Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘NYSE’

Time Split to the Nanosecond Is Precisely What Wall Street Wants

Posted by hkarner - 1. Juli 2018

Date: 30-06-2018
Source: The New York Times By John Markoff

SAN FRANCISCO — Computer scientists at Stanford University and Google have created technology that can track time down to 100 billionths of a second. It could be just what Wall Street is looking for.

System engineers at Nasdaq, the New York-based stock exchange, recently began testing an algorithm and software that they hope can synchronize a giant network of computers with that nanosecond precision. They say they have built a prototype, and are in the process of deploying a bigger version.

For an exchange like Nasdaq, such refinement is essential to accurately order the millions of stock trades that are placed on their computer systems every second.

Ultimately, this is about money. With stock trading now dominated by computers that make buying and selling decisions and execute them with blazing speed, keeping that order also means protecting profits. So-called high frequency trading firms place trades in a fraction of a second, sometimes in a bet that they can move faster than bigger competitors. Den Rest des Beitrags lesen »

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Erstmals Frau an der Spitze der New Yorker Börse

Posted by hkarner - 23. Mai 2018

Erstmals in der 226-jährigen Geschichte steht eine Frau allein an der Spitze der New Yorker Börse. Somit werden zwei der drei wichtigsten US-Börsen von Frauen geführt.

Stacey Cunningham ist Chefin der New Yorker Börse 

Erstmals in der 226-jährigen Geschichte steht eine Frau allein an der Spitze der New Yorker Börse. Die New York Stock Exchange (NYSE) ernannte Stacey Cunningham zur Chefin, wie ein Sprecher der Muttergesellschaft Intercontinental Exchance (ICE) am Dienstag in New York mitteilte. Cunningham verantwortete bereits das operative Geschäft und folgt nun auf Tom Farley, der das Unternehmen verlässt.

Damit werden zwei der drei wichtigsten US-Börsen von Frauen geführt. So übernahm Adena Friedman im vergangenen Jahr die Leitung der Technologiebörse Nasdaq. Die NYSE hatte mit Catherine Kinney in der Vergangenheit schon einmal eine Chefin – allerdings musste diese sich den Posten teilen. Cunningham ist seit 2015 für das operative Geschäft als COO verantwortlich. Sie kam zum ersten Mal 1994 mit der NYSE in Berührung: als Händlerin auf dem Parkett. Den Rest des Beitrags lesen »

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Why Wall Street’s Love Affair With Tech Hasn’t Cooled

Posted by hkarner - 1. April 2018

Date: 31-03-2018
Source: The Wall Street Journal

Analysts cite big tech’s solid earnings outlook and its dominance across sectors from retail to social media

Wall Street still isn’t ready to break up with the market’s technology darlings.

Stock ratings among analysts and brokerages have largely held steady for big tech firms even as their shares have slumped, a sign the tidal wave of bad news hitting the industry hasn’t destroyed confidence in the popular stocks.

Analysts cite big technology companies’ strong earnings outlook and dominance across industries from retail to social media, as well as the likelihood that any additional regulations imposed by lawmakers will take time to implement. Den Rest des Beitrags lesen »

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Wie Trump die nächste Finanzkrise heraufbeschwört

Posted by hkarner - 13. Februar 2017

Indem der US-Präsident die Bankenregulierung seines Vorgängers Obama demontiert, setzt er das globale Finanzsystem neuen Risken aus. Dabei hatte die rasche Aufstockung der Kapitalbasis die US-Banken strategisch gestärkt. Sie jetzt von der Leine zu lassen, könnte rasch eine gefährliche Kreditblase aufblähen.

Die Stimmung war bestens, beim Treffen im Dining Room des Weißen Hauses. Donald Trump hatte ein Beratergremium aus Unternehmern und Bankchefs geladen, um über einen weiteren Schlag gegen eine Reform seines Vorgängers zu informieren: den Dodd-Frank Act, mit dem die Regierung Obama die Banken bändigen und die Gefahr einer globalen Finanzkrise wie 2008 eindämmen wollte. Was der neue US-Präsident davon zu halten hat, hatte er sich von einem der Anwesenden einflüstern lassen: „Niemand kann mir so viel über Dodd-Frank erzählen wie Jamie“. Das Kompliment galt Jamie Dimon, dem Herrn über JP Morgan, der größten Bank der USA. Den Auftrag, das Gesetzespaket zu demontieren, gab Trump aber Gary D. Cohn. Dieser oberste Wirtschaftsberater kommt von Goldman Sachs. Ebenso wie der nominierte Finanzminister, sein wichtigster Geldbeschaffer im Wahlkampf. Das Wall-Street-Trio hat sein Ziel erreicht: Seit Freitag, dem 3. Februar, sind die Tage des für sie so lästigen Regelwerks gezählt. 

