Saturday, June 26, 2010

Yes, that is how markets work.

On the "Trade-at" regulations being proposed:

Institutional investors using dark pools to avoid market impact could also suffer, brokers argued. That's because the operator of the pool would be forced to sweep the public markets to keep the trade in-house, UBS told the SEC. The sweep could act as a signal there was large buying or selling interest, UBS said. That could impact the price of the stock, negating the benefits of the dark pool.

Yes, that is how efficient markets usually work in economics.

Sunday, June 13, 2010

Worst bug resolution ever

In summary: Guy opens a bug against Visual Studio, problem with the German language version. Bug is more or less closed with the resolution "Learn English".

Thank you Microsoft.

Saturday, June 12, 2010

The end of the exchanges

As NYSE passes its regulatory power to FINRA, the meaning of the word "exchange" loses relevance.

It was announced a month ago, on May 4, and was greeted without much fanfare: The New York Stock Exchange will delegate to FINRA responsibility for performing market surveillance and enforcement over trading on the NYSE.

To comply with the niceties of the Securities Exchange Act of 1934, the NYSE will retain responsibility for making sure that FINRA is doing its job. Lawyers will prepare appropriate procedures to demonstrate that this oversight function is being carried out properly. But, I very much doubt that anyone believes this will amount to anything more than window dressing. The NYSE's oversight role will be mainly perfunctory.

Comparison of Windows NT networking protocols

What a blast from the past.