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Something VERY strange is going on. Maybe they should make this programmable trades illegal.
More at Link...
UPDATE 1-NYSE hit with another tech glitch, extends trading
NEW YORK, July 2 (Reuters) - The New York Stock Exchange suffered its third technical glitch in less than a month on Thursday, this one compelling the centuries-old floor to extend the trading day by 15 minutes to finish executing orders.
Brokers on the Wall Street trading floor, run by NYSE Euronext (NYX.N)(NYX.PA), had trouble routing orders for more than an hour early in the session on Thursday. A spokesman said it was an isolated issue that did not impact the broader electronic trading system, and that regular order processing resumed by 10:50 a.m. (1450 GMT)
The Big Board briefly halted trading in some stocks, including Regis Corp (RGS.N) and Avon Products (AVP.N). Trading was extended to 4:15 p.m. (2015 GMT) from the regular 4 p.m. close, and the exchange was reviewing if trades would need to be canceled.
The problem follows two others at the NYSE -- a software glitch June 12, and an order-matching problem June 26 -- as it scrambles to retain market share and upgrade systems in order to keep pace with smaller, faster rivals such as BATS Exchange and Direct Edge.
On Wednesday, the Big Board launched a new order processor it said reduces order execution time from 105 milliseconds to 5 milliseconds. The explosion in automated trading has led many high-frequency traders to measure trading in even shorter microseconds.
More at Link...
Taibbi: NYSE ends transparency to protect Goldman Sachs
The New York Stock Exchange quietly announced last week that it would end its practice of requiring companies to report all their program trading — a move that helps shield large investment banks, particularly Goldman Sachs, from public scrutiny.
The new rule means the public will no longer be able to tell if large investment banks are manipulating the stock market for their own gain, says Matt Taibbi, the journalist whose Rolling Stone article on Goldman Sachs’ role in asset bubbles over the past century has rocked the financial world.
According to previous NYSE rules, any company that carried out program trading — essentially, large computer-automated trades worth more than $1 million — had to report the trades to the NYSE, which then made the information publicly available.
But, under new regulations (PDF) published last week, that requirement has been removed.
Major developing story: Matt Goldstein over at Reuters may have just broken a story that could spell doom for if not the entire Goldman Sachs program trading group, then at least those who deal with "low latency (microseconds) event-driven market data processing, strategy, and order submissions." Visions of swirling, gray storm clouds over Goldman's SLP and hi-fi traders begin to form.
Originally posted by Hx3_1963
reply to post by RolandBrichter
Yep it's is/was...yer just a tad late
All Ordinaries 3,774.50 9:51PM ET Down 52.10 (1.36%)
Hang Seng 18,020.10 9:56PM ET Down 183.30 (1.01%)
Nikkei 225 9,650.75 9:52PM ET Down 165.32 (1.68%)
Straits Times 2,277.80 10:04PM ET Down 21.95 (0.95%)
[edit on 7/5/2009 by Hx3_1963]
Originally posted by Rockpuck
Bloomberg is reporting that 2nd quarter losses could be much worse than anticipated .. however, all is not lost.. they believe 3rd and 4th will not be as bad as 08 (which, effectively, we were still in crash crisis stage) .. I don't know if that's good or bad, or retarded. Either way, a turn around by 4thQ is not looking so good.
France and Russia urged a debate about the world's reserve currencies, but China said the dollar would keep its pre-eminence for "many years to come."
Originally posted by RetinoidReceptor
Like I said before, this whole dollar attack is premature.
----------------------------- PRICE CHANGE %CHANGE TIME
BRENT CRUDE FUTR (USD/bbl.) 63.270 -2.340 -3.57 07:44
GAS OIL FUT (ICE) (USD/MT) 522.000 -17.250 -3.20 07:43
GASOLINE RBOB FUT (USd/gal.) 173.000 -6.080 -3.40 07:22
HEATING OIL FUTR (USd/gal.) 163.500 -6.660 -3.91 07:24
NATURAL GAS FUTR (USD/MMBtu) 3.432 -0.183 -5.06 07:24
WTI CRUDE FUTURE (USD/bbl.) 63.900 -2.830 -4.24 07:24
Gold 922.30 -8.70 -0.93
Rolling Stone expose: Goldman Sachs behind every market crash since 1920s,
Goldman Sachs has played a crucial role in creating every market bubble since the 1920s -- and has profited from not only the bubbles, but from the crash that followed as well, says a new expose in Rolling Stone magazine.
An article in the July 9-23 issue of the magazine, written by Matt Taibbi, lists five asset bubbles that the 140-year-old investment bank helped create -- and one that Taibbi asserts the firm is currently working to make happen.