Back when the business of buying and selling stocks depended on human traders gathering in the same physical location — the New York Stock Exchange in lower Manhattan, for instance — a major snow storm could snarl commutes so badly that exchanges had to shut. That’s what happened during the blizzard of January 1996, which […]
A trader at RBS has admitted to making a fat finger trade in the EUR/CHF pair Monday, a spokesperson for the bank told Reuters. The error caused a series of algorithmic trades from other traders to flood the market, sending the pair spiking for a short period of time. The trades which took place on […]
Morgan Stanley’s roadmap to the future involves fewer humans, more machines.
In a move to repair its flagging bond-trading business, Morgan Stanley is scrambling to replace some of its well-paid bond traders with computers. The New York company is hiring programmers and technology specialists to help it trade bonds electronically and handle client orders in the hope of exploiting an expected shift in the way bonds and other fixed income products are traded. While the effort represents only a part of what the firm is doing to boost low returns in the business, the shift already has reduced the ranks of interest-rate and foreign-exchange traders on some desks by 10% to 20%. Morgan Stanley’s head of interest-rate trading, Glenn Hadden, has told colleagues in recent months and that the trading floor of the future will surround a few traders with the hum of powerful machines.
A couple months ago, we discussed an SEC worker who got in a bit of trouble with his employer for checking out a little porn while on the job. The unnamed supervisor made at least 1,800 logged attempts to check out some sites that included www.ladyboyx.com, www.ladyboyjuice.com, www.trannytit.com, and www.anal-sins.com, which, he admitted, “were kind […]