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These Are The 10 "Liquidity-Providing" HFT Firms The SEC Is Investigating

Despite a full court press of PR to confirm HFT firms are friends of retail investors and do no wrong; the SEC, it appears, sees it differently. While Mary White has confidently explained the market is not rigged, her agency is now actively seeking tips, complaints, or referrals that show, as The Chicago Tribune reports, evidence of abuse of order types, as well as traditional forms of abusive trading like "layering" or "spoofing" and other issues relating to high-frequency trading that might be violations of the law. Here are the 10 firms (including poster child holy-grail trader Virtu Financial) that the SEC is probing... can you spot the oddly missing one...



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"Air Pocket" Over East Ukraine: Flight MH 17 News Wrap

As expected following promises by virtually all carriers yesterday, today there is a literal "air pocket" above Ukraine, as seen in the most recent update of European air traffic via Flightradar24.com. Expect this pattern to remain well into the future as no airline will ever again, or certainly for the next several years, want to incur liability associated with having a plane shot down after the MH 17 tragedy.



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Frontrunning: July 18

  • Ukraine Says Malaysian Airliner Shot Down Near Russian Border (BBG)
  • Downing of airliner seen as pivotal moment in Ukraine crisis (Reuters)
  • Malaysian Air Flight Took Route Avoided by Qantas, Asiana (BBG)
  • Russian-Made Missile Hit Malaysia Jet, U.S. Officials Say (BBG)
  • Netanyahu Orders Military to Ready Wider Gaza Incursion (BBG)
  • Silvio Berlusconi Underage Sex Conviction Overturned (WSJ)
  • But... but... "economic patriotism" - AbbVie to Buy Shire for $54.8 Billion as Drug Deals Surge (BBG)
  • SEC targets 10 firms in high frequency trading probe - SEC document (Reuters)
  • Art bubble pop: Sotheby's to Lay Off 'Modest' Number of Employees (WSJ)
  • Moar Abenomics: Hermes Sales Trail Estimates as Japanese Revenue Declines (BBG)


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Dazed Global Markets Respond Wearily To Yesterday's Shocking Events

For a centrally-planned market that has long since lost the ability to discount the future, and certainly respond appropriately to geopolitical events, yesterday was a rough wake up call with a two punch stunner of not only the MH 17 crash pushing the Ukraine escalation into overdrive, but Israel's just as shocking land invasion of Gaza officially marking the start of a ground war, finally dragging global stocks out of their hypnotized slumber and pushing risk broadly lower across the globe, even if the now traditional USDJPY and AUDJPY ramp algos have woken up in the past few minutes and will be eager to pretend as if nothing ever happened.



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Was Flight MH-17 Diverted Over Restricted Airspace?

While there are various questions that have already emerged from what was supposed to be Ukraine's "slam dunk" proof confirming Russian rebel involvement in today's MH-17 tragedy, perhaps one just as gaping question emerges when one looks at what is clearly an outlier flight path in today's final, and tragic, departure of the Malaysian Airlines Boeing 777.



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White House Statement Offers Condolences, Blames Russia, Demands "Full, Credible, Unimpeded" Investigation Into MH17 Crash

The White House issued a full statement at 2238ET with regard the Malaysian Airlines Flight 17 crash following President Obama's earlier brief comments: "The United States is shocked by the downing of Malaysian Airlines Flight 17, and we offer our deep condolences to all those who lost loved ones on board... It is critical that there be a full, credible, and unimpeded international investigation as quickly as possible... While we do not yet have all the facts, we do know that this incident occurred in the context of a crisis in Ukraine that is fueled by Russian support for the separatists, including through arms, materiel, and training."



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Elizabeth Warren Torches Janet Yellen on Too-Big-To-Fail

Yellen’s acting routine is worthy of an Academy Award. In her role, she plays a caring, sweet, grandmotherly type figure all concerned about the poor and middle-class, when reality points to a career as a staunch, frontline protector of the bankster oligarchy.



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WTF Video Of The Day: Giant Russian Hole Edition

Ripped from the screen of the latest Marvel movie, Reuters reports that researchers are to investigate a giant mysterious hole that has appeared in one of Russia's most isolated northernmost regions



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Is This The Scariest Chart In IBM's History?

Moments ago IBM reported revenues and EPS that both beat expectations and yet the stock is sliding after hours. We may have an idea why, and it has to do with the scariest chart in IBM's history, which we first revealed three months ago and which just got scarier.



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The Reasons We Fight The New World Order

"We would be far better served as a species if we were to turn our back on the NWO altogether and move swiftly in the opposite direction. Imagine what tomorrow would be like if there were no controllers, no statists, no despots and no philosopher kings. Imagine a tomorrow where people respect the natural-born rights of others. Imagine a tomorrow where people’s irrational fears are not allowed to inhibit other people’s freedoms. Imagine a tomorrow where interactions between citizens and government are rare or nonexistent. Imagine if we could live our days in peace, independently building our own destinies, in which our successes and failures are our own, rather than the property of the collective. It may not be a perfect world, or a utopia, but I suspect it would be a much better place than we live in today."



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Peak Profanity: The Curse Of The Foul-Mouthed CEO

CEO's use of profanity in public changes with the economy. A Bloomberg review of thousands of conference calls recorded in the past 10 years shows CEO cursing spiked after the recession in 2009 and waned as the recovery strengthened. Here's a review of the four most common words of choice: the infamous F-bomb, the scatalogical S-word, the blasphemous G.D., and the derogatory A.H.



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Guest Post: Finding Shelter From The Coming Storms Part 2

More basic suggestions for those who are seeking shelter from the coming storms of global financial crisis and recession (part 1 here).



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Ukraine Releases YouTube Clip "Proving" Rebels Shot Down Malaysian Flight MH-17

Moments ago Ukraine released what may be just that missing "YouTube" link, when it unveiled a video supposedly proving that "militants of "Bes" group shot down with a Russian anti-aircraft missile a Malaysian Airlines Boeing 777 passenger jet heading from Amsterdam to Kuala Lumpur." And yet, something here smells very fishy...



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Picturing The Habits Of The Wealthiest People

No one is perfect and there is always room for positive change. If you look on the Internet, you will find a mind-numbing amount of advice from self-proclaimed "success experts" (Google it, we dare you); but when you cut through the fluff, most point towards one key piece of advice...almost all would agree that the single most important thing you have is your time. Life is about balance, too much of anything can be bad and moderation is key (except low rates, printed money, and 100-million-dollar apartments in NYC)...



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