Salmon, Wall Street’s preference for low-priced stocks, here. Plotting what you already kind of knew. Why do folks like BAC so much? Look at the graph across the link.
Three weeks ago, Alex Tabarrok found an intriguing post by high-frequency trader Chris Stuccio. The idea is very elegant: if you want to stop high-frequency traders extracting rents from the market, there’s an easy way to do so — you just allow stocks to trade in increments of much less than a penny. Matt Levine puts it well: right now, he says, “because you can’t be outbid by another bidder within the same penny increment, you get free money by just getting there first”. If high-frequency traders could compete on price rather than just on speed, then a lot of the silly arms-race stuff would be replaced by better prices for investors.
Interesting how much play Stuccio gets.
Kid Dynamite, On UBS, Facebook, Nasdaq, and Erroneous Orders: A Story From The Good Ol’ Days, here.
So my boss’s trading desk goes to sell a basket of stocks while they are simultaneously buying futures on the phone with a broker in Chicago, trying to capture the spread. They hit the SELL button for the basket. No confirm. So the trader hits SELL again. Nothing. SELL. SELL. SELL. “Why the f*ck isn’t this order going through?”
Then just as the market begins to drop (under the weight of these waves of sell orders that were in fact going through), someone yells out “THE PRINTER IS OUT OF PAPER!“ It wasn’t that the orders weren’t going through, it was that the acknowledgements weren’t coming back! *gulp*.
Pogue, NYT, MacBook, a Point Shy of Perfect, here.
Superfast. Superthin. Superlight. Superlong battery life. Immense storage. Enough memory to keep lots of programs open at once. Stunning screen, comfortable keyboard, terrific sound. Fast start-up, rugged body, gorgeous looks.
Carlin had a bit that sounded like this, here.
Ron Coleman, Likelihood of Confusion, Jonathan Rogers: Is YouTube “Monetizing Piracy”? here. Pointers from Ron Coleman.
As for me, I’m Ron Coleman, a commercial litigator, business attorney and, some say, “IP maven” with a special interest in copyright and trademark infringement involving the Internet–including advising clients how to avoid them. I am also a writer and general counsel of thenotionalMedia Bloggers Association.
ETF Industry Association, here. Odd that I have not bumped into more ETF stories recently. Must be missing good information somewhere.
Some of the key highlights from the May 2012 ETF Data report include:
- Assets in US listed Exchange Traded Funds (ETF) and Exchange Traded Notes (ETN) totaled approximately $1.14 trillion at May 2012 month-end, an increase of 2% over May 2011 month-end, when assets totaled $1.11 trillion.
- ETF/ETN net cash inflows totaled approximately $4.2 billion for the month of May 2012, bringing year-to-date 2012 net cash inflows to $63.1 billion.
- At May 2012 month-end, there were 1,465 U.S. listed products, an increase of 17% compared to 1,254 U.S. listed products at the same time last year.
- Fixed Income led all categories for May with $8.9 billion in net inflows, bringing the YTD total to over $30.2 billion.