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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 t
The NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE’s program trading.
Originally posted by GreenBicMan
reply to post by Frankidealist35
Well the opinion that they are ending in fear of bloggers is one opinion. I dont really think that, at the same time, they dont tell you what specific moves they do, just what % of volume.. so I dont think it really matters either way.
As far as GS doing this.. 100% of institutions do this, as well as even ultra small HF and retail players, so you have to look at the bigger picture here.
If you want to point a finger, look to the ETF's IMO. They are the dirtiest. There is so much liquidity out there that realisitically unless everyone was on the same page it so impossible to move a market like this (depending on what instrument you are trading)
As far as the GOV giving GS $$ - that is an entirely different story than the trading algorithms.
[edit on 5-7-2009 by GreenBicMan]
he story of Goldman's missing PT data has now entered the twilight zone. Matt Goldstein at Reuters reports that Goldman spokesman Michael Duvally notified him that Goldman did in fact not only perform its usual NYSE SLP domination, but also reported of this, as it does every week: