Statement of Commissioner Bart Chilton Regarding MF Global and Customer
On the eve of the Senate Banking Committee's hearing on MF Global, it's an
appropriate time to reiterate my position...
By Joe Duerte
The world is clearly on a collision path, ideologically, economically, and
philosophically. And the markets are starting to reflect this.
The story of the weekend is Wal-Mart's bribery scandal....
U.S. regulators' $14 million settlement with high-frequency trading firm
Optiver over oil price manipulation in 2007 is a "milestone" victory in
their toughening stance on market malfeasance which is being...
By Pauline Skypala
High-frequency traders and commodity speculators are bad for markets,
according to Finance Watch, which is backing a proposed clampdown on such
market participants across Europe under the revised...
By Philip Stafford in London
Two telecom companies have claimed they will build the fastest trading
connection between London and New York, a development that highlights
growing demand from investors for...
By David Sheppard and Jonathan Stempel
U.S. regulators claimed their first victory in a four-year old effort to
crack down on oil market manipulation on Thursday, announcing a $14 million
By David Sheppard
U.S. President Barack Obama's bid to dampen the influence of oil
speculators by having regulators set trading margins could backfire,
potentially making prices even more volatile and leaving...
TIME IS MONEY, AND GPS SPOOFING CAN COST IT
By Jonathan Blum
Not the Rolex, but the actual seconds marking the passage of time. It turns out the sands of the hourglass that tell us when things such as stocks and bonds get traded can be stolen.
Don't believe me? I've spent real time with the man who may have snapped time's Master Lock: Todd Humphreys, a professor of aerospace engineering and engineering mechanics at the University of Texas at Austin.
Fool the trading clock and bad things happen. While it's unlikely damage has yet been done by time thieves, there's significant potential for trouble.
Humphreys says it's unlikely any damage has yet been done by time thieves, but he has developed a potential temporal bash-and-crash tool called a global positioning system spoofer. The device sends out false signals that can fool the global-positioning-based timing tools markets such as the New York Stock Exchange use to determine when trades happen.
Fool the trading clock and bad things happen.
Spoofed trade timing mechanisms can fall out of sync with the rest of the trading network and potentially wreak havoc in today's ADD, high-frequency-trading financial universe.
"Price doesn't matter unless you have a time attached to it," Humphreys told me. "Because in the end you want to be able to compare prices at different times and from different exchanges."
Trading gets small
The price of a deal depends on when it gets done. The faster deals close, the thinner the slice of time needed to accurately price the transaction. Trading intervals of thousandths, millionths and, yes, even billionths of a second are now commonly measured.
And unknown to many, these tiny fractions of a second are sliced by using readily available global positioning technologies. Who knew, but the GPS tools that tell your iPhone and Droid where the nearest lattes are are the same ones markets use to track the time trades close.
"Though we do a lot with the time signals we get from the GPS system, that is the basis for much of the time-stamping we do," says Andrew Bach, senior vice president and global head of network services for the NYSE.
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