tag:blogger.com,1999:blog-34323687.post3529274243481596776..comments2024-03-28T12:22:11.704+00:00Comments on Macro Man: OK, so....Macro Manhttp://www.blogger.com/profile/12324967552369915949noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-34323687.post-42271738393956867242014-03-31T14:19:55.022+01:002014-03-31T14:19:55.022+01:00Market makers and 'traders' place orders i...Market makers and 'traders' place orders in the market at prices that are value and take prices that are not value. They oil the cogs of the market, they assist price discovery to occur effeciently.<br />Spoofing, layering, quote stuffing and the other manipulative practices that some HFT engage in destroy prices not discover them.Nichttps://www.blogger.com/profile/15083151714732237616noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-54708444224890296372014-03-29T00:23:22.236+00:002014-03-29T00:23:22.236+00:00I agree that random regulatory enforcement is bad....I agree that random regulatory enforcement is bad.<br /><br />However I think their stance on spoofing and 'layering' is wrong.<br /><br />If you make a trade decision in that direction because of an order you see, then you're taking liquidity not providing it. <br /><br />hft's spoofing would protect real money orders and reduce the ability of locals to lean on orders.<br /><br />Maybe short sterling is different - but I've heard the same claim in other markets, that you can't get filled but when I've looked at the evidence it has not been there.BlackRavenhttps://www.blogger.com/profile/05896472586470597474noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-32644112194250702602014-03-28T07:30:01.831+00:002014-03-28T07:30:01.831+00:00settlement on options.... loooong story. to be hon...settlement on options.... loooong story. to be honest I don't think exchanges do it on purpose. They just do not have the same level of attention that a trader has. if you own 1000 call spread and the mkt is 12.0/13.0, you want it to settle properly (say 12.5) as you may have it against something else. it's your book, it's your life.<br /><br />For them... 12.0/12.5 or 13.0 does not make much difference. among the myriad of options they have to settle, they hope their software won't make too many end users upset and when it does, they apologize and send an excuse email the following day. <br /><br />Unfortunately, I do not think there is an easy way to solve the problem at once. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-30549400528959784812014-03-27T15:46:21.184+00:002014-03-27T15:46:21.184+00:00The FCA considers spoofing and layering cheating b...The FCA considers spoofing and layering cheating but they selectively enforce it like in oil http://www.fca.org.uk/news/fca-fines-us-based-oil-trader , but Liffe seems to protect the spoofers.<br />I have seen big size spoofs hit and it sends everything bonkers for a bit and makes market unstable. <br />They are spoofing many multiples of the daily total volume of a contract.<br />Some markets, like short sterling, the HFT spoofers actually wrote the fill algorythm for liffe, and its almost impossible to trade against them as you can't get filled.<br />Nichttps://www.blogger.com/profile/15083151714732237616noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-67906761192177355062014-03-27T14:27:04.941+00:002014-03-27T14:27:04.941+00:00Ok I dont know too much about Krays but I did thin...Ok I dont know too much about Krays but I did think I knew about the Spoos and I just recheck the CME website. Can you please refrence where the mar settlement price for the Spoo's is set at 11? Looking on CME website I cant find any data supporting that claim<br /><br /><a href="link" rel="nofollow">http://www.cmegroup.com/trading/equity-index/us-index/e-mini-sandp500_contract_specifications.html</a>abee crombiehttps://www.blogger.com/profile/13320039155613443039noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-53048838469943604402014-03-27T13:44:11.425+00:002014-03-27T13:44:11.425+00:00Why is spoofing bad? the order is there and you ca...Why is spoofing bad? the order is there and you can trade against it.BlackRavenhttps://www.blogger.com/profile/05896472586470597474noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-72782206342532542282014-03-27T13:25:58.756+00:002014-03-27T13:25:58.756+00:00Regulators don't care to hear from traders abo...Regulators don't care to hear from traders about market abuse, they don't like traders. <br />Remember Fisher at the treasury select committee last month? "a lot of traders whinging about how difficult their life is"Nichttps://www.blogger.com/profile/15083151714732237616noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-81753385405325759862014-03-27T13:19:50.674+00:002014-03-27T13:19:50.674+00:00How does any bank, in the US or Europe, fail a str...How does any bank, in the US or Europe, fail a stress test when they fill in the answers themselves on a form or over the telephone?<br />The only money made on Liffe goes to Czech republic now.Nichttps://www.blogger.com/profile/15083151714732237616noreply@blogger.comtag:blogger.com,1999:blog-34323687.post-47392370577573735042014-03-27T11:16:39.690+00:002014-03-27T11:16:39.690+00:00I just dunno why these shenanigans continue to per...I just dunno why these shenanigans continue to persist so blatantly. <br />Oh yeah I forgot it's called regulatory capture : ETC = good, OTC = bad<br />d'oh<br />srsly, it'd be nice if regulators listened to end users a bit more.<br />JLAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-15935449887786489172014-03-27T09:36:05.553+00:002014-03-27T09:36:05.553+00:00C Says
No way can you keep this up ,but by golly y...C Says<br />No way can you keep this up ,but by golly you are away to a wonderful start.<br />First Law of enforcement ,always nail the easy targets to make the numbers look good. It's right up there with the first Law of accountancy ,in a poor quarter pull some sales forward ! Or isn't that the first Law of Central bank policy to pull forward future activity into the present and hop the future fills in the hole ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-34323687.post-38604602293795471672014-03-27T09:10:06.092+00:002014-03-27T09:10:06.092+00:00Nice read! Very informative. Something interesting...Nice read! Very informative. Something interesting: This Rapidly Expanding Grocery Chain Is Shockingly Cheaper Than Walmart.<br />Read it here: http://goo.gl/SisRZg<br />Storewars Newshttps://www.blogger.com/profile/14158088500801666670noreply@blogger.com