The Europeans have been distracted from the G-20: Finance ministers from Germany, France and the U.K. met in Seoul to discuss Ireland’s debt crisis after bond yields soared on concern the European Union will need …
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November 11, 2010
France has joined Germany in urging easy sovereign defaults: French Finance Minister Christine Lagarde said investors must share the cost of sovereign debt restructurings, backing a German call that helped send yields on Irish and …
November 10, 2010
People sometimes pretend that mutual fund MERs are too high. But that’s what people want: Value of Canadian mutual fund assets: $720-billion Value of Canadian-listed exchange-traded funds: $36.2-billion Value of segregated fund assets in Canada: …
November 9, 2010
Here’s another exhibit regarding the reluctance of asset management firms to promote star managers: Roger Guy and Guillaume Rambourg, Gartmore Group Ltd.’s two star managers, won European fund of the year at a black-tie gala …
November 8, 2010
The Canadian Securities Administrators have brought in proposals to maximize the risk of single-point failure in Canada, titled Consultation Paper 91‐401 on Over‐the‐Counter Derivatives Regulation in Canada. One of the risks outlined is the potential …
The Flash Crash: The Impact of High Frequency Trading on an Electronic Market
Themis Trading refers me to a comment letter from R T Leuchtkafer which in turn referred me to an excellent paper by Andrei A. Kirilenko, Albert S. Kyle, Mehrdad Samadi and Tugkan Tuzun titled Flash …
November 5, 2010
Gregg Berman of the SEC has contradicted Nanex: There is no indication thus far that “one or more parties flooded the market with quotes” to cause delays in exchange feeds that list stock prices,Gregg Berman, …
November 4, 2010
The mortgage rep & warranty issue in the States, briefly mentioned on October 25 is getting more interesting: Total losses from repurchases by the banks, which also include Wells Fargo & Co., Citigroup Inc., PNC …
November 3, 2010
Naked access has been banned: SEC commissioners voted 5-0 today to approve a rule that requires brokers to implement pre-trade risk controls when clients use the firms’ identification codes to trade directly on exchanges. Agency …
MAPF Portfolio Composition: October 2010
Turnover picked up slightly in October to 28% Trades were, as ever, triggered by a desire to exploit transient mispricing in the preferred share market (which may be thought of as “selling liquidity”), rather than …