Linkfest: Gold fixing hijinks; HFT under a microscope; Banks’ HELOC lemons ripen
Categories: Linkfest
Today’s most shared: Daily gold volume surge during London fixing suggests meeting participants trade ahead of benchmark release… Nanex, the scourge of the high-frequency trader… Pope critiques “ideologies which defend the absolute autonomy of the marketplace and financial speculation”… Home equity lines of credit tapped during crisis troubled as paydown dates approach… Tasked with minimizing losses, RBS group manufactured excuses to seize property… “Disruption” means never asking for permission from FDA or Beastie Boys… Control-obsessed China’s odd permissiveness toward Bitcoin.
Gold Fix Drawing Scrutiny Amid Knowledge Tied to Eruption
Bloomberg
Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. Now, dealers and economists say knowledge gleaned on those calls could give some traders an unfair advantage.
shared by @davidenrich, reddit/Economics, Here Is The City
Bloomberg
Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. Now, dealers and economists say knowledge gleaned on those calls could give some traders an unfair advantage.
shared by @davidenrich, reddit/Economics, Here Is The City
Speed Traders Meet Nightmare on Elm Street With Nanex
Bloomberg
The nemesis of Wall Street’s high-frequency traders operates out of an apartment-sized office above the Bliss Salon — manicure/pedicure $45 — on Elm Street in the Chicago suburb of Winnetka.
shared by @ritholtz, @davidgaffen, @JoeSaluzzi, @JohnLothian, @nasiripour
Bloomberg
The nemesis of Wall Street’s high-frequency traders operates out of an apartment-sized office above the Bliss Salon — manicure/pedicure $45 — on Elm Street in the Chicago suburb of Winnetka.
shared by @ritholtz, @davidgaffen, @JoeSaluzzi, @JohnLothian, @nasiripour
The Pope Just Published One Of The Most Powerful Critiques Of Modern Capitalism That You Will Ever Read
Business Insider
shared by @kevinroose, @JustinWolfers
Business Insider
shared by @kevinroose, @JustinWolfers
Insight: A new wave of U.S. mortgage trouble threatens
Reuters
U.S. borrowers are increasingly missing payments on home equity lines of credit they took out during the housing bubble, a trend that could deal another blow to the country’s biggest banks.
shared by @DanielAlpert, @edwardnh, @nasiripour, @davidgaffen
Reuters
U.S. borrowers are increasingly missing payments on home equity lines of credit they took out during the housing bubble, a trend that could deal another blow to the country’s biggest banks.
shared by @DanielAlpert, @edwardnh, @nasiripour, @davidgaffen
Goldman Currency-Trading Definition Shows Disclosure Gap
Bloomberg
What’s the difference between trading currency products and currency trading? More than $1 billion, according to Goldman Sachs Group.
shared by Here Is The City, @JohnLothian, Crossing Wall Street
Bloomberg
What’s the difference between trading currency products and currency trading? More than $1 billion, according to Goldman Sachs Group.
shared by Here Is The City, @JohnLothian, Crossing Wall Street
China government-bond yields soar to highest in almost nine years
Wall Street Journal
Yields on Chinese government debt have soared to their highest levels in nearly nine years amid Beijing’s relentless drive to tighten the monetary spigots in the world’s second-largest economy.
shared by @JacobWolinsky, @volatilitysmile, @Dvolatility, @pdacosta
Wall Street Journal
Yields on Chinese government debt have soared to their highest levels in nearly nine years amid Beijing’s relentless drive to tighten the monetary spigots in the world’s second-largest economy.
shared by @JacobWolinsky, @volatilitysmile, @Dvolatility, @pdacosta
Artificial discounts abound, Black Friday and every day
Wall Street Journal
Most Black Friday discounts are illusory. Big retailers work backward with their suppliers to set starting prices that, after all the markdowns, will yield the profit margins they want.
shared by @MichaelKitces, @davidgaffen, @IvanTheK, @Dasan
Wall Street Journal
Most Black Friday discounts are illusory. Big retailers work backward with their suppliers to set starting prices that, after all the markdowns, will yield the profit margins they want.
shared by @MichaelKitces, @davidgaffen, @IvanTheK, @Dasan
Bad bank of the day, RBS edition
Reuters
In the UK, the latest big scandal governs the behavior of RBS, one of the largest banks in the world, after the financial crisis, and after it was effectively nationalized by the UK government.
shared by @GavanNolan, @ReformedBroker, @ryanchittum, @TimHarford
Reuters
In the UK, the latest big scandal governs the behavior of RBS, one of the largest banks in the world, after the financial crisis, and after it was effectively nationalized by the UK government.
shared by @GavanNolan, @ReformedBroker, @ryanchittum, @TimHarford
The shakeup at the Minneapolis Fed is a battle for the soul of macroeconomics—again
Quartz
A personnel shakeup at the US Federal Reserve Bank of Minneapolis last week at first flew under the radar; by the time the Minneapolis Star-Tribune reported the news, followed by other news outlets, it had been percolating through the economist grapevine for weeks.
shared by @carney, @JustinWolfers, @HamzeiAnalytics, reddit/Economics
Quartz
A personnel shakeup at the US Federal Reserve Bank of Minneapolis last week at first flew under the radar; by the time the Minneapolis Star-Tribune reported the news, followed by other news outlets, it had been percolating through the economist grapevine for weeks.
shared by @carney, @JustinWolfers, @HamzeiAnalytics, reddit/Economics
GoldieBlox, fair use, and the cult of disruption
Reuters
The real target of the GoldieBlox lawsuit, I’m quite sure, is not the Beastie Boys.
shared by @TheStalwart, @johngapper, @KidDynamiteBlog, @niubi, @ryanchittum, @TimHarford
Reuters
The real target of the GoldieBlox lawsuit, I’m quite sure, is not the Beastie Boys.
shared by @TheStalwart, @johngapper, @KidDynamiteBlog, @niubi, @ryanchittum, @TimHarford
The Letter: FDA Orders 23andMe to Halt Sales
Wall Street Journal
The pioneering genetic screening company 23andMe has been told by the FDA that it "must immediately discontinue" marketing of its Personal Genome Service.
shared by @danprimack, @lizzieohreally, @eisingerj
Wall Street Journal
The pioneering genetic screening company 23andMe has been told by the FDA that it "must immediately discontinue" marketing of its Personal Genome Service.
shared by @danprimack, @lizzieohreally, @eisingerj
A China Triangle: Bitcoin, Baidu And Beijing
Forbes
Why control-obsessed Chinese officials are promoting a virtual currency.
shared by @ObsoleteDogma, @prchovanec
Forbes
Why control-obsessed Chinese officials are promoting a virtual currency.
shared by @ObsoleteDogma, @prchovanec
Bitcoin Hedge Fund Returns Nearly 5,000%
FINalternatives
shared by @firstadopter, @cullenroche, @BarbarianCap, @SconsetCapital
FINalternatives
shared by @firstadopter, @cullenroche, @BarbarianCap, @SconsetCapital
StreetEYE.com follows the best ‘curators’ on the Web and social media, and finds all the top financial news right now, as voted by you.
Please help us pick the most important stories you think should appear in this linkfest by voting here!