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"Houston, Looks Like We Have A Quote Problem Out There"

CalibratedConfidence's picture




 

Shit breaks again.  It's been covered plenty of times.  The fragmentation within the US equities market its beyond management.  It gets old repeating the same tune.  The SEC is inept, the HFT industry is selfish, and the Academic research on the topic is conflicted and corrupted.  The exchanges offer unpublished orders to top bidders and the integrity of the market has vanished. 

 

The garbage was first reported by BATS:

 

Not even 3 minutes later Nasdaq reports problems:

 

As is expected, news reading algos go apeshit and flash crash Nasdaq stock:

 

It's all good though.  HFT provide liquidity and tighten spreads...

 

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Thu, 01/03/2013 - 20:29 | 3120556 rsnoble
rsnoble's picture

Great liquidity when average investors get stoped at zero dollars.

Thu, 01/03/2013 - 19:17 | 3120372 redd_green
redd_green's picture

Ahh, butt cheese, and I was just learning how to trade.  Not in this millenium.  

Thu, 01/03/2013 - 17:31 | 3120076 geno-econ
geno-econ's picture

How about------- Never in the intercourse of human history have so many been screwed by a few with the blessings of our politicians and financial leaders

Thu, 01/03/2013 - 16:50 | 3119940 Herkimer Jerkimer
Herkimer Jerkimer's picture

When are they going to make a rule for the TBTF/TBTJ that when their algos/HFT go haywire, they get to hit the big <Command> Z and have a do-over?

 

Oh… Yeah… They all ready get to do that…

 

My mistake.

 

Can I get in on that?

 

OJO

V-V

Thu, 01/03/2013 - 16:45 | 3119918 XitSam
XitSam's picture

I wonder how many algos being held in stasis whose only job is to crash the system.  Providing cover for other failures, like collapse of silver futures for example.

Thu, 01/03/2013 - 16:26 | 3119856 upWising
upWising's picture

1100010110101110000111001001001110001101010000100101010001010101010101010101010001010101010101110101010101010100

HAIL TECHNOLOGY!!!

LABOUR-SAVING MACHINES WILL SET US FREE!!

MACHINES WILL do so much of our work for us, our Biggest Problem will be what to do with all out Free TIme.

HAIL TECHNOLOGY!!!

Thu, 01/03/2013 - 16:59 | 3119972 balz
balz's picture

« Pour que le travail même, et non le paiement seul profite à l’homme, il faut que ce soit un travail humain, un travail où l’homme entier soit engagé : son corps, son cœur, son intellect, son goût.

L’artisan qui façonne un objet, le polit, le décore, le vend, l’approprie aux désirs de celui à qui il le destine, accomplit un travail humain. Le paysan, qui donne vie aux champs et fait prospérer le bétail par une œuvre accordée aux saisons, mène à bien une tâche d’homme libre.

Tandis que l’ouvrier enchaîné au travail à la chaîne, qui de seconde en seconde répète le même geste à la vitesse dictée par la machine, s’émiette en un travail sans but pour lui, sans fin, sans goût ni sens. Le temps qu’il y passe est temps perdu, vendu ; il vend non son œuvre, mais le temps de sa vie. Il vend ce qu’un homme libre ne vend pas : sa vie. C’est un esclave. »

— Lanza del Vasto

Thu, 01/03/2013 - 17:07 | 3120000 Matt
Matt's picture

Courtesy Google Translate:

For the work itself, and not only pay benefits to humans, it must be a human work, a job where the whole man is engaged: his body, his heart, his intellect, his taste.

The artisan who fashions an object, polishes, decorates, sells appropriated to the desires of the person to whom it is intended, does a human work. The peasant who gives life to the fields and cattle prospered by a work given to seasons, leading to a task free man.

While the worker chained to work the chain, every second repeats the same gesture at a speed dictated by the machine crumbles into nonprofit work for him, without end, without taste or sense. The time it spends is time lost, sold, and he sells not his work, but the time of his life. He sells a free man does not sell: his life. It is a slave.

- Lanza del Vasto

Thu, 01/03/2013 - 18:04 | 3120167 Stuntgirl
Stuntgirl's picture

Google does a pretty good job. But loses a bit of nuance. Here:

"For the work itself, and not just the payment, to benefit man, it must be a human work, a job in which the whole man is engaged: his body, his heart, his intellect, his taste.

The artisan who fashions an object, polishes, decorates, sells, adjusts it to the desires of the person for whom it is intended, does a human work. The farmer who gives life to the fields and makes his cattle prosper by a work in harmony with the seasons, accomplishes a free man's task.

Meanwhile the worker chained to chain production, who every second repeats the same gesture at a speed dictated by the machine, crumbles in a pointless work for him, without end, without enjoyment or sense. The time he spends on it is time wasted, sold; he sells not his product, but the time of his life. He sells that which a free man does not sell: his life. This is a slave."

- Lanza del Vasto

Thu, 01/03/2013 - 17:10 | 3120006 balz
balz's picture

Thanks. Didn't find the quote in English.

Thu, 01/03/2013 - 15:51 | 3119742 Bansters-in-my-...
Bansters-in-my- feces's picture

I like tight spreads.

Thu, 01/03/2013 - 17:14 | 3120020 El Oregonian
El Oregonian's picture

And also, spreading tights.

Thu, 01/03/2013 - 15:58 | 3119772 willwork4food
Thu, 01/03/2013 - 16:40 | 3119896 Likstane
Likstane's picture

Tuff split to convert.  Expensive alley.

Thu, 01/03/2013 - 17:08 | 3120003 ihedgemyhedges
ihedgemyhedges's picture

It's only really expensive if you buy it.  Renting the alley is the way to go............

Thu, 01/03/2013 - 15:50 | 3119737 ebear
ebear's picture

Here's a quote for you:

“Never in the course of human events have so many owed so much to so few”

Thu, 01/03/2013 - 16:44 | 3119908 Anusocracy
Anusocracy's picture

Never in the course of human events have so few owned so many others.

Thu, 01/03/2013 - 16:11 | 3119816 boogerbently
boogerbently's picture

Nah,

“Never in the course of human events have so few owed so much to so many.”

There!

 

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