Insider Trading

Tyler Durden's picture

Why Nav Sarao Had To Be Destroyed: He Found A Way To Beat The HFTs At Their Own Game





Today, we find precisely how and why Sarao was singled out: he not only ratted out the parasitic trading strategies of the real culprits behind the broken market, the massive HFT firms (such as Virtu which just went public just a day before the Sarao charges were filed) which gave the "regulators" no choice: one of them had to be put away for good, but found a way to capitalize on the algos' stupidity, and actually make money by beating them at their own game.  As such, regulators and exchanges such as the CFTC and CME had no choice but arrest him and prevent him from trading ever again!

 
Tyler Durden's picture

Frontrunning: April 8





  • Shell Will Buy BG Group for $70 Billion in Cash and Shares (BBG)
  • IMF warns of long period of lower growth (FT)
  • Wall Street sanguine as it heads into worst earnings season in six years (Reuters)
  • Switzerland First With 10-Year Bond at Negative Yield (WSJ)
  • U.S. Dot-Com Bubble Was Nothing Compared to Today’s China Prices (BBG)
  • Rahm Emanuel Re-Elected as Mayor of Fiscally Ravaged Chicago (BBG)
  • Oil falls on U.S. stock build, record Saudi output (Reuters)
  • White South Carolina policeman charged with murdering black man (Reuters)
  • German Factory Orders Drop for Second Month (BBG)
  • A third of Republicans support Iran nuclear deal (Reuters)
 
Tyler Durden's picture

Frontrunning: April 7





  • Israel, U.S. Lawmakers Press Case Against Iran Nuclear Deal  (WSJ)
  • Rand Paul tries to broaden libertarian appeal (Reuters)
  • Fewer Oil Trains Ply America’s Rails (WSJ)
  • Chicago voters go to polls in first ever mayoral runoff (Reuters)
  • FedEx to buy TNT to expand Europe deliveries (Reuters)
  • Mohamed El-Erian Has Most of His Money in Cash (BBG)
  • In Surprise Move, Australia Holds Rates (WSJ)
  • Oil falls as Iran, China discuss more supply (Reuters)
 
Tyler Durden's picture

Frontrunning: April 3





  • Iranians celebrate, Obama hails 'historic' nuclear framework (Reuters)
  • Iran Nuclear Accord Hailed as Landmark After Marathon Talks (BBG)
  • Two New York City women accused of planning 'terrorist attack' (Reuters)
  • Cyprus Lifts Capital Controls Two Years After Deposits Bail-In (BBG)
  • Jury Hits Chrysler With $150 Million Penalty in Boy’s Death (WSJ)
  • Greece says ready to make IMF payment on April 9 (Reuters)
  • Germanwings Co-Pilot Set Plane to Go Faster Before Crash (BBG)
  • IBM hire advisers to deal with restless investors - sources (Reuters)
 
Tyler Durden's picture

Life Insurance Error Gives Investors Bernie Madoff Style Returns





In 1987, Aviva France started offering The Fixed Price Arbitrage Life Insurance Contract for wealthy clients. The Financial Times called it "the worst contract in the world". It allows the contract holder to invest with hindsight. Did you see a stock go up this week? Now you can buy it at last week's price. Did your stock plummet? Sell it at last week's price. It is the ultimate form of insider trading: time travel.

 
Pivotfarm's picture

Biggest Stock Market Scams in History – Part I





A wicked web of deceit, with just a good measure of theft and forgery thrown in for old time’s sake!

 
Tyler Durden's picture

Big Data Algos 'Are' The Singularity & They're Coming To A Stock Market Near You





There is a much larger structural risk for markets and investors than HFT and the whole Flash Boys brouhaha, it’s just totally under the radar and hasn’t surfaced yet. Investors may not know better yet, but they will soon, one way or another. Tomorrow a handful of governments will influence aggregate political behaviors by triggering small communications that Big Data tells them will be voluntarily magnified by individual citizens, snowballing into outsized, long-lasting, and untraceable “popular” actions. Tomorrow a handful of hedge funds will influence aggregate market behaviors by triggering small trades that Big Data tells them will be voluntarily magnified by individual traders, snowballing into outsized, long-lasting, and untraceable “market” actions. Tomorrow Big Data will be primarily an instrument of social control, with a powerful and ubiquitous impact on all citizens and all investors.

