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Watch Senate Hearing On Market Microstructure And The Synthetic CDOs Known As ETFs
Anyone still left trading stocks may be interested in this Senatorial hearing on market microstructure which will focus on the synthetic CDOs known as ETFs and their variants. Since all market participants get are hearings but never action, we are confident the hearing will be educational and... that's it.
From the announcement:
THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS SUBCOMMITTEE ON SECURITIES, INSURANCE, AND INVESTMENT
will meet in OPEN SESSION to conduct a hearing entitled “Market Microstructure: Examination of Exchange-Traded Funds (ETFs).” The witnesses will be: Ms. Eileen Rominger, Director, Division of Investment Management, U. S. Securities and Exchange Commission; Mr. Eric Noll, Executive Vice President Transaction Services, NASDAQ OMX; Mr. Noel Archard, Managing Director, BlackRock I-Shares; and Mr. Harold Bradley, Chief Investment Officer, Ewing Marion Kauffman Foundation. Additional witnesses may be added at a later date.
All hearings are webcasted live and will not be available until the hearing starts. Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.
Witnesses
Panel 1
- Ms. Eileen Rominger
Director
Division of Investment Management, U.S. Securities and Exchange Commission - Mr. Eric Noll
Executive Vice President Transaction Services
NASDAQ OMX - Mr. Noel Archard
Managing Director
BlackRock I-Shares - Mr. Harold Bradley
Chief Investment Officer
Ewing Marion Kauffman Foundation
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No, I don't want to.
selling or buying ETF's are now banned!
My SPY puts are FDIC insured, aren't they?
Yeah! well.... my TIPS are going to outperform when real inflation is factored in by the FED!
And when will that be?
The D.C. kleptocrats are getting richer. Washington D.C. topples Silicon Valley for highest average income in the USA.
http://www.bloomberg.com/news/2011-10-19/beltway-earnings-make-u-s-capital-richer-than-silicon-valley.html
Total compensation for federal workers, including health care and other benefits, last year averaged $126,369, compared with $122,697 in 2009, according to Bloomberg News calculations of Commerce Department data. There were 170,467 federal employees in the District of Columbia as of June. The Washington area includes the District of Columbia, parts of Northern Virginia, eastern Maryland and eastern West Virginia.
http://www.bloomberg.com/news/2011-10-19/beltway-earnings-make-u-s-capital-richer-than-silicon-valley.html
THANK YOU! for posting sourced and sited info!!
PLEASE!! EVERYONE!!! post sourced and sited info so that people can share the facts you have found!
When are they going to have a hearing on stock market ramping due to planted false media rumors? That should be a good one.
That would require brains - our political rats are dead from the neck up.
Just more chitter chatter to add to the pile of stinking shit. Keep shoveling boys. You'll eventually get down to neck deep and save us the trouble.
it was fun to see how the short-bans in Europe affected the short ETFs. Not at all. Didn't really matter, anyway. but of course they are safe. no counterparty risk. ha!
There are many types of ETF, some of which hold underlying securities or even commodities. Not all ETF are synthetic CDO.
actually most in Europe are not CDOs, but either funded or unfunded swap-arragement against the parent bank
Off topic: It's fun watching confused ALGO's. Technically, the EUR is obviously up againt the USD, but it's sliding and looking week along with DAX and CAC declining from highs. What's an ALGO to do if this trend continues throughout the day?
Well....one thing I know for certain, ALGO"s don't go both ways. So they will not down tick the market.
ALGO's don't go both ways...not that there's anything wrong with that.
This should be a real ass-clown parade of ignorance and foolishness.
I miss Joe Kennedy at events like this.
Enough already. Please market, eat shit and die. Bull pumpers, eat shit and die. Rumor mill, eat shit and die. Euro, eat shit and die. Sarkozy, Merkel, Obama, Bernanke, Timmmaaay, Jamie Dimon, Pandit, Blankfiend, etc., eat shit and die.
Are you trying to discriminate Jamie Dimon by using his first and last name?
nope. I'm equal opportunity hater. Just like the ring of 'Jamie Dimon". Dimon alone seems weirdly naked.
Good point. I have never thought of that before.
There is only ONE committee member there!!!!! Is that correct????? No Fucking way???
I am SURE the other members will read the minutes intently. In fact, they are probably watching it live, while they adjust their portfolios to take advantage of the spin.
Why worry about ETF's?
You could have bought SBUX and Whole Foods 3 years ago and rode a comfortable bull market up to world record highs as both stocks climbed relentlessly during the worst economy and the worst financial crisis Europe has ever experienced.
Pretty much unscathed from all the problems.
http://www.wallstreetbear.com/board/view.php?topic=89243&post=322213
This lady from the SEC is an idiot
that's why she is working there
"SEC" and "Idiot" are redundant.
not sure why, heearings are a show. they say stuff, bankers get what they want behind closed doors when the final regulations are made.
what about the volatility of ETFs that may be caused by algo-HFT, in particular in inverse (and/or leveraged) ETF in concurrence with the underlying "asset"?
inverse ETF may be the ideal toy for an arbitrage pingpong-game in microsecond loops, by manipulating the ETF and simultaneously the underlying asset in opposite directions, so they always win