Tuesday, May 11, 2010
Squid squirts endless stream of black ink
Bloomberg Businessweek: Goldman Sachs has first quarter with no trading loss
The source title doesn't mean it's the first quarter that the Squid has had without a trading loss. It means that it made no trading loss (a good chunk of net revenue in fact) on every one of the 63 days in the first quarter. Its nearly $10 billion trading revenue in that quarter exceeded the revenue of all its competitors. A good gambler makes profits but if he makes profits all the time he's fixed the game. Is it the High Frequency Trading scam that assures these revenues?
Posted by icarus @ 11:36 AM (805 views) Add Comment
12 Comments
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1. icarus said...
See how the High Frequency Trading scam works:
http://market-ticker.denninger.net/archives/1259-High-Frequency-Trading-Is-A-Scam.html
2. Crunchy said...
1. icarus
Scam in this day and age? Now wash your mouth out with soap and go to your bedroom. I have arranged a doctors appointment for you in the morning 8.00am sharp lad.
We will have none of this talk on HPC. Your pocket money has also been suspended. Don't ask why!
3. Colly_wolly said...
So a friend here in Barcelona is working for RBS investment division here in Spain. Customers have a program so they can trade themselves. When the markets started going down, their server mysteriously went down as well - right when everyone would have wanted their money out. "Too many connections".
No wonder the banks always win.
4. 51ck-6-51x said...
Icarus, the link does not work, did you mean to post this link?
5. str 2007 said...
Cheers Icarus, the link didn't work but your adress in post 1 did and was worth a listen. You learn something everyday.
6. 51ck-6-51x said...
There is no getting away from an arms race in the world of trading. Regulation makes things worse, applying the rules proposed at denninger.net would result in the distortion of land prices near exchanges and of the prices of certain pieces of network equipment and a lack of transparency of which institutions are getting what edge. Those trading markets who wish to minimise the effects of such races should trade on exchanges which do not allow the information to leak to priority customers, and if these investors are big enough (pension funds etc...) then if it's in their interests they are free to set up competing exchanges which guarantee not to do so. - if it's something that's in high demand it will win business.
7. icarus said...
666 @2. Thanks. Yes, that's the story. Original link was
http://www.businessweek.com/news/2010-05-10/goldman-sachs-has-first-quarter-with-no-trading-loss-update2-.html
8. icarus said...
str 2007 - and the link between Goldman Sachs' trading profits and the market volatility we saw last week was explained a year ago at
http://zerohedge.blogspot.com/2009/04/incredibly-shrinking-market-liquidity.html
9. mark said...
As a rule, I don't pass along these "add your name" lists that appear in emails BUT, this one is important. It has been circulating all this weekend and has been sent to over 20 million people in that short time . We don't want to lose any names on the list so just hit forward and send it on.
Please keep it going!
To show your support for Gordon Brown and the Labour Party the Lib,s and the Rainbow mob to form the next government please go to the end of the list and add your name.
1. Mrs Brown.
2.
10. cat and canary said...
"To show your support for Gordon Brown and the Labour Party the Libs and the Rainbow mob to form the next government please go to the end of the list and add your name."
2. Geoffrey
3. George
4. Bungle
5. Zippy
11. mark said...
lol
don't make list too long, we don't want him or them back
12. str 2007 said...
Icarus @ 8
I've already got a headache today with trying to deal with BT.
That link just made it worse.
I'll have a look again later when I feel upto getting my tiny brain around it.