Aug 152014
 

No news is good news.  That’s what a Tabb Group survey of market players and watchers tells us, anyway.  Between the Flash Crash, last year’s Hash Crash, and Michael Lewis’ Flash Boys, market microstructure and concerns regarding the stability of the market remain a central issue for financial market participants and regulators alike.  The absence any recent glitches seems to have led to rising confidence in the market’s structure according to this survey.  The majority of respondents supported a measure to eliminate the “maker-taker” fee structure, a topic that will be addressed along with microstructure, at the upcoming conference the CFP is co-hosting with FINRA on September 17th.  In a related topic, bidding is now underway for the CAT (Consolidated Audit Trail) supercomputer to track the US equity and options exchanges, along with bank dark pools.  The need for a central clearing system was one topic covered at our shadow-banking conference back in July.

The Federal Reserve confirmed Chairwoman Janet Yellen will speak at Jackson Hole forum for central bankers next week.  Former Chairman Bernanke launched several of the Fed’s bond-buying programs in his speeches at this event, thus market watchers will keep a close eye on her remarks in what should otherwise be another quiet week.

 SEC Computer Called CAT will Peer into Dark Pools, Track Orders

http://www.bloomberg.com/news/2014-08-07/sec-computer-called-cat-will-peer-into-dark-pools-track-orders.html

With Absence of Glitches, Confidence Rising in Market’s Structure

http://blogs.wsj.com/moneybeat/2014/08/14/with-absence-of-glitches-confidence-rising-in-markets-structure/

High-Frequency traders flee investment banks

http://www.ft.com/intl/cms/s/0/379ee6ce-1f0b-11e4-ad93-00144feabdc0.html#axzz3AQdEpZJg

Deutsche Bank Ordered by U.S. Relators to Improve Risk Controls

http://online.wsj.com/articles/regulators-cite-risk-control-deficiencies-at-deutsche-bank-1407419935?mod=WSJ_hp_LEFTWhatsNewsCollection

Appeals Court Says Dodd-Frank Whistleblower Protections Don’t Apply Abroad

http://blogs.wsj.com/riskandcompliance/2014/08/14/appeals-court-says-whistleblower-protections-dont-apply-abroad/

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