• Electronic Trading, Exchanges, Glitch, Market Plunge, NYSE, Specialists

    GlitchWatch: John Thain In Defense of Specialists?

    Reading the remarks of John Thain is the new Kremlinology. As we noted in our earlier item, Thain defended the hybrid system yesterday. But one thing we didn’t get around to noticing until we re-watched the interview this morning is that hain defended not just the electronic aspects of the hybrid system but the human […]

    / Mar 1, 2007 at 11:34 AM
  • Specialists

    The Death of The God of The Closing Bell, Day II

    Specialists at certain posts on floor of the New York Stock Exchange have been told not to close up shop yet, according to NYSE CEO John Thain, who spoke moments ago to CNBC’s Maria Bartiromo and Bob Pisani. It seems that the floor trader nightmare we described last night as “the death of the God […]

    / Feb 28, 2007 at 4:28 PM
  • Electronic Trading, Exchanges, Glitch, Market Plunge, NYSE, Specialists

    The Vinnys Fight Back!

    Color us skeptical when it comes to all the blather blaming yesterday’s sell-off on a computer glitch. Or glitches. Why? Because it seems the main thing that caused the computer glitch was so many sell-orders pushing through the system at once. If selling caused the glitch, how could the glitch cause the selling? Okay, maybe […]

    / Feb 28, 2007 at 12:40 PM
  • Banks, CEOs, CNBC, Electronic Trading, Exchanges, Goldman Sachs, NYSE, Specialists

    Niederauer, For One, Welcomes Our New Robotic Masters

    Word hit last night that the New York Stock Exchange would as of right now be a wholly-owned subsidiary of Goldman Sachs and specialists would be scheduled for immediate extermination. That, at least, was the reaction coming from a couple of specialists we spoke to today about the news that Goldman Sachs managing partner Duncan […]

    / Feb 27, 2007 at 3:09 PM
  • Specialists

    Finnerty Is Free. So Are The Brokerages Off The Hook, Too?

    Remember that David Finnerty case we mentioned yesterday. You know, the one with the New York Stock Exchange specialist who the government accused of improperly inserting themselves in between customer trades. The one that the judge threw out yesterday because the prosecutors failed to show that the customers had any expectation that Finnerty wasn’t interpositioning […]

    / Feb 22, 2007 at 3:06 PM
  • Exchanges, legal, NYSE, Specialists

    Finnerty Is Free!

    The controversial conviction of NYSE specialist David Finnerty was thrown out by a federal judge this morning. Finnerty was convicted back in October after a surprisingly brief jury deliberation that led some to wonder whether the verdict would stand up on appeal. Now we know it didn’t. U.S. District Judge Denny Chin in New York […]

    / Feb 21, 2007 at 1:16 PM

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