AdvancedTrading

Ten Take Aways from Our Trading Summit

Wed, 18 Nov 2009 22:57:18 -0500

I just got back from Advanced Trading�s fourth Buy Side Trading Summit. And although the event is off the record (no reporting using traders' or company names � a way to ensure the buy side feels free to open up �) I figured I�d share the top general takeouts from the event.

Catching Up On OTC Derivatives Reform

Wed, 11 Nov 2009 10:20:54 -0500

I�ve been catching up on my reading about OTC derivatives reform bills that were passed by the House Financial services and Agricultural committees last month. Though I am a little behind, I�ve concluded that not much has changed except that regulators really want to mandate clearing and trading on exchanges (or alternative swap execution facilities) to bring transparency into the market and save taxpayers a fortune from bailing out the banks again. At the same time, industry participants are worried about unintended consequences of these reforms.

London Stock Exchange Crashes Again

Tue, 10 Nov 2009 10:22:38 -0500

The London Stock Exchange crashed yesterday due to a technical problem related to a server. The outage affected one in twelve stocks for 40 minutes from 3:04 until the market closed. Check out this story on the outage.)

Madoff's Ex-Auditor Pleads Guilty

Wed, 04 Nov 2009 08:41:29 -0500

David Friehling, the accountant who audited Bernard Madoff�s books, pleaded guilty in Manhattan federal court on Tuesday. Friehling claimed he was unaware of Madoff�s Ponzi scheme even though he served as an independent auditor for Madoff�s money management business from 1991-to 2008. He told the judge that his biggest mistake was trusting Madoff, according to CNBC.

Wall Street Bands Rock Out for Charity

Thu, 29 Oct 2009 09:23:52 -0500

Despite the tough environment for fundraising, Wall Street employees are still finding ways to give back to their communities. Tonight, mortgage traders and other fixed income professionals who play in Wall Street bands are hoping to have fun and raise a ton of money.

Liquidnet In Rwanda

Thu, 29 Oct 2009 09:20:30 -0500

There are many other examples of charitable works driven by Wall Street employees. Check out the amazing work that global electronic marketplace Liquidnet is doing in Rwanda , where it�s the primary corporate partner developing the Agahozo-Shalom Youth Village (ASYV), an innovative concept to help traumatized orphans caught in the 1994 Rwandan genocide.

ITG Testifies at SEC Hearing on Dark Pools, Etc

Wed, 28 Oct 2009 10:51:40 -0500

Bob Gasser, CEO, of ITG is testifying today before the Senate Subcommittee on Securities, Insurance, and Investment Committee on Banking, Housing and Urban Affairs on the topic of dark pools, flash orders, high frequency trading and other market structure issues.

His testimony can be read :
http://www.itg.com/news_events/Senate_Testimony_102809.pdf

Madoff Friend Jeffrey Picower Takes Secrets to His Grave

Tue, 27 Oct 2009 12:03:05 -0500

Bernard Madoff�s billionaire friend Jeffry Picower, who was found dead at the bottom of a pool on Sunday at his Palm Beach mansion, was the biggest beneficiary of the Madoff scam, according to this ABC News video report.

Madoff Workplace Allegedly Rife with Cocaine, Sex

Thu, 22 Oct 2009 09:16:21 -0500

And the saga continues. CNN's Chloe Melas reports on a recent lawsuit filed by former Madoff investors claiming that "Madoff's workplace was rife with cocaine and sex." The 264-page law suit claims Madoff "financed a cocaine-fueled work environment and a "culture of sexual deviance."" The complaint alleges Bernard Madoff Investment Services was known by insiders as the ""North Pole", in reference to the excessive amount of cocaine use in the work place." The law suit also
claims that "Madoff diverted money to his London, England, office when he believed federal authorities were closing in at home."

Schumer/Niederauer Call on Regulators to Create Level Playing Field for Dark Pools and Exchanges

Tue, 20 Oct 2009 11:35:34 -0500

A media advisory from Senator Charles Schumer�s (D-NY) office was released today announcing that he will hold a conference call with Duncan Niederauer, CEO of NYSE Euronext today at 12:30 to urge the Securities and Exchange Commission to institute a series of reforms to better regulate dark pools.

Revelations from Book "Too Big To Fail"

Tue, 20 Oct 2009 10:59:14 -0500

New York Times Reporter Andrew Ross Sorkin discussed his new book �Too Big To Fail� with CNBC today in which he discloses some behind-the-scenes conversations that took place at Goldman Sachs and at Lehman Brothers when Wall Street was forced to work with Washington to save the banking system.

Penson's Letter To SEC On Matt Taibbi

Wed, 07 Oct 2009 16:29:00 -0500

Check out this developing story on Penson Financial Services, which was accused of a serious securities law violation (approving a large naked short) by Rolling Stone columnist Matt Taibbi. Penson wrote a letter to the SEC denying any wrong doing.

Here is a story that appeared in The Business Insider that recounts what happened.

Speculating on Ken Lewis's Successor

Thu, 01 Oct 2009 11:16:28 -0500

With all the talk about Bank of America�s controversial CEO Ken Lewis announcing that he will step down at the end of the year, media outlets are speculating on the succession race. Will BofA stick to its traditional roots by naming a banker, or will it go outside and bring in a Wall Street executive, perhaps with ties to Merrill Lynch?

DirectEdge's New Data Center

Thu, 01 Oct 2009 10:59:31 -0500

As DirectEdge plans to roll out two new next gen trading platforms, it sent the below note to it's users:

HSBC Renews Focus on Emerging Markets

Tue, 29 Sep 2009 10:07:57 -0500

HSBC Asia-Pacific CEO Sandy Flockhart discusses the firm's management restructure in order to further develop the banks focus on emerging markets and China.