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Citadel Investment Group
(23.05.2008) У Citadel - один из наиболее мощных по интеллектуальной силе аналитических отделов среди всех инвестиционных фондов, а также есть «запасная» компьютерная система, расположенная где-то за пределами Чикаго. …Два основных фонда, через которые Citadel торгует на биржах, ...

(23.05.2008) У Citadel - один из наиболее мощных по интеллектуальной силе аналитических отделов среди всех инвестиционных фондов, а также есть «запасная» компьютерная система, расположенная где-то за пределами Чикаго.

…Два основных фонда, через которые Citadel торгует на биржах, называются Kensington Global и Wellington. Сейчас на Citadel приходится 2-3% дневного оборота торгов на Нью-Йоркской, Лондонской и Токийских биржах (около 70 млн. акций), почти 10% рынка казначейских облигаций и около 15% рынка опционов. На рынке опционов Citadel – единственный хедж-фонд, который может действительно серьезно на влиять на торги.

Фонд не ограничивает свою торговлю перечисленными инструментами, а зарабатывает буквально на всем, что продается и покупается: от фьючерсов на газ до валюты

 

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22 апреля, 20:44

Where There's Smoke...

Authored by Chris Martenson via PeakProsperity.com, Central banks around the world have colluded, if not conspired, to elevate and prop up financial asset prices.  Here we'll present the data and evidence that they've not only done so, but gone too far. When we discuss elevated financial asset prices we really are talking about everything; we're talking not just about the sky-high prices of stocks and bonds, but also of the trillions of dollars’ worth of derivatives that are linked to them, as well as real estate in dozens of countries and locations.  All are intricately linked together. For instance, stocks are elevated, in part, because bond yields are so low.  Sam for real estate.  Here are three questions most alert investors are asking: Question #1: When will financial assets ever ‘correct’ and fall in price? Question #2: How much does overt propping by the central banks have to do with today's elevated prices? Question #3: How much does covert propping by central banks play a role in these inflated markets? These are important questions to consider because if central banks have been too involved and gotten themselves mixed up in trying to ‘wag the dog’ by using elevated financial asset prices as a means to drive economic expansion -- then the risk is a big implosion in financial asset prices if their efforts fail.  The difficulty, as always, is that you can't print your way to prosperity.  It's never worked in history and it won't work this time either.  You can, however, print (or borrow) to delay a correction, after which a boost in real economic growth (or additional income) had better materialize to save your bacon.   But if enough growth does not emerge to both pay back all the old outstanding loans plus all the newly created debt and currency, then you're going to experience a worse correction than if you had not tried to print/borrow your way to prosperity.   As I’ve outlined before, that economic boom the central banks have been staking everything on been MIA the entire time during the “recovery” following the Great Recession.  And there’s no sign of it showing up any time soon. The latest Atlanta Fed GDPNow forecast for the US stands at a paltry 0.5%: (Source) Folks, that just isn’t going to cut it. You cannot justify a massive increase in debt and sky-high stock and bond prices on the basis of such “growth.”   So something has to give.  Either much higher GDP (income) growth is right around the corner, or these financial asset prices are grotesquely over-inflated. To explain this in depth, let's tackle those questions above one at a time, in reverse order. Question #3: How much does covert propping by central banks play a role in these inflated markets? This one is fascinating. It takes forensic analysis and connecting a few dots to make the case that central banks are propping up a lot more than they admit to.  Before we begin, whether it is a central bank directly, or one of its agents or proxies, it doesn't matter who's doing the intervention if any one of these entities (or all of them) is responsible for goosing asset prices for the purpose of achieving a policy aim. Second, my motivation here has nothing to do with having a trade going against me and then seeking to explain it away as some nefarious working of a secret group.  Instead, this is about pointing out that the preponderance of evidence points to repeated and direct market intervention by “some entity” that appear to be very afraid to see stocks and bonds decline in price (or for gold to go up too much). Here are three pieces of data for you to consider. The NY Fed moved part of its market group operations to the same place that Citadel (one of the key ‘proxy' suspects in this story) and the Chicago Mercantile Exchange (CME) just magically happen to have their operations.  For those of you unfamiliar with the CME, that’s the place one uses massive leverage to participate in (or move) markets.  Futures, options and other derivative products which are the perfect vehicles for telegraphing loaded messages to all the robot computers that watch the CME feeds like hungry hawks. The CME actually has a Central Bank Incentive Program.  The CME incentive programs are reserved for their very best (i.e., highest volume) customers.  So we can state, without question, that central banks are heavy participants at the CME. No central bank admits to having any of the CME products on their balance sheet. An additional fourth observation is that the equity markets continue to experience remarkable recoveries time and time again, even when only the slightest weakness in prices is seen, and at all key support levels.  So let’s break all that down and dig a little deeper. The (cover) story behind the NYFed moving its market-oriented trading operations to Chicago was because they allegedly got worried by superstorm Sandy and wanted to relocate a little further inland, away from the effects of any future such storms.  