Thursday, March 30, 2017

Exchanges, not funds and banks, are the real culprits in high-frequency trading

March 31, 2014 by · Leave a Comment 

GATA

Fault Runs Deep in Ultrafast Trading

By Andrew Ross Sorkin
The New York Times
Monday, March 31, 2014

“The United States stock market, the most iconic market in global capitalism, is rigged.”

That’s what Michael Lewis told Steve Kroft on the CBS show “60 Minutes” on Sunday evening. It was a clever, if hyperbolic, way for Mr. Lewis to describe the topic of his important new book, “Flash Boys,” a make-your-blood-boil read about the abusive way that high-frequency trading works.

Mr. Lewis’ well-crafted narrative highlights a perverse system on Wall Street that has allowed certain professional investors to pay hundreds of millions of dollars a year to locate their computer servers close to stock exchanges so they can make trades milliseconds ahead of everyone else. …

There is only one problem with Mr. Lewis’ tale: He reserves blame for the wrong villains. He points mostly to the hedge funds and investment banks engaged in high-frequency trading.

But Mr. Lewis seemingly glosses over the real black hats: the big stock exchanges, which are enabling — and profiting handsomely — from the extra-fast access they are providing to certain investors.

… For the full commentary:

http://dealbook.nytimes.com/2014/03/31/fault-runs-deep-in-ultrafast-trad…

* * *

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

FBI investigating high-speed trading

March 31, 2014 by · Leave a Comment 

GATA

By Scott Patterson and Michael Rothfeld
The Wall Street Journal
Monday, March 31, 2014

The Federal Bureau of Investigation is probing whether high-speed trading firms are engaging in insider trading by taking advantage of fast-moving market information unavailable to other investors.

The investigation, launched about a year ago, involves a range of trading activities and is still in its early stages, according to a senior FBI official and an agency spokesman. Among the activities being probed is whether high-speed firms are trading ahead of other investors based on information that other market participants can’t see.

Among the types of trading under scrutiny is the practice of placing a group of trades and then canceling them to create the false appearance of market activity. Such activity could be considered potential market manipulation by encouraging others to trade based on false orders. …

… For the full story:

http://stream.wsj.com/story/markets/SS-2-5/SS-2-496580/

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Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

US Mint Silver Coins Strengthen in March, Silver Prices Plunge

March 31, 2014 by · Leave a Comment 

Silver traded sharply lower in March yet still managed an overall gain for the quarter thanks to an extremely strong preceding month. On a related note, sales of United States Mint bullion silver coins continued at high levels, marking already the second time this year that a month has attained an all-time top five monthly […]

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World Gold Council plans another seminar for people who don’t think about gold

March 31, 2014 by · Leave a Comment 

GATA

10:47a ICT Tuesday, April 1, 2014

Dear Friend of GATA and Gold:

Contradicting the repeated assertions of a member of its Board of Directors, Franco-Nevada Chairman Pierre Lassonde, that central bankers “spend no time whatsoever thinking about gold” –

http://www.gata.org/node/13683

http://www.gata.org/node/13685

http://www.gata.org/node/13105

http://www.kitco.com/news/video/show/GSA-Investor-Day-2014/558/2014-02-2…

– the World Gold Council is planning another installment of its Executive Program in Gold Reserves Management in association with the University of California at Berkeley from April 28 to May 2:

http://executive.berkeley.edu/programs/executive-program-gold-reserves-m…

Among the topics on the agenda –

http://executive.berkeley.edu/sites/default/files/program_pdfs/Schedule%…

– are “Trading, Clearing, and Vaulting Gold in the Loco London Market,” “Optimizing Gold’s Performance in Local Currency,” and “Gold Market Trading Strategies,” topics that imply that gold actually gives central bankers plenty to think about after all and that gold is far more than a dead asset merely gathering dust in a vault.

Another agenda item of special interest is “Accounting for Gold Reserves,” which perhaps will address the fears of Western central bankers recorded by the secret report of the staff of the International Monetary Fund in March 1999 —

http://www.gata.org/node/12016

– fears that an honest accounting of gold reserves, distinguishing gold swaps and leases from unimpaired reserves, would compromise the secret interventions of central banks in the gold and currency markets.

Unfortunately the World Gold Council’s program at UC Berkeley again will be open only to people who “spend no time whatsoever thinking about gold” — open only to “central bankers and finance ministry officials,” not to the public and not even to gold mining company executives. A respected market analyst cordial to GATA applied to attend last year’s program but was rejected.

While the World Gold Council calls itself “the market development organization for the gold industry” –

http://www.gold.org/about-us

– such secrecy with its programs is a strange way of developing a market. More likely, of course, the council sees its primary work as being to help central banks prevent a free market from developing in gold, and that work necessarily involves concealing the activity of central banks in the market, which is where Lassonde’s disinformation campaign comes in.

Maybe Kitco News, which happily transmits Lassonde’s disinformation, could arrange to interview him at UC Berkeley in April for another one of his Leslie Nielsen impersonations:

https://www.youtube.com/watch?v=rSjK2Oqrgic

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.


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Join GATA here:

Porter Stansberry Natural Resources Conference
AT&T Performing Arts Center
Margot and Bill Winspear Opera House
2403 Flora St., Dallas, Texas
Saturday, May 31, 2014

http://stansberrydallas.com/

Canadian Investor Conference 2014
Vancouver Convention Centre West
1055 Canada Place, Vancouver, British Columbia
Sunday and Monday, June 1 and 2, 2014

http://cambridgehouse.com/event/25/canadian-investor-conference-2014-inc…

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA’s full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16


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Stratex secures forest permit for Altintepe gold project, Turkey

March 31, 2014 by · Leave a Comment 

Exploration and development firm Stratex International has secured a forest permit to develop the Altintepe gold project in Turkey.

Read more….

Hot Chili unveils maiden reserve at Productora, Chile

March 31, 2014 by · Leave a Comment 

Hot Chili has unveiled a maiden ore reserve at its Productora project in Chile, of 90.5 million tonnes (Mt) grading at 0.48% of copper, 0.11g per tonne of gold and 172 parts per million (ppm) molybdenum.

Read more….

Brochure: RANA Refuge One Air Centre for Powered Oxygen Supply

March 31, 2014 by · Leave a Comment 

RANA’s Refuge One Air Centre provides and maintains a source of breathable air during an underground mine emergency. Refuge One units may be used in a stationary refuge chamber or in a mobile chamber, such as the Tommyknocker. Download the free produ…

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Chinalco halts operations at Peruvian mine on environmental agency order

March 31, 2014 by · Leave a Comment 

Chinese mining major Chinalco Mining has been forced to shut down operations at its Toromocho copper project in Peru, after a national watchdog alleged that the company was breaching environmental laws.

Read more….

Equatorial Resources secures mining licence for Congo iron project

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The Republic of Congo (ROC) Government has awarded Equatorial Resources a mining licence for the Mayoko-Moussondji iron project.

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Whitehaven Coal’s Maules Creek project still faces protests

March 31, 2014 by · Leave a Comment 

More than 80 people have protested against Whitehaven Coal’s new $767m Maules Creek coal project in New South Wales (NSW), following the Federal Court’s approval.

Read more….

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