does it. When an organization does the insider trading, the SEC views it as standard business practice.
But these trades added liquidity to the market.
And the second derivative went negative a while back ....
They have been using chloroform as an air freshener. We need a new drug czar to clean up this pubic service. (spelling correct)
When are they going to allow private companies to compete for contracts to do the SEC's job... I think it should be obvious they would do better.
Yeah for example, zero hedge on a shoe string (+ BB Terminal cost) budget. I can see the SEC turning into what you see in the famous Gary Larson cartoon.. a suggestion box at the entrance to Hell, and becoming much more effective at mitigating corrupt behavior for it. (i.e., got a tip on fraud? send it to firstname.lastname@example.org.)
oooooohhh, is THAT what the address is for?
I was using it to email something....more literal
At least it was an honest mistake.
They are already a suggestion box, but right now it is one that is just painted on the wall, so good luck trying to submit anything.
Well, that all depends on their actual job description, which I believe reads something like this:
Your job will be to screw US taxpayers out of their hard-earned money while protecting the profitability of the highest volume traders and in so doing create the most massive and obvious manipulation in market history. If someone accuses you of not looking out for the little guy, then go roast a few said little guys to prove that you are in fact looking at them, but do not, in any circumstance, make eye contact with anyone from Goldman Sachs.
So the SEC is doing an awesome job! Bravo!
It would be unfair to the shareholders of whoever perpetrated this front-running if we were to prosecute. Therefore we will discharge all related claims. Nothing more to see here - move along... MOVE ALONG!!
PS. the writing of this extensive analysis has just cost you, the taxpayer, $10,000,000 and is therefore a great success for our agency as our record lowest cost investigation. Until now this record was held by our prior success story where we successfuly caught a retired mastermind couple that successfuly swindled their condo association of $534 through an elaborate labirinth of ponzy schemes.
Dear Mary, You are a useless c^nt.
No such thing in a democracy.
Guys chill, it's prolly just a coincidence...again...
Wouldn't it make more sense to contact another regulatory agency, and just CC: Mary? If she is not going to look into this stuff, maybe some other law enforcement agency will. There has got to be some underling of Andrew Cuomo who would like to see their name in the paper for doing the SEC's job when they couldn't. Perhaps this isn't the best example, but the next time you find something open and shut, I would consider goiing with some other agency.
while your at it, check Hank Greenburgs record logs generated by his representative, Edolphus Towns, and the huge bump to Hanks networth, by the good statemans statement today.....wow, political favors DO PAY OFF
While they are at it, they can look into the 75% ramp up in CUR over the last week and a half, then surprise, suprise great news this morning, to pay off all the insiders. Geniuses.
While they are at it, they can look into the 75% ramp in CUR the last week and a half. Today, surpise, surprise, great news, and the insiders lock in profits. GEniuses.
President Obama, you should be ashamed of Mary Schapiro as your pick for the SEC.
To: Mary Schapiro...get somebody on this trade NOW. Get the names of the call buyers. Investigate. Prosecute. No more settlements.
Obama is simply the latest Presidential political puppet with the financial elites' (middle) finger up his arse. He is doing what he is told to do, nothing more and nothing less.
The President of the USA has as much power as the military/industrial/banking powers allow the President to have, which are mostly ceremonial in nature.
is this a form of economic stimulus whereas the speculators whom profit can now be able to spend into the economy helping to contribute in their role as a "consumer".
ding ding ding ding
I play tennis with an employee of the SEC. He is a CPA and I know from personal experience, investigates SOME stock fraud cases. When I ask him about certain injustice in the stock market such as front-running, failure to deliver, etc.. He just laughs. He says the new leader Shapiro is better than the last but also says not much has changed. Seems to be very well paid for what he does, although I still haven't figured out what he does after 10 years of knowing this individual. He does not seem well informed on what is happening in the stock market.
Sounds like the perfect SEC employee, overpaid and clueless.
My resume fills out those requirements nicely. Think I have a shot?
Does he know what IS a stock market?
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.