It’s just a massive coincidence that the chosen spot happens to be right where the CME lives: Wary of natural disaster, NY Fed bulks up in Chicago April 14, 2015   The New York branch of the U.S. Federal Reserve, wary that a natural disaster or other eventuality could shut down its market operations as it approaches an interest rate hike, has added staff and bulked up its satellite office in Chicago.   Some market technicians have transferred from New York and others were hired at the office housed in the Chicago Fed, according to several people familiar with the build-out that began about two years ago, after Hurricane Sandy struck Manhattan.   Officials believe the Chicago staffers can now handle all of the market operations that are done daily out of the New York Fed, which is the U.S. central bank's main conduit to Wall Street (Source) Shortly after this news became known (and there is only this sole Reuters article to pull from, I couldn’t find any other major news outlet that covered it)  some sharp eyes at ZeroHedge noticed that the new job offerings that opened up soon after in the Chicago area included this job description element: Perform account services to foreign central banks, international agencies, and U.S. government agencies. You’ll find out why that’s meaningful in the next few paragraphs.  It will support the contention that moving the Fed's offices to the Chicago area might have had less to do with superstorm Sandy and more with preventing superstorm financial meltdowns. Now let’s look at the CME's Central Bank Incentive Program ("CBIP").  Here’s the notice from the CME webpage. (Source) The first two things we note in the program is that it heavily discounts fees to central banks to help them conduct “proprietary trading of CME products.”  As a reminder, those 'products' are options and futures (both leveraged derivatives).  We can also note that the program is reserved for non-US central banks (more on that in a minute) and that the trading can be conducted by a “manager or representative.”  Could that representative or agent be a NYFed staffer?  We don’t know, but it’s not forbidden in the rules. And we know the NYFed was actively recruiting for people whose job description included the duty of “Perform account services to foreign central banks, international agencies, and U.S. government agencies.” Next, let’s take a look at the most recent discount schedule for the CBIP and see what it can tell us: Well, first up it’s obvious that the central banks are playing with a huge array of leveraged derivative products. Second, we might glean something from the offered discounts.  Assuming that the heavier the trading the greater the discount, this table makes sense to me.  Everything in yellow has a discount of 30% or greater. The heaviest discounts are applied to Eurodollar futures and options, a category that makes perfect sense for central banks to play in given their legal role and public mandates.  Coming in next in order are US Treasury futures and options. Again, these make sense if central banks have exposure to US Treasury bonds that they’d like to hedge, and I have no complaint with these. However, I cannot find a good reason that central banks should be monkeying around in US stock futures.  Nor can I make a good case for energy, agricultural or metal contracts.  Yet they all appear on there. Note in orange at the bottom are thee metals contracts. We can deduce that they are bought and sold by central banks, but coming in at a 27% discount, perhaps not in the same large quantities as other products.  This doesn’t seem odd to me because the commercial bullion banks do such a good job of smashing gold and silver with disturbing regularity and zero regulatory response. Perhaps the central banks only feel the need to intervene every so often. Finally, I have no idea what “Other financial products” are at the CME but they're traded often enough to garner the largest discount (49%) on the entire table.  One wonders if perhaps this isn’t a “masked bucket” that includes everything the central banks would prefer was not revealed at all. The central bank that I could imagine might have some justification for hedging stock exposure, as opposed to buying stock futures to goose the market at key moments, would the Swiss National Bank because they have about $60 billion in direct US equity ‘investments.’ But there’s nothing remotely on here that looks anything like a CME option or future product: (Source) Nor is there anything on their income statement that looks like a CME related gain or loss. Further, I have not been able to find a single central bank that admits to using CME products. But we know that they are, so having some secrecy there is clearly important to them.  This supports the “market propping” idea because admitting such a thing is simply a big no-no….unless you are the Bank of Japan which not only buys equities and ETFs hand over fist, but openly does so specifically on down days when the Japanese stock markets could use a helping hand going in the “right “ direction (which is always "up"). The Fuse Is Lit... Many people might be tempted to shrug their shoulders and say “why should I care if the central banks are monkeying around the in the markets?” In Part 2: The Coming Conflagration, where we answer Question #2 and the all-important Question #1 raised above, it becomes abundantly clear why all of us should care -- deeply. A tumble from these heights would destroy jobs by the millions, wipe out trillions of (phony) wealth, and invite great populist angst opening up the possibility of truly horrible leaders to emerge.  As I’ve quipped to some people, if you don’t like Trump you are going to positively *hate* whoever comes next if the current wealth gap persists (or worsens). But make no mistake: it will be the ordinary people who will be forced to eat the losses when all this blows up. So we should care. As well as remain very alert to what the Federal Reserve and other central banks are doing. Because if they fail, it’s our wealth, our jobs -- and possibly even our lives -- on the line. Click here to read the report (free executive summary, enrollment required for full access)  

