“There is no kill switch; the minute you hit the send button on an algo it’s running and you can’t stop it,” says Ken Polcari, managing director at ICAP Equities and a 30-year veteran of the NYSE trading floor. “Maybe we do need to reflect on where the line is between humans and computers.” (Source: Financial Times)
Knight Capital Group is now world famous for coming this close to plunging to a fiery death. And its near-death experience might be one of the best signposts of the financial singularity. Continue Reading
Uh, this is not what we had in mind. Manchester United, the Premiere League football club, will have an IPO in the USA using the relaxed provisions of the JOBS Act. As Michael Bertin writes for ESPN, apparently the Glazer family that owns the top team “fancy Manchester United as a bit of a startup.” What’s going on here? Continue Reading
No offense but I’d like to know which planet Mikhail Chernov is living on. In Bloomberg he writes
People are rightly appalled at the way bankers manipulated Libor, a benchmark interest rate that influences the value of hundreds of trillions of dollars in financial contracts worldwide.
But before authorities topple more banks’ managements and scrap an indicator that has served the market for three decades, they should ask themselves a question: Who was really harmed?
Does this really need to be explained? Continue Reading
This happened seven days ago and I’m still agog.
Only the French could make head or tails of this. They have something called l’esprit de l’escalier or “staircase wit”. It’s the feeling you get when you think of exactly the right words to say in a conversation — but only after it’s over and you’ve already left. I.e. at the bottom of the staircase on your way out the door. Continue Reading
The Finance Addict presents Funny Money
Your weekly dose of the best offbeat finance news & links from around the web.
- How to outsource your community service
- Man who helped Citigroup become a megabank says megabanks should be broken up
- If only banksters were so contrite
- The bottom line on the Rolling Stones
- Whatever happened to Jordache?