Knight Capital Fined $12m For Trading Violations

By that time, Cuban had already sold his shares. But a nine-member jury deliberated for about four hours to reach the conclusion that the SEC failed to prove Cuban used non-public information to make the trade. “Mark Cuban is not going to be found guilty of insider trading in Dallas, Texas, because he’s a hero down there,” says Chicago securities attorney Andrew Stoltmann. “The SEC had an uphill climb from the very beginning.” Cuban’s Mavericks won the 2011 NBA world championship.
Source: http://www.usatoday.com/story/money/business/2013/10/16/mark-cuban-trial/2995827/

IPads now make up 20% of items traded in on Gazelle’s website, up from 11% a week ago. “Previous generations all look the same,” said Anthony Scarsella, Gazelle’s chief gadget officer. The new iPad could have more processing power, a better camera and even use Apple’s latest Touch ID fingerprint sensor . Related story: Macs down, PCs up Meanwhile, NextWorth saw its weekly iPad trade-ins more than triple this week.
Source: http://money.cnn.com/2013/10/20/technology/mobile/ipad-trade-in/index.html

RPT-U.S. data backlog a boon download for computer-driven trading

The platform is set to change the structure of transaction in the market as it allows order automation, multiple channels interaction and real time integration of stockbrokers web access to the market such that investors can see and may be trade directly through their brokers platform real time. However, The learning curve for brokers on the use of the newly installed X-Gen trading platform is expected to contribute to the current drag in the performance of the stock market in the last quarter of the year, BGL affirmed. In the report titled, Economic Note: The Nigerian Capital Market in the First Three Quarters of 2013, BGL team said the market is consequently expected to close with about 30 percent performance. Giving further analysis of activities in the market, it said the sub-national bond space may remain flat for the rest of the year and the first quarter of 2014, while the second phase of power companies sales would increase loan syndication in the market. The company noted in the report that the primary market window is probably getting rejuvenated with an estimated N125.2 billion raised by different listed companies through that window, adding that the success recorded by most of the companies would encourage more companies to come to the market for public offers in the near term. It said, For the first nine months of the year 2013, the Nigerian Capital Market enjoyed some impressive rally.
Source: http://www.vanguardngr.com/2013/10/new-trading-engine-prolong-stock-market-decline-report/

Join the Nation’s Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Knight Capital fined $12M for trading violations Mike Snider, USA TODAY 12:29 p.m. EDT October 16, 2013 A software glitch that caused Knight Capital’s computers to disrupt the stock market in 2012 has led to a $12 million SEC fine. Knight Capital specialists work at their posts on the floor of the New York Stock Exchange Friday, Aug. 3, 2012.
Source: http://www.usatoday.com/story/money/business/2013/10/16/knight-capital-sec-12-million-fine/2993661/

Federal prosecutors in New York filed criminal charges in August against JPMorgan traders Javier Martin-Artajo and Julien Grout. Martin-Artajo supervised the banks trading strategy in London, and Grout, his subordinate, was in charge of recording the value of the investments each day. They were charged with conspiracy to falsify books and records, commit wire fraud and falsify filings to the SEC. Both traders, through their lawyers, have denied any wrongdoing.
Source: http://www.washingtonpost.com/business/jpmorgan-paying-100m-admitting-manipulation-of-prices-in-settlement-over-6b-trading-loss/2013/10/16/a23cc220-366e-11e3-89db-8002ba99b894_story.html

JPMorgan paying $100M, admitting manipulation of prices in settlement over $6B trading loss

“Our reaction during October was to dramatically reduce exposure to our momentum systems as price action was compressed and the market adopted a ‘wait and see’ attitude.” Also known as momentum trading, such computerised dealings at high speed can inject further choppiness into markets, which in turn helps high-frequency accounts generate profits. Over the years, they have formed a sizeable portion of daily trades in the foreign exchange and stock markets. Boston-based research firm Aite Group estimates high-frequency trading accounts for about 40 percent of spot trading in currencies, up from 3 percent a decade ago. In the U.S.
Source: http://www.reuters.com/article/2013/10/20/fiscal-usa-data-markets-idUSL6N0I82UO20131020

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