60 Minutes Examines High-Frequency Trading (Video, Transcript)

CBS 60 Minutes Video - High-Frequency Trading - Aired Oct. 10, 2010

Jon Stewart's brother, Larry Leibowitz, President of the NYSE, gets substantial airtime.  We've covered their relationship in the past:

• Stewart vs. Leibowitz -- Battle of Brothers

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• Read the transcript at CBS

• Watch more 'web-only' clips from the segment at CBS

Spoiler ALERT -- Do not miss #7:

• 7 really big holes...

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Jon Stewart's brother, Larry Leibowitz, President of the NYSE, gets substantial airtime.  We've covered their relationship in the past:

• Stewart vs. Leibowitz -- Battle of Brothers

Comments

[DailyBail]

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good read from br...

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[DailyBail]

http://pointsandfigures.com/?p=3711

What really caused the Flash Crash...

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[Z]

They didn't mention the uptick rule once, f*** 60 Minutes.

[DailyBail]

What is your issue regarding the uptick rule anyway...and don't spew any chris cox nonsense...if you think NOT having the uptick rule in place allows short sellers an unfair advantage, you are completely mistaken...this is my bread and butter so don't come with vague conspiracy theory...pretty much the only people who blame not having an uptick rule during the crisis are people who don't understand trading...i'm not going to take any more time to debate this...do a google search and learn the truth...citi, fannie & freddie, bear stearns, lehman, aig...they weren't heavily shorted...short sellers had nothing to do with their demise...lies and shitty balance sheets destroyed these companies...

[Z]

Nothing I could show you would change your mind. If you give me the names of a few people that could change your mind, I will look to see if they have stated an opinion on the uptick rule.

As for 60 Minutes, I know it was just a fluff piece for the masses but to not mention the uptick rule seems a bit fishy to me.

[Z]

On your "that's a conspiracy theory hard-on" mantra...

Please tell me what this means...

http://www.youtube.com/watch?v=JEOePDZXeBU

What is he referring to when he says "truths protective layers"? He must have meant to say something, right?

[Z]

It sounds like you are all for supercomputer proximity high speed gambling to suck the nickels off the money pile. That sure sounds like value added services to me.

[DailyBail]

z...i don't support hft...i just wanted to see if you actually knew anything about trading or the uptick rule...it's fine that you don't but just stop spewing bs...the uptick rule is stupid and has never made good sense...

Chanos Blasts SEC On Short Sale Rules

http://www.businessinsider.com/chanos-blasts-sec-on-short-sale-rules-2009-4

[Z]

Does that work on anyone?

I tried.

[DailyBail]

now...naked shorting by anyone besides a market maker in the normal course of filling a customer's order...that is something entirely different...that is against the rules and shouldn't be tolerated...

but the uptick rule is another issue altogetther...i mean should we have to wait for a stock to tick down before we can buy it...of course not...same should be true for shorting..waiting for upticks to short isn't going to help the markets in any way...it's a subversion of the free market...

[Z]

Truth's protective layers and nothing? No bread, no butter, no jam on this? I think it means, um, yeah?

[Z]

As to your point, I guess that the problem is that the definition of an honest profit and fairness doesn't matter anymore. I took a class in business ethics, it wasn't at Harvard or Yale so maybe I was taught worthless business and life lessons. I should have gone to Yale and taken Game Theory where the math and making the most amount of money with the least amount of personal effort is all that matters. No, I think I should have just been Donald Trump’s child so that all doors are removed from their hinges and my fancy clothes and store bought degrees could make me a good, I mean a acceptable person in high society. I could windsurf with John Kerry and have tea with that beastly Huffington chick with the oversold hungarian accent.

As for the uptick rule, it would help prevent the destruction of a stock's value by computers and a bunch of non-contributors. The rules on hft is exactly the opposite, fake trades to bait other supercomputer algorithms is complete nonsense. The integrity and purpose of stocks are being perverted by the trades. At least slow it down and make the supercomputers have ATMs attached to them so we can watch the cash go back and forth.

At the very least, let’s call the hft, ummm, spam trades by fucknods supervised by Jon Leibowitz’ brother or maybe call them high frequency gypping without a soul.

[john]

Market Watch: High Frequency Oil Trader Fined For Market Abuse

http://www.imackgroup.com/mathematics/1963221-market-watch-high-frequency-oil-trader-fined-for-market-abuse/

[snip]


The U.K. Financial Conduct Authority (FCA) fined U.S.-based oil trader Michael Coscia $903,176 for deliberately manipulating commodities markets, marking the first time the FCA has taken action against a high-frequency trader.

The FCA said that Coscia used a program he designed to engage in "layering," an abusive trading strategy, between Sept. 6 and Oct. 18, 2011. He placed thousands of false orders for Brent Crude, Gas Oil and Western Texas Intermediate futures from the U.S. on the ICE Futures Europe exchange in the U.K., and made a profit of $279,920 during the six-week period, at the expense of other market participants, according to the FCA.

Coscia would have been fined just over $1.15 million, but received a 30% discount by agreeing settlement under the FCA's executive settlement procedures.