 
Tyler Durden's picture

Frontrunning: March 12





  • As reported here first: The U.S. Has Too Much Oil and Nowhere to Put It (BBG)
  • Dollar Drops From 12-Year High as S&P Futures, Bonds Gain (BBG); Dollar Bulls Retreat From 12-Year High to Euro With Fed in View (BBG)
  • Clinton Private Email Plan Drew Concerns Early On (WSJ)
  • ECB Bond Buying Not Needed With Economy Improving, Weidmann Says (BBG)
  • China Feb new yuan loans well above forecast (Reuters)
  • U.S. probing report Secret Service agents drove car into White House barrier (Reuters)
  • Kerry tells Republicans: you cannot modify Iran-U.S. nuclear deal (Reuters)
  • PBOC Pledges to Press on With Rate Liberalization Amid Slowdown (BBG)
  • China Prepares Mergers for Big State-Owned Enterprises (WSJ)
 
Tyler Durden's picture

A Day In The Life Of A Falling BRIC





It’s not that long ago, in 2001, that Jim O’Neill, then still with Goldman Sachs, coined the term BRICs, for the fast emerging markets of Brazil, Russia, India and China. O’Neill saw a global power shift from the west to these four nations happening. Fast forward to today, and we see Russia under multiple attacks, including economic ones, from the west, as India just announced the second rate cut this year and China is attempting controlled demolition of the possibly biggest financial bubble in the history of the world. And Brazil? If anything, it’s falling even faster off its pedestal than the other three nations.

 
Tyler Durden's picture

Frontrunning: February 27





  • Central Banks With Negative Rates Spur Question of How Low to Go (BBG)
  • DHS to keep running: Congress edges toward domestic security funding patch (Reuters)
  • Setbacks for Tsipras Stir Discord in Greek Ruling Party (BBG)
  • Greece’s Challenge: Appeasing Its Creditors and Its Population (WSJ)
  • Buffett, a cheerleader for America, takes his checkbook abroad (Reuters)
  • Oil’s Big Swings Are the New Normal: Market has rarely been more volatile (WSJ)
  • Ukraine Left Behind as Russian Stock Gains Are Unmatched (BBG)
  • Brent rises to $61, set for first monthly gain since July (Reuters)
 
Tyler Durden's picture

Frontrunning: February 20





  • Greece Should Not Give In to Germany’s Bullying (FP)
  • Greece Can Pay Its Debts in Full, but It Won’t (WSJ)
  • Early Friday humor: Euro Region Economy Strengthens Amid Wrangling on Greece  (BBG)
  • Euro zone may need extra summit to clinch Greek deal (Reuters)
  • Oil-Drop Pain Spreads to Saudi Arabia’s Energy Behemoth (WSJ)
  • Yellen Confronts Economists’ Ignorance (BBG) - where does one even start with this one
  • ECB Plans to Push Greek Banks to Shed State Debt If Talks Fail (BBG)
 
Tyler Durden's picture

Frontrunning: February 6





  • RadioShack files for bankruptcy; Sprint to take over some stores (Reuters)
  • Kansas To Issue Bonds and Invest Proceeds to Boost Pension Returns (WSJ)
  • Merkel to Make Last Push With Putin as Pessimism Prevails (BBG)
  • Islamic State in Syria seen under strain but far from collapse (Reuters)
  • Texas Swagger Fades Fast as Oil Town Squeezed Hard by OPEC (BBG)
  • SEC probes Blackberry options trading ahead of Reuters report about Samsung talks (Reuters)
  • Spanish Bonds Underperform Italy’s as Podemos Gains Popularity (BBG)
  • Steelworkers Union Rejects Offer From Refiners (WSJ)
  • Brazil January Inflation at Fastest Pace in Nearly 12 Years (BBG)
 
Tyler Durden's picture

Steve Cohen Is Now Hiring "Creative And Innovative" Traders Right Out Of College





In 2014, the Firm launched the Point72 Academy. The Academy develops undergrads straight out of college into highly-skilled investors on an accelerated timeline.
From the day they start, Academy members have substantial responsibility and opportunities to contribute in a small team setting.
Today, more than half of Point72’s current Portfolio Managers started as Analysts and the Point72 Academy will grow that number over time.

 
Tyler Durden's picture

Frontrunning: January 30





  • Falling Prices Spread Pain Far Across The Oil Patch (WSJ)
  • ISIS Group Claims Responsibility for Attacks That Killed 27 in Egypt (NBC)
  • Russia Unexpectedly Cuts Key Rate as Economy Eclipses Ruble (BBG)
  • Greece’s Feisty Finance Minister Tries a More Moderate Message (NYT)
  • U.S. homeownership hits 20-year low, but new households growing (Reuters)
  • Indian Banks’ Shares Plunge as Bad-Loan Provisions Surge (BBG)
  • Underground Terror Network Said to Benefit Would-Be Jihadists in Europe (WSJ)
  • Russia warns West support for Kiev could lead to 'catastrophe' (Reuters)
 
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