Citadel

Beware The "Massive Stop Loss" - JPM's Head Quant Warns This Unexpected Downside Catalyst Looms Next Week

"There are $1.1 trillion of S&P 500 options expiring on Friday morning. $670Bn of these are puts, of which $215Bn are struck relatively close below the market level, between 1900 and 2050. At the time of the Fed announcement, these put options will essentially look like a massive stop loss order under the market. This important event falls at a peculiar time—less than 48 hours before the largest option expiry in many years. "

The December Jobs Number May Really Be The "Most Important Ever"

Everyone has heard the phrase "this is the most important jobs report ever", and virtually every time this has been an exaggeration. However according to an analysis conducted by BofA's Vadim Iaralov, the nonfarm payrolls report on December 4 may just really be the most important jobs number. Ever.

Guest Post: The Western Roots Of Anti-Western Terror

The Islamic State’s horrific attacks in Paris provide a stark reminder that Western powers cannot contain – let alone insulate themselves from – the unintended consequences of their interventions in the Middle East. The unraveling of Syria, Iraq, and Libya, together with the civil war that is tearing Yemen apart, have created vast killing fields, generated waves of refugees, and spawned Islamist militants who will remain a threat to international security for years to come. And the West has had more than a little to do with it.

Goldman's Clients Are Suddenly Very Worried About Collapsing Market Breadth

"Clients are quick to point out similarities between the current low breadth environment and the narrow breadth regime that emerged during the tech bubble in the late 1990s. Our Breadth index currently equals 1, one of the lowest levels in the 30- year series. The typical episode lasted four months, with past episodes ranging from two months in 2007 to a high of 14 months during the tech bubble."

With First Ever Criminal "Spoofer" Conviction, HFTs Issue Warning: "Outsmart Us, And You Go To Jail"

the case really boiled down to just one thing: not whether it is legal to spoof, which it is and yet massive, well-connected HFT firms get away with it every single day, but whether it is legal to take advantage of HFT algos programmed to do just one thing - frontrun orders, and activity which leads to massive losses for the algos and the Citadels behind them, when the spoofer realizes just how dumb his counterparty truly is. The verdict was clear: nobody is allowed to outspoof the spoofers.

Varoufakis Releases Full List Of Public Speaking Fees To Mute "Greek Outrage" At "Self-Enrichment Drive"

In order put an end to the "Greek outrage" that Yanis Varoufakis may be doing what Hillary and Bill Clinton have been so good at, namely engaging in a "self-enrichment drive" and profiting from speeches made after his political departure (which in the Clintons' case was merely a tacit way of purchasing influence and future favors, i.e., bribing), and laid out all his public speeches and the associated fees since August 2015.