Securities and Exchange Commission

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In Latest Market-Rigging Scandal, ITG Busted For Frontrunning Clients In Its Dark Pool





Since the market is once again on the verge of a terminal liquidity seizure with its associated side-effects (see China for details), the authorities needed to remind the "market" just who the scapegoat will be when the next crash finally does come. Which is why earlier today in an unexpected "preliminary second quarter guidance" release, ITG, owner of the Posit dark pool, was just busted with a $22.6 million potential SEC settlement for what appears to have been blatant frontrunning of company clients in its own prop trading pod. But what is particularly amusing in this case is that while everyone knows that when it comes to HFT's, it is never called "rigging" - the proper nomenclature is "glitch", so now we learn a new term to use instead of "criminal frontrunning" - drumroll... trading experiment,

 
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Jim Grant: Financial Prices Should Be Discovered, Not Administered





"The modern financial animal is wont to assume that he or she lives in an age of science. The truth is we live in an age of pseudoscience. Far from dealing in science, central bankers, and, to a degree, investment bankers and security analysts, employ magical thinking... For an individual to fix Libor is a crime. For a central bank to suppress European bond yields is an act of financial statesmanship..."

 
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Frontrunning: July 24





  • Gunman kills two, wounds seven in Louisiana theater before killing himself (Reuters)
  • Health insurer Anthem to buy Cigna in $54.2 billion deal (Reuters)
  • Murder, Poisoning, Raids: It’s Election Season in Russia (BBG)
  • Lagarde Push for Greece Debt Relief Challenges Merkel (Bloomberg)
  • Fund Boss’s Gamble on Health Law Pays Off Big (WSJ)
  • Wall Street Cranks Up Its Outlook for Amazon After It Delivers Monster Earnings Report (BBG)
  • China's Richest Man Marks Push Into Hollywood With Jake Gyllenhaal Movie (BBG)
  • West Africa's alarming growth industry - meth (Reuters)
 
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"It's Laughable Really": Why No One, Especially Not Jamie Dimon, Will Be Held Accountable For London Whale





"Mr. Martin-Artajo is in Spain, where a court has refused to extradite him, and Mr. Grout is in France, which typically does not extradite its own citizens. Although the investigation in the United States officially remains open, it appears no one, in all likelihood, will be held legally accountable. 'When risky behavior is repeatedly tolerated or concealed, you have to wonder if higher-ranking people should have been targeted.'" 

 
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Frontrunning: July 17





  • Back Greek talks or face chaos, Merkel tells German lawmakers (Reuters)
  • Fear of the Unknown Binds a Greek Deal With Few Believers (WSJ)
  • Grexit Still on the Table Even With EU’s Latest Band-Aid (BBG)
  • Donald Tusk warns of extremist political contagion (FT)
  • Germany, Not Greece, Should Exit the Euro (BBG)
  • Sabine Files Bankruptcy in New York as Oil Prices Fall (BBG)
  • Markets Bow to Central Bankers as Bonds Rise, Pound Strengthens (BBG)
 
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How The SEC Engineered Every Stock Market Bubble Since 1982





Since 1982, the entire market has been nothing but one massive slow-motion leveraged buyout. This places the SEC right up there with the Federal Reserve in market manipulation credentials.

 
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Are Big Banks Using Derivatives To Suppress Bullion Prices?





Seven years of bailing out the big banks that control the Federal Reserve and US Treasury at the expense of the US economy has threatened the US dollar to the extent that the dollar must be protected at all cost, including US regulatory tolerance of illegal activity to suppress gold and silver prices.

 
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Pre-Blame-Game Begins: Fed's Brainard Fingers HFT For "Amplifying Market Shocks"





We warned previously that when (not if) the market crashes next, The Fed is going to need a scapegoat (other than British traders living at home with their parents) and judging by The Fed's Lael Brainard's comments today, high-frequency-traders (HFT) are in the crosshairs. Crucially, Brainard warns that HFT "may amplify market shocks," and The Fed is "studying possible changes in liquidity resilience." 

 
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Frontrunning: July 1





  • Tsipras backs down on many Greece bailout demands (FT)
  • Creditors skeptical of Tsipras' offer (Reuters)
  • Greek Pension Rationing Begins; Poll Shows Tsipras Backed (BBG)
  • Greek referendum poll shows lead for 'No' vote, but narrowing (Reuters)
  • Greek Bank Controls Heap More Pain on Crisis-Weary Citizens (BBG)
  • Greek Crisis Ripples Across European Companies as Markets Swing (BBG)
  • China Stocks Fall: Shanghai Composite Index Drops 5.2% (BBG)
  • China June factory, services surveys fuel hopes economy leveling out (Reuters)
  • Some Chinese Are Taking 22% Margin Loans to Finance Stock Purchases (BBG)
 
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The Bush Family Goes "All In" For Number Three (With The Help Of Its Bankers)





It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long as Hillary’s, Jeb Bush (aka Jeb!) officially announced his presidential bid last week. Ultimately, the two of them will fight it out for the White House, while the nation’s wealthiest influencers will back their ludicrously expensive gambit. And here’s a hint: don’t bet on Jeb not to make it through the Republican gauntlet of 12 candidates (so far). After all, the really big money’s behind him.

 
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Frontrunning: June 25





  • This headline needs updating: Creditors set bailout ultimatum for defiant Greeks (Reuters)
  • Greece’s Fragile Banks Leave Alexis Tsipras Few Options in Bailout Talks (WSJ)
  • Dueling Greece Plans Presented as Ministers Race for Aid Deal (BBG)
  • Icahn Cashes In His Netflix Chips (WSJ)
  • Meet the Health-Law Holdouts: Americans Who Prefer to Go Uninsured (WSJ)
  • ECB holds Athens lifeline unchanged as Bundesbank protests (Reuters)
  • Supreme Court Guide: Six Big Decisions Remain (WSJ)
  • The Rise of the Compliance Guru—and Banker Ire (BBG)
 
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Frontrunning: June 22





  • Mood brightens after latest Greek offer to creditors (Reuters)
  • ECB's Nowotny - Greek banks have funding extension for today (Reuters)
  • Any Greece deal must match party manifesto, minister says (Reuters)
  • Greece says now up to lenders to move on an agreement (Reuters)
  • Greece sends wrong documents to monitors... Again (FT)
  • U.S. won't let Russia 'drag us back to the past': Pentagon chief (Reuters)
  • Belgium unblocks part of Russian diplomatic missions’ frozen accounts (Tass)
  • Fed Scoop Heralded Era of Closed Doors for $100,000 Newsletters (BBG)
 
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The End Of Buybacks? Goldman Warns Political Pressure On Share Repurchases Is Rising





While we are now well aware of the unpatriotic-ness of tax inversions, Goldman Sachs raises the red flag on another corporate action that is about to become highly politicized - share buybacks. The last (and only) pillar of buying left in the US equity markets is set to draw political attention and likely to gain prominence, particularly ahead of the 2016 election.

 
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Twitter CEO Dick Costolo Steps Down, Jack Dorsey Appointed Interim CEO





Moments ago, what many thought was inevitable with the stock trading just $1 above its 52-week low and just over 50% below its all time high, finally happened when Twitter issued a press release stating that CEO Dick Costello has decided to step down, leading to an immediate surge in the stock, and the obligatory tweet:

 
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