Noch am selben Abend unterschrieb Trump zwei entsprechende Dekrete. Über die ganze vergangene Woche verteilt hagelte es Warnungen, vor allem aus Europa. Erst langsam wurde Notenbankern, Politikern und Ökonomen bewusst, was diese radikale Kehrtwende bedeutet: ein Ende des globalen Schulterschlusses für schockresistente Banken – und zugleich die Gefahr einer US-Kreditblase als Keimzelle einer neuen Finanzkrise. Den Rest des Beitrags lesen »

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Electronic Trading Glitches Hit Market .

Posted by hkarner - 2. August 2012

Date: 02-08-2012
Source: The Wall Street Journal

Nearly 150 NYSE stocks were impacted by a glitch that shook the market on Wednesday and resulted in a halt in trading. Jonathan Cheng has details on Mean Street. Photo: AP.

An electronic-trading glitch roiled trading in nearly 150 stocks early Wednesday, sparking confusion among traders and investors and further undermining confidence in the basic machinery of financial markets.

As U.S. markets opened for the day, many stocks began to show unusual price moves and trading volume surged. Most of the affected companies were tiny, but insurance giant Berkshire Hathaway Inc. saw more trading in the opening hour than it does in a typical day. Bank of America Corp. and General Electric Co. also gyrated.

Brokerage firm Knight Capital Group Inc. acknowledged it was the source of the trouble. The firm blamed a „technology issue“ and said it was investigating. Knight’s losses from trades gone awry could be more than $80 million, according to people briefed on Knight’s estimated losses.

The stumble echoes the „flash crash“ of 2010 and closely follows the botched initial public offering of Facebook Inc. and other recent hiccups caused by the stock market’s computer-driven infrastructure.

The cumulative effect has been to further erode faith among investors big and small in the reliability of trading, magnifying the woes inflicted by a decade of lousy returns.

The apparent erosion of trust can be seen in withdrawals from U.S. stock mutual funds, which have totaled $305 billion since the start of May 2010, according to data from the Investment Company Institute, an industry trade group. It has been a steady exodus, with investors pulling out more money than has been put in during 24 out of the last 27 months.

Wednesday’s incident was „another big knock to investor confidence,“ said Clive Williams, global head of equity trading at mutual fund company T. Rowe Price Group, which manages $542 billion. He added that „this race for speed is just very, very dangerous.“

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Regulators opened inquiries into Wednesday’s issue. The New York Stock Exchange canceled trading in six stocks. But at the end of the day, traders and market experts remained unclear about exactly how the glitch had occurred.

As a broker, Knight Capital matches buyers and sellers of stocks. Its electronic brokerage arm suffered a software problem around the time the stock market opened, the company said. Among the stocks that were jolted, tiny Wizzard Software Corp.’s share price more than tripled before falling sharply.

Traders work at the Knight Capital kiosk on the floor of the New York Stock Exchange in this February 21, 2012 file photo.

Knight told clients and other firms not to send trades through its system because of the apparent snafu, according to traders at other firms.

Traders and brokers said Knight’s computer program appeared to spit out duplicate buy and sell orders, jamming the market with high volumes of trades that caused the wild swings in stock prices.

„This is another example of what computers can do to the stock market,“ said Arthur Batson, whose firm runs investor relations for Wizzard Software.

As word of the problem spread, investors dumped Knight’s own stock, sending shares down 33% to $6.94 on the New York Stock Exchange. In large part, that reflects worries Knight may be forced to compensate clients who lost money because of the errors.

The snafus put Knight Chief Executive Thomas Joyce in an uncomfortable spotlight. Mr. Joyce has been a vocal critic of other recent market breakdowns. He couldn’t be reached for comment.

A spokesman for the U.S. Securities and Exchange Commission said the agency is „closely monitoring the situation and in continuous contact with the NYSE and other market participants.“

The self-regulatory Financial Industry Regulatory Authority, or Finra, was also examining the episode, according to a person familiar with the matter.

The Dow Jones Industrial Average closed down 37.62 points to 12971.06.

The fleet-of-foot were able to capitalize on Wednesday’s irregularities. Dennis Dick, a trader for Bright Trading LLC in Detroit, said he began to notice heavy trading in a number of stocks minutes after the opening bell. Some traders, including Mr. Dick, started posting comments about the major dislocations on Twitter.

He and others concluded that the trades were coming from a rogue algorithm—a computer program designed to buy or sell stocks based on various criteria—because the orders were consistent. Traders found profits amid the patterns.

„The algorithm just kept trading,“ Mr. Dick said. „There are algorithmic errors everyday but they’re caught immediately—this went on for nearly half an hour.“ He said a number of Bright’s traders made „thousands of dollars“ Wednesday by trading during the disruption.

Other investors considered Wednesday another discouraging episode in a string of them. David Dginger, 43 years old, is a Pasadena, Calif.-based entrepreneur and movie producer who owns a portfolio of about 70 stocks, including several that were affected on Wednesday. He also bought into the botched Facebook IPO. „Who’s researching all of this and who’s taking the blame?“ Mr. Dginger said.

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