22 апреля, 03:10

Кванты. Как волшебники от математики заработали миллиарды и чуть не обрушили фондовый рынок

«Рынок движется от уровня к уровню, поиск крупного игрока, крупный игрок набирает позицию, психология трейдина, хитрые каналы, японские модели, поддержка/сопротивление». Россия 2017 «Саймонс нанимает в свой фонд  Rerenaissance technologies Ленни Баума для исследования и использования в финансах математического феномена русского математика под названием Марковский процесс». США 80ые года.  Хотел бы рекомендовать к прочтению книгу как по мне так наиболее современную и интересную про про трейдинг. Почему-то большинство книг про трейдинг описывают то время когда трейдеры были похожи на Гордона Гекко. На мой взгляд это лучшая книга про фондовый рынок. Вы узнаете что гипотеза эффектного рынка возникла еще аж в 60ые года, когда и кем был создан статистический арбитраж и сколько миллионов долларов заработали на нем крупнейшие фонды. Что основатели крупнейших фондов(Rerenaissance technologies, Citadel, PDT) все как один математические гении с докторскими степенями в 20 лет, криптоаналитики, шахматные гроссмейстеры.  Эта книга именно про тех, кто через несколько лет станут Rerenaissance technologies и Citadel как они зарождались и кем были созданы. Как устроенна работа в Renaissance technologies и насколько сильное эмоциональное давление там на сотрудников что один из квантовых аналитиков из России не выдержал и застрелился, предварительно застрелив жену. Книга приоткрывает тайну над самыми закрытыми хедж фондами в мире. Как они управляются и как были созданы.  В общем книга читается в захлеб, особенно доставляет после прочтения популярные на СЛ методы анализа рынка. То что мы знаем сегодня о рынке и используем, либо никто никогда из фондов не использовал(к примеру ТА) либо уже успел забыть( статистический арбитраж, марковские процессы) http://www.ozon.ru/context/detail/id/22685935/?gclid=Cj0KEQjw2-bHBRDEh6qk5b6yqKIBEiQAFUz29hW8oCas4I-VSENapkb0es83D6-fklxn11lVf3lMleUaAiuU8P8HAQ

