Program do automatycznych tranzakcji Goldman Sachs

[bieda_inwestor]

Polecam:

www.bloomberg.com/apps/news?pid=newsarchive&sid=aoSjBHO2lOJk
gospodarka.gazeta.pl/gospodarka/1,33181,6796194,Goldman_Sachs_moze_stracic_miliony__rynki_narazone.html

Najsmieszniejszy jest fragment o tym jak to teraz rynki sa narazone
na manipulacje z powodu tej kradziezy

[krizcruz]

Biedny Goldman Sachs, to straszne, musimy mu jakoś pomóc...
może zrzuta ogólnoświatowa, co?

[bagracz]

Tylko patrzeć jak regulatorzy zabiorą się za konkurencję GS i w tym względzie. To nie ten szyfrowany plik jest niebezpieczny. To głowa tego gościa jest niebezpieczna. A teraz problem z głowy.
Świetny przykład prawdziwości stwierdzenia, że "Wiedza czyni wolnym".

[weev]

Sprawa z Goldman Sachs jest o wiele gorsza niz wynika z tych linkow.

Pare zrodel:

market-ticker.denninger.net/archives/1192-FLASH-Goldman-Code-Theft-BOMBSHELL.html
zerohedge.blogspot.com/2009/07/is-case-of-quant-trading-industrial.html#dsq-cite-12186605
www.dailykos.com/storyonly/2009/7/7/750786/-Incredibly-Shrinking-Liquidity-as-Goldman-Flushed-Quant-Trading

Istnieje domniemanie, ze GS jakim sposobem mial dostep do wszystkich
zlecen przed ich wykonaniem. Albo mieli po prostu te informacje od
NYSE, albo po prostu je sniffowali przez niezabezpieczona siec w tej
samej serwerowni.

Co rownie ciekawe:

The last few days the the market has traded "organically." I and many
other market participants have noted that prior to the week before July
4th the market had been acting "very odd" - normal correlations between
interest rate, foreign exchange the the stock markets had been on
"tilt" for the previous couple of months, with the amount of "tiltage"
increasing dramatically in the last three or four weeks. In fact, many
of my usual indicators that I use for daytrading had become completely
useless. Suddenly, just before the July 4the weekend, everything
started correlating normally again. I have no explanation for this
"light-switch" change but it aligned almost exactly with the day the
NYSE had "computer problems" and extended trading by 15 minutes. Was
there a configuration change made to their networking infrastructure,
one asks?

Zerohedge's information, if you believe it, seems to point toward some
sort of distortion. The cite above claims statistically "as likely as
an asteroid hitting earth it is not true" proof of distortion in the
market. I have not analyzed the data to independently validate that
conclusion, but even if the odds of these "effects" in the market being
random chance are only as good as getting hit by a tornado this
afternoon......

Warto zapoznac sie ze wszystkimi linkami na ten temat, bo sprawa jest,
jak to mowia, rozwojowa.

Przepraszam za tak pobiezny opis, ale niestety ostatnio chronicznie nie
mam czasu.

[przycinek.usa]

Tak jest weev.
Chodzi o to, ze oni mieli rzekomo, - podkreslam rzekomo - dostep do sniffera na
laczach telekomunikacyjnych, dzieki czemu mogli podgladac strumien danych o
zleceniu, limitach i oczekiwanej/rzeczywistej realizacji co potem pozwalalo
dokonywac podlozenia transakcji i wycieciu rynku na kilka centow na akcje a
kupujacy (program komputerowy) musial dokonywac zmiany limitu. W ten sposob
okradano inwestorow na wiele miliardow dolarow rocznie. W koncu jak ktos chce
kupic, to musi zlozyc zlecenie wyzej, prawda? A tam czeka na niego paczka
przepakowanych akcji od Goldmana....

Przebieg danych mial charakter poufny i nastepowal pomiedzy gielda a innymi
podmiotami - firmami brokerskimi, a Goldman "obserwowal" te informacje za pomoca
tego programu. Dokladny mechanizm nie jest mi znany, ale poczytam o tym w
weekend i opisze dokladnie o co im chodzi. Denniger pisze, ze od momentu, kiedy
sprawa sie rypla, czyli wypowiedzi publicznej prokuratora - rynek sie przestroil
i wyglada na to, ze Goldman ten program wylaczyl.

