SEC official suggests order cancellations not currently a problem

by The Compliance Exchange on April 16, 2014

By now, you’ve heard one of the perils of high-frequency trading, as popularized in Michael Lewis’s book “Flash Boys”: that these computerized traders send out orders they don’t intend to be executed to head-fake other investors.

Except, that’s not how the nation’s top securities regulator sees it. Gregg Berman,associate director at Securities and Exchange Commission’s division of trading and markets, says the data doesn’t support such a view.

In the second quarter of 2013, he noted, over 60% of trades stayed in force for at least one half of a second, which is probably the quickest that a human could … Read More »

Mt. Gox gives up; ‘no prospects’ for business

by The Compliance Exchange on April 16, 2014

Mt. Gox, the Japanese bitcoin exchange that abruptly shuttered in late February, said Wednesday the Tokyo District Court had dismissed its application for a Japanese civil rehabilitation proceeding. The Japanese bankruptcy proceeding is similar to a Chapter 11 filing in the U.S. Mt. Gox in late February disclosed it had lost about 750,000 of its … Read More »

Three former ICAP brokers in UK court on Libor fixing charges

by The Compliance Exchange on April 16, 2014

Three former ICAP brokers in UK court on Libor fixing charges

LONDON, April 15 (Reuters) – Three former brokers at ICAP (Berlin: GBNA.BE - news) , the world’s largest interdealer broker, appeared in a London court on Tuesday charged with running a four-year scheme to manipulate … Read More »

Key EU banking reform laws approved

by The Compliance Exchange on April 16, 2014

Key EU banking reform laws approved

European lawmakers on Tuesday approved key laws reforming the euro zone’s banking sector, completing a “banking union” which will protect taxpayers from having to pay for costly bank bailouts in future.

“This new legislation stipulates what has to happen when a bank needs … Read More »

In Corporate Monitor, a Well-Paying Job but Unknown Results

by The Compliance Exchange on April 16, 2014

In Corporate Monitor, a Well-Paying Job but Unknown Results

In the insider trading case against SAC Capital Advisors, federal prosecutors have given a particularly nice gift to a former federal prosecutor, Bart M. Schwartz. Mr. Schwartz, who is now the chairman of the consulting firm … Read More »

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