21 апреля, 17:16

The Kremlin of Rostov the Great: Last Masterpiece of medieval Russia

Rostov kremlin. Church of Resurrection (right), north wall, Dormition Cathedral. Oct. 4, 1992. / Photo: William Brumfield At the beginning of the 20th century, the Russian chemist and photographer Sergei Prokudin-Gorsky invented a complex process for vivid, detailed color photography. Inspired to use this new method to record the diversity of the Russian Empire, he photographed numerous historic sites during the decade before the abdication of Tsar Nicholas II in 1917. In 1911, Prokudin-Gorsky visited Rostov Veliky, or Rostov the Great, located some 130 miles northeast of Moscow. Rostov is one of the earliest historically attested towns in Russia. It was first mentioned under 862 in the ancient chronicle "Tale of Bygone Years."  Prokudin-Gorsky traveled to Rostov not only to photograph its monumental architecture, but also its Museum of Antiquities, whose august patron was Nicholas II. My own photographs were taken during several visits from 1988 through 2013. Rostov kremlin. Church of Resurrection (right), north wall, Dormition Cathedral. View north from Metropolitan's chambers. Summer 1911. / Photo: Sergei Prokudin-Gorsky Rostov's main architectural ensemble is its majestic kremlin, which rises above the north shore of Lake Nero. Although most of the ensemble was not built until the 17th century, this citadel conveys an unforgettable sense of Rostov's importance for medieval Russia. A valuable patron The ensemble’s original designation was the Court of the Metropolitan, in recognition of its founder, Metropolitan Jonah of Rostov. After Patriarch, Metropolitan is the highest ecclesiastical rank in the Russian Orthodox Church. An ambitious, dynamic church leader, Jonah Sysoevich (ca. 1607-90) was the son of a country priest named Sysoi. Tonsured at the Resurrection Monastery in Uglich, he rose through the regional monastic hierarchy and in 1652 was appointed Metropolitan of Rostov by the newly elected Patriarch Nikon in Moscow. Rostov kremlin. Church of Resurrection (right), north wall, Dormition Cathedral. Southwest view. August 21, 1988. / Photo: William Brumfield Jonah had at his command land holdings and villages with some 16,000 peasants, as well as the best craftsmen and artists of a large, prosperous diocese. Within 20 years — between 1670 and 1690 — Jonah's builders erected not only several large churches and other buildings for the Metropolitan's Court and residence, but also magnificent walls with towers and gate churches. Among Prokudin-Gorsky’s several photographs of the kremlin is a view north from the Metropolitan’s Chambers. On the right is the superb Church of the Resurrection, located over the north Holy Gate, which served as the main entrance to the kremlin from Cathedral Square. Rostov kremlin. Church of Resurrection. South view. Oct. 4, 1992. / Photo: William Brumfield Architectural treasures Built in 1670, the Resurrection Church was one of the earliest churches within the ensemble. Its extended base supports an enclosed gallery on the south and west. The main structure is crowned by five soaring cupolas topped with ornamental iron crosses. Its interior, also photographed by Prokudin-Gorsky, is covered with frescoes and will be the subject of a subsequent article. On the wall to the left of the church is a small bell pavilion. The Rostov kremlin walls, supported by massive arches, resemble the late 17th-century walls of the St. Cyril-Belozersk Monastery in Kirillov, which was intended to serve as a mighty fortress guarding the Russian North. The Rostov kremlin, however, was never intended for military purposes, and its walls are solely for the imposing effect desired by Jonah. Rostov kremlin. Church of Resurrection. Southwest view. Aug. 21, 1988. / Photo: William Brumfield Visible beyond the walls on the left is the upper part of the Dormition Cathedral, first built of stone in the mid-12th century and rebuilt twice thereafter. Its final form, erected in 1508-1512, was modeled on the Dormition Cathedral in the Moscow kremlin, thus symbolizing the spiritual unity of the Muscovite realm. As with many other major Russian churches, the Dormition Cathedral’s original curved roofline was later replaced with a simpler sloped roof visible in Prokudin-Gorsky’s photograph. My photographs show the post-war restoration to the earlier roofline that followed the contours of the semicircular gables (zakomary). My more recent views also show changes in the color of the Resurrection Church walls. Rostov kremlin. Church of Resurrection. Southwest view. July 12, 2012. / Photo: William Brumfield Otherwise, a comparison of our photographs shows few changes over the decades. This stability is in no small measure due to the remarkable success of an early Russian preservation effort. With the transfer of the metropolitanate from Rostov to Yaroslavl in 1787 the Rostov kremlin rapidly fell into decay. Many of its buildings were used as warehouses, and there were thoughts of demolishing structures for their brick. Fortunately, in the late 19th century Rostov merchants gathered funds to maintain the ensemble. In 1883 the White Chamber, built as a banquet hall for the Metropolitan of Rostov, opened as a museum of church antiquities, predecessor of the current distinguished Rostov Kremlin Museum. Thus through local pride Metropolitan Jonah’s visionary project was preserved for Prokudin-Gorsky and many subsequent generations. Cathedral of the Dormition. Southwest view. June 28, 1995. / Photo: William Brumfield In the early 20th century the Russian photographer Sergei Prokudin-Gorsky invented a complex process for color photography. Between 1903 and 1916 he traveled through the Russian Empire and took over 2,000 photographs with the new process, which involved three exposures on a glass plate. In August 1918 he left Russia with a large part of his collection of glass negatives and ultimately resettled in France. After his death in Paris in 1944, his heirs sold his collection to the Library of Congress. In the early 21st century the Library digitized the Prokudin-Gorsky Collection and made it freely available to the global public. A number of Russian websites now have versions of the collection. In 1986 the architectural historian and photographer William Brumfield organized the first exhibit of Prokudin-Gorsky photographs at the Library of Congress. Over a period of work in Russia beginning in 1970, Brumfield has photographed most of the sites visited by Prokudin-Gorsky. This series of articles will juxtapose Prokudin-Gorsky’s views of architectural monuments with photographs taken by Brumfield decades later.  Read more: The Massive Walls of Solovki: From Prokudin-Gorsky to the present

17 апреля, 07:20

Экс-глава KNAB заявил о государственном перевороте в Латвии в 2011 году

Антикоррупционная кампания 2011 года, приведшая к роспуску Сейма и досрочным выборам, была спецоперацией по перераспределению власти.