Denniger pisze rowniez, ze jezeli ta sprawa zostanie dowiedziona, to nastapi
taka utrata zaufania do gieldy amerykanskiej, ze zaden inwestor zagraniczny nie
kupi u nas zadnych akcji. I slusznie.
Bo skala przekretow na tej gieldzie jest niewiarygodna. Przypominam sprawa naked
short selling, failure of delivery, ilosc akcji na walnych zgromadzeniach
przekraczajaca laczny float, failure of delivery of bonds, swapy pomiedzy
bankami centralnymi i niejasna role BC w lancuchu popytu na bondy, manipulacje
NY FED na kursie USD albo inne mniejsze machloje, o ktorych nawet nie chce mi
sie pisac. To jest wszystko udokumentowane, jawne, publicznie znane i co?
SEC, ktory w zalozeniu powinien byc wzorem nadzoru jest naprawde skorumpowana
instytucja, ktora moze zablokowac byle Madoff. FINRA nic nie robi a rzad poddaje
sie instytucjom finansowym i wrecz podobno pracuje dla Goldmana.

Kupujacy akcje na amerykanskiej gieldzie jest narazony na takie nieuczciwiosci,
o jakich nawet sie nie sni investorom w Europie. Mozna kupic akcje w renomowanej
firmie takiej jak np. Refco, albo przez brokera rozliczajacego sie w Refco a
potem okaze sie, ze ani akcji nie ma ani pieniedzy, a prokuratura nie chce tego
scigac a sad utajnia sprawe i okazuje sie, ze w Refco byla ruska mafia, ktorej
wszyscy sie boja....

To sie wszystko odbywa pod nosem prasy, ktora NIC O TYM NIE PISZE.
Z cala pewnoscia nie jest to Ameryka, ktora poznalem kiedy tu przyjechalem. To
jest inne panstwo. To jest jakis nieznany mi wczesniej trzeci swiat, bananowa
republika, ktora rzadzi korupcja i zlodziejstwo.

wiecej szczegolow tutaj:

[przycinek.usa]

tutaj jest dosyc dobrze opisany przebieg wydarzen:

www.dailykos.com/story/2009/7/6/750420/-Breaking:-FBI-Arrest-Opens-Goldman-Sachs-Pandoras-Box

[dorota_3]

Bill King pisze o tym dzisiaj :

"For the past several years Street operators have assumed that the
computer jockeys who were being employed by proprietary trading
departments on The Street were developing algorithms that would find
other algorithms that represented buyside orders so prop desks could
trade against those orders.
Another trading prop that has been occurring for years is certain
firms feed their electronic trading systems into prop desks so
traders can see in real time money flows into and out of stocks and
groups.
However recent revelations are forcing the Street to consider the
possibility of automated front-running on an unfathomable scale. The
two “front-running” issues are: 1) “queuing” [of orders] - finding
orders loaded into a system, particularly limit orders, and trading
against them; and 2) “latency” - discovering and then front-running
electronic orders or a penny or more by exploding the latency or lag
in execution.
HFT (high frequency trading) is being done on every electronically
traded item on a global basis. Ergo, firms could be making pennies a
few billion times per day … It was imperative for the NYSE and other
exchanges to price securities in pennies to disguise “HFT” and to
provide ample trading opportunities.

While the Street is percolating with anger and curiosity about “High
Frequency Trading” there is also frustration and astonishment that
the media, regulators and our duly elected are not addressing what
could be the biggest financial abuse story of our times, if not
history.

Though the blogoshpere is all over the ‘HFT’ trading story an
important piece of the puzzle has not been publicized enough. Few
people realize that exchanges actually pay firms to trade against
order flow when they act as a SLP - “Supplementary Liquidity
Provider”.

Exchanges will pay firms ¼ of a penny if they “provide liquidity”
when an order appears in their system. This is extra incentive to
front run order flow … Theoretically a firm could “scratch” all day
and profit.

Over the past decade the move to electronic trading and pricing in
pennies was heralded by Street insiders as a means to improve
liquidity for clients. This appears to be a deception. Virtually
every facility benefitted proprietary trading at a select few firms.
Who’s the patsy?

Anyone with a modicum of industry experience understands
that “providing liquidity” is at best a euphemism for front-running
order flow."


BTW, Przycinku, Twoje gorzkie słowa nt. tego, co dzieje sie w
Ameryce robią wrażenie. Ale to nie zmienia faktu, że jako obywatele
jesteście bezsilni.

[malkontent6]

przycinek.usa napisał:

> Kupujacy akcje na amerykanskiej gieldzie jest narazony na takie
nieuczciwiosci,
> o jakich nawet sie nie sni investorom w Europie.

Oj, rozczarowanie Europejczykw może by bolesne.


> scigac a sad utajnia sprawe i okazuje sie, ze w Refco byla ruska
mafia, ktorej
> wszyscy sie boja....


