New York Stock Exchange

Paul Wilmott: "High-Frequency Trading May Increasingly Destabilize The Market"

Paul Wilmott: "Thus the problem with the sudden popularity of high-frequency trading is that it may increasingly destabilize the market. Hedge funds won’t necessarily care whether the increased volatility causes stocks to rise or fall, as long as they can get in and out quickly with a profit. But the rest of the economy will care."

Ron Insana On HFT

Hey Ron, didn't realize your new position as a contributing editor on CNBC came with the contributing title of "Portfolio Manager." Didn't Stevie put a one year kibbosh on that? But I digress... And in all honesty I am surprised that you seem to have the correct spin on things (as per letter below from Jim Cramer's failed media experiment TheStreet).

HFT And Goldman Sachs Boiling Point: NYT And Max Keiser

Great recap piece in the New York Times on whether or not Wall Street is picking the pockets of "non-club" investors (read - the guys who do not generate 80% returns with a Sharpe > 5.0 - can someone explain how risk/return works again). The consensus sure looks good for class action lawsuit lawyers.

The piece also recognizes the tremendous contribution that Zero Hedge's readership has had in this ongoing debate, once more highlighting the interactive nature of new media and how crowdsourcing is the new dominant paradigm for Media 2.0. 

Here is the link.

Additionally, should it be odd that Direct Edge, the company in the eye of the Flash hurricane with its ELP program, has the following reported ownership structure:

Yes. Direct Edge is an independent broker-dealer owned by a consortium that includes the International Securities Exchange (“ISE"), Knight Capital Group, Inc., Citadel Derivatives Group, The Goldman Sachs Group, and J.P. Morgan. Knight Capital Group was originally the sole owner of Direct Edge and the firm was spun off in the third quarter of 2007 when Citadel and Goldman made investments. With a 31.54% stake, the ISE is currently the largest shareholder of Direct Edge, followed by Knight, Citadel, and Goldman, each with 19.9%.

And here are the latest ruminations out of Max Keiser, who takes on a curious angle in his most recent Goldman Sachs attack

Is The SLP The NYSE's Answer To Direct Edge's "Advance Look" Enhanced Liquidity Provider Program Or You Trade You Lose, You Trade Goldman Wins

There is a curious article in the latest edition of Traders Magazine. It is curious mostly because it was allowed to be published, as it definitively peels off the cover of what truly happens at the pantheon of stock exchanges, that dominated by a private club of select high frequency traders, who obtain better and faster pricing than everyone else, and where the group of "select few" is seemingly legally allowed and even encouraged to front-run the "every-one else" (you, dear reader, are most likely in the latter camp). If you ever wondered why HFT generates profits of over $20 billion a year, please read this article.

New York Stock Exchange: "We Screwed Up"

The story of Goldman's missing PT data has now entered the twilight zone.
Matt
Goldstein at Reuters reports
that Goldman spokesman Michael Duvally notified
him that Goldman did in fact not only perform its usual NYSE SLP domination, but also reported of this, as it does every week:

“According to the data Goldman Sachs submitted, we are certain we
were among the
top firms in terms of program trading volume for the week ending June 26.”

Goldman Sachs Responds To Zero Hedge

It seems quite a few individuals noticed our post attempting to justify some very peculiar language in not just a certain Goldman Sachs Internet disclaimer, but also the strange wording prominently featured in critical GS-client agreements. One happened to be Goldman Sachs itself. We take this opportunity to present the response by Goldman Sachs' spokesman Ed Canaday

NYSE Halts Transparency, Feels Goldman Program Trading Disclosure Is Unnecessary

In a move set to infuriate and send many Zero Hedge readers over the top, the NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE's program trading.

Bondholder Group Asks Trustee To Sue General Growth Partners

Looks like at least someone will not take the ongoing criminality of the sociopathic market any longer.

From from the WSJ:

A group of bondholders have ratcheted up the pressure on General Growth Properties Inc. by asking their trustee to sue the debt-laden mall owner for payment of their past-due bonds.

Six Flags' Fate Rests With Fidelity's $100 Million Bonds

The Washington Post out with a good expose on the non roller coaster-based freefall for Dan Snyder's Six Flags.

The firm, which announced last week that its stock was being delisted from the New York Stock Exchange, faces a more than $300 million payment to preferred stockholders in August that the company says it cannot afford. Fitch Ratings recently warned that a "default is imminent or inevitable." Its shares ended the week worth 26.6 cents.

GGP Stock On Fire, Company Pleads Ignorance

The company has announced that as a result of the unusual market activity in the common stock, the New York Stock Exchange contacted GGP and requested the issuance of a public statement indicating whether there are any corporate developments that might explain the unusual activity. The company announces it is not aware of any corporate developments that might explain the unusual market activity. Maybe Ackman hired one of the laid off Simmons algo guys who is experiementing with the "never sell" program trade.

GGP Stock On Fire, Company Pleads Ignorance

The company has announced that as a result of the unusual market activity in the common stock, the New York Stock Exchange contacted GGP and requested the issuance of a public statement indicating whether there are any corporate developments that might explain the unusual activity. The company announces it is not aware of any corporate developments that might explain the unusual market activity. Maybe Ackman hired one of the laid off Simmons algo guys who is experiementing with the "never sell" program trade.