Posted by Larry Doyle on June 27th, 2014 12:42 PM |
In light of the recent legal action brought by NY AG Eric Schneiderman against Barclays, I thought it might be beneficial to rerun a commentary that I posted here on October 20, 2009.
Ponder that date for a minute. The issues exposed in the suit brought against Barclays are not new developments.
Think of the theft and corruption that has transpired within these dark pools and elsewhere in the last 5 years, if not much longer than that, given that our financial regulators are ‘in bed with Wall Street.’ Some of my assertions expressed in this post have been shown to be more wishful thinking than reality.
Kudos to Joe Saluzzi once again. While a number of people in the markets have been pushing for increased oversight of high frequency trading, in my opinion, nobody deserves more credit than Joe Saluzzi of Themis Trading. (more…)
Posted by Larry Doyle on March 6th, 2013 7:20 AM |
I recently received a message from friends in the market apprising me of the newest “trick” being used by those who like to move/manipulate markets. What are the wizards up to?
Let’s get the inside scoop on what is really going on within our equity markets from our Sense on Cents Hall of Famers Joe Saluzzi and Sal Arnuk at Themis Trading. They recently sent out the following:
From Themis Trading: A new phenomenon is sweeping the equity market. It’s called the Fake Tweet Mini Flash Crash. (more…)
Posted by Larry Doyle on October 3rd, 2012 9:05 AM |
Despite a wealth of political bluster that Wall Street has been reformed, we awake this morning to see that very little has really changed on this front. Financial regulatory reform? Not today, folks.
The simple fact is when it comes to Wall Street regulation, investors, consumers, and the American public at large are being fed the same helping of dog$hit.
We need look no further than a meeting held just yesterday of industry executives and securities regulators to see exactly this. (more…)
Posted by Larry Doyle on August 4th, 2012 7:09 AM |
Investors are constantly confronting the question whether it is safe to go in the water, that is, to commit capital and make an investment.
With so much concern already surrounding the structure of and practices within our equity exchanges, there was serious fuel added to these fires with the malfunction and accompanying meltdown at Knight Capital this week.
This story and situation deserve serious attention. To that end, when I want to know what goes on within the equity markets, I immediately go to the most reliable source. Who is that? Our resident Sense on Cents’ Hall of Famers Joe Saluzzi and Sal Arnuk at Themis Trading. What do these ‘men in the arena’ have to say about the Knight Capital debacle and the structure of the equity markets overall? (more…)
Posted by Larry Doyle on July 15th, 2010 1:24 PM |
Why are investors increasingly less comfortable putting capital to work in the market? Why are investors increasingly less confident in the very structure of the marketplace itself? The simple fact is the supposed technological advancements embedded in high frequency trading have come with very real costs for long-term investors. The biggest advocate for investors in addressing these real costs has been Themis Trading’s Joe Saluzzi. I interviewed Joe twice over the last year and have referenced his work often. I commend Joe for often being the lone wolf within the industry crying out on these critically important issues.
Well, Joe now has company in the form of a very, very, very large wolf. Who might that be? None other than JP Morgan. Thanks very much to a regular reader of Sense on Cents for pointing out a story, JP Morgan’s Views On The Five Best Things About the Flash Crash, that ran yesterday at the fabulous site Zero Hedge. (more…)
Posted by Larry Doyle on June 24th, 2010 2:28 PM |
As a result of launching Sense on Cents, I have had the good fortune of developing quality relationships with a wide array of individuals across a wide swath of our economic landscape. One of those individuals I hold in especially high regard is Themis Trading’s Joe Saluzzi.
I have interviewed Joe twice on No Quarter Radio’s Sense on Cents with Larry Doyle (August 2, 2009 and then again on May 23, 2010). Joe is a breath of fresh air in that he ALWAYS tells it like it is. He provides total truth, transparency, and integrity at each and every turn. He has opened doors and shed sunlight on the destructive elements embedded in high frequency trading. He pulls no punches in offering an honest assessment of the markets and the economy. He is uniquely positioned to provide a wealth of sense on cents. Unlike many in the industry, Joe asks for no cover and provides none for those more inclined to operate in the dark corners and amidst the shadows on Wall Street. (more…)
Posted by Larry Doyle on May 14th, 2010 9:17 AM |
Themis Trading’s Joe Saluzzi was designated a Sense on Cents Hall of Fame medalist this past January. Mr. Saluzzi has once again distinguished himself by providing a significant degree of transparency into the technical structures of our seriously flawed equity exchanges.
A recently released white paper, Exchanges and Data Feeds: Data Theft on Wall Street,written by Joe and his colleague Sal Arnuk at Themis Trading is getting a LOT of attention on Wall Street and in Washington. I welcome highlighting and bringing this 3-page paper to Main Street. If you have any interest in the markets and our economy, this paper is a MUST read. Allow me to whet your appetite: (more…)
Posted by Larry Doyle on May 7th, 2010 2:44 PM |
In light of the structural problems displayed in the market yesterday, I believe it is timely to repost a commentary from last July:
In the spirit of continuing the dialogue on high frequency program trading, please view this ‘mano a mano’ debate on CNBC.
In one corner is Joe Saluzzi of Themis Trading. In the other is Irene Aldrige, Managing Partner of Able Alpha Trading.
Mr. Saluzzi initially exposed this activity to the public in late June. Irene views this trading activity as a natural evolution of modern technology.
Please let me know how you score “the fight.”
Additionally, for those interested in further pursuing information on structural issues in the marketplace related to high frequency trading, here is a link to my Review of Sense on Cents Interview with Joe Saluzzi on High Frequency Trading from last August.
Posted by Larry Doyle on January 4th, 2010 9:47 AM |
For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.
Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .
Sense on Cents 2009 Hall of Shame Inductees
1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician (more…)
Posted by Larry Doyle on October 20th, 2009 4:17 PM |
Kudos to Joe Saluzzi once again. While a number of people in the markets have been pushing for increased oversight of high frequency trading, in my opinion, nobody deserves more credit than Joe Saluzzi of Themis Trading. The pressure initiated by Joe and pushed by others is starting to bear real results. How so?
The highly predatory nature of ‘flash orders’ will likely be discontinued. Now we learn that trading activity in dark pools will also likely be seriously restricted. What are dark pools? Why should you care? If you have an interest in the markets, you should care. Let’s navigate.
I was honored to have Joe join me on August 2nd on No Quarter Radio’s Sense on Cents with Larry Doyle. From my review of that interview, we learned that dark pools have developed in the following manner:
– Originally launched by one or two exchanges for the purpose of allowing major money managers to cross large blocks of stock ‘off the floor’ and thus protect the buyers and sellers identities and the price of the transaction
– Now every dealer and exchange have developed dark pools resulting in more and more business occurring off exchanges and without any benefit of transparency. Who is disadvantged? Those without access to the dark pools.
– Dark pools initially had minimum size orders, but many dark pools have increasingly shifted away from a size requirement.
– Dark pools have developed in such a way that some market participants will abuse the intended purpose of the facility, that is to transact, and instead will look to discover information on pending orders through these dark pools. (more…)