A w Europie nikt się nie boi?

[zbychowiec]

Troche chlopaki przesadzili. Ostatnie elementy sieciowe (takie jak switche),
ktore umozliwialy sniffing, byly produkowane pare ladnych lat temu. Obecnie
sieci Ethernet (zakladam ze taka siec jest na gieldach Amerykanskich) sa
budowane tak zeby kazdy dostawal ze switcha swoja czesc ruchu i nic wiecej.
www.thestandard.com/news/2009/06/24/nyse-taps-juniper-10g-ethernet-network
NYSE ma calkiem niezly sprzet a bedzie mialo znacznie lepszy. O sniffingu raczej
nie bylo ani nie bedzie mowy. To sa jakies bajki, moze syn temu Deningerowi cos
powiedzial albo ki diabel.

[maciekqbn]

zbychowiec napisał:

> Troche chlopaki przesadzili. Ostatnie elementy sieciowe (takie jak switche),
> ktore umozliwialy sniffing, byly produkowane pare ladnych lat temu.

Częściowo masz rację ale nie do końca.
A co jeśli mieli dostęp administratorski do switcha?
W switchu zarządzalnym można przecież bez problemu ustawić podsłuch całego ruchu
na dowolnym porcie.

Po tej informacji jeszcze bardziej mi to smierdzi

[bieda_inwestor]

Zwroc uwage na date tego artykulu o upgradzie ktory cytujesz - 24 czerwca 2009.

Jak na moj gust troche za blisko tych wydarzen, zeby to byl przypadek.

Johm Mauldin

[stoje_i_patrze]

w swoim newsletterze o tym napisał:

John Mauldin w swoim newsletterze o program trading:
" I want to direct the attention of those in the US finance industry to a white
paper written by Themis Trading, called "Toxic Equity Trading Order Flow on Wall
Street." Basically, they outline why volume and volatility have jumped so much
since 2007; and it's not due to the credit crisis. They estimate that 70% of the
volume in today's markets is from high-frequency program trading. They outline
how large brokers and funds can buy and sell a stock for the same price and
still make 0.5 cents. Do that a million times a day and the money adds up. Or
maybe do it 8 billion times. It requires powerful computers, complicity of the
exchanges (because the exchanges get paid a lot), and highly proximate computer
connections. Literally, the need for speed is so important that to play this
game you have to have your servers physically at the exchange. Across the river
in New Jersey is too slow. Forget Texas or California. This is a game played out
in microseconds.

The retail world doesn't get to play. This is a game only for big boys who can
afford to pay for the "arms" needed to fight this war. But the rest of us pay
for the game, as that half cent is like a tax on transactions, not to mention
the increased daily volatility, which skews pricing. Think it doesn't affect
you? That "tax" is paid by mutual funds, your pension fund, and every large
institution.

Frankly, this is outrageous. The more I read the madder I got. And it is going
to get worse as computers get faster and software more intelligent. We need
rules to level the playing field. Themis suggests one simple one: just make it a
rule that all bids have to be good for at least one second. That would cure a
lot of problems. One lousy second! In a world of microseconds, that is an eternity.

Goldman Sachs went after an employee who stole some of their latest and greatest
software this last week. The US assistant attorney general said in the courtroom
that the software had the potential to manipulate the market. Imagine that. I am
shocked. There is gambling going on in the back room? Gee, commissioner, I had
no idea.

All this "algo" (algorithmic) trading also gives a very false impression of
volume. If you are a fund and see 10 million shares a day traded, you might feel
comfortable that you could hold one million shares and exit your trade easily.
But if 80% of the volume is false "algo" trading, that volume isn't really
there. You may have a position that will be a problem if you want to exit, and
not know it.

"High-frequency trading strategies have become a stealth tax on retail and
institutional investors. While stock prices will probably go where they would
have gone anyway, toxic trading takes money from real investors and gives it to
the high frequency trader who has the best computer. The exchanges, ECNs and
high frequency traders are slowly bleeding investors, causing their transaction
costs to rise, and the investors don't even know it." (Themis Trading)

We are literally talking billions of dollars here. The SEC needs to step in and
stop this, and soon. This is a lot more important than the salaries of
investment professionals, for which the Obama administration today suggested new
rules, which would allow the SEC to oversee salaries at member firms. Seriously?
They don't have enough to do already?

The link to the white paper is
themistrading.com/article_files/0000/0348/Toxic_Equity_Trading_on_Wall_Street_12-17-08.pdf.
Themis Trading is at themistrading.com/.

Read the paper. Then, if you like, drop the very nice folks at the SEC your
thoughts at [e-mail]. "