05 апреля, 23:09

Stocks Tumble: Fed Spooks Traders With Bubble Warning

Was today the Yellen Fed's Irrational Exuberance moment? It started off so well: the blistering ADP payrolls report, the highest in over two years (despite disappointing PMI and ISM reports), sent stocks soaring off the bat with the Dow jumping nearly 200 points higher, rising as high as 20,887, and the S&P knocking on the all time high 2,400 door again, and AMZN to new all tim highs, and making some wonder if the reflation trade had returned. It was not meant to be, because while it took the market some time to digest the Fed's minutes, the FOMC delivered one of its loudest warnings to date that it was focusing not so much on inflation or employment, but was seeking to deflate what even "some members" of the FOMC agree is a stock bubble, warning that stock prices are "quite high", and warning that its forecasts face "downside risks" if "financial markets were to experience a significant correction." From the Minutes: "A few participants attributed the recent equity price appreciation to expectations for corporate tax cuts or to increased risk tolerance among investors rather than to expectations of stronger economic growth. Some participants viewed equity prices as quite high relative to standard valuation measures." Then, more ominously, this: ... a number of participants remarked that recent and prospective changes in financial conditions posed upside risks to their economic projections, to the extent that financial developments provided greater stimulus to spending than currently anticipated, as well as downside risks to their economic projections if, for example, financial markets were to experience a significant correction. It took algos a while to process what the Fed was really saying, which is why while the dollar briefly spiked to the day’s highs in kneejerk reaction to the minutes, it then surrendered all gains and then some after the minutes showed most officials backed a policy change that would begin shrinking the central bank’s balance sheet, as wellas warn explicitly about valuations.  The weakness in the dollar meant that everyone's favorite market-influencing carry pair would likewise suffer, and after breaking out above 111, the USDJPY tumbled as low as 110.70 once again threatening the key 110 support level. Of course, with both the dollar and USDJPY tumbling, it was gold's turn to shine and it did just that, surging virtually uninterrupted since its post-minutes kneejerk selloff. Oil did not help, because after rising to multi-week highs this morning, WTI promptly tumbled after the DOE not only rejected yesterday's API draw report, but showed yet another record in commercial oil stocks coupled with the latest weekly increase in US crude production. The result: crude slumped back under $51, once again driving a dagger through the heart of the reflation trade. Across the rates complex, if it was the Fed's intention to orchestrate a smooth selloff, it failed: having failed to selloff earlier in the day as RBC discussed, yields briefly spiked higher after the Minutes only to eventually grind to session lows. As for stocks, with the most shorted universe soaring in early trading, dragging the Russell higher, this too was pummeled on all sides after the Fed's stark warning, prompting an accelerated liquidation of the most overvalued stock group, as shorts reasserted themselves. Not even that poster child of the Fed's latest bubble, Amazon, could withstand the selling and after hitting all time highs in early trade, was aggressively sold off. To be sure, the selloff could have been far worse if it wasn't for some aggressive buying programs, emanating perhaps from the NY Fed's arms-length market market Citadel, or some other central bank, which nonetheless was unable to prevent the day's substantial gains from becoming losses. In fact, the sharp move lower, which wiped out more than 200 points from the DJIA, was the sharpest intraday reversal in 14 months. And yes, for those asking, the Dow Jones closed at the lows. We need to check but this may be the first time in many years the DJIA has done this Minutes day. In short: today was a mess for the bulls, although it could have been much worse. However with the reflation trade now hobbled again, with Trump set to meet Xi perhaps unleashing another diplomatic fiasco, with payrolls looming - and after today's ADP number, Friday can only disappoint - there is a slew of downside risks on the immediate horizon, coming at a time when the Fed itself is warning that the S&P is too damn high. And in this painfully illiquid market, all that it would take is for someone big to start selling. Of course, everyone knows that the Fed will not let stocks drop too low before it re-engages the QE4 "jawbone" machine. The only question is "how low is too low"...

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04 апреля, 11:00

Spring In Bordeaux Kicks Off With Printemps Wine Festival

Sample wines in an ancient Bordeaux citadel during Blaye's spring wine festival.

02 апреля, 17:30

JONATHAN HAIDT ON THE CULTURAL ROOTS OF CAMPUS RAGE: When a mob at Vermont’s Middlebury College…

JONATHAN HAIDT ON THE CULTURAL ROOTS OF CAMPUS RAGE: When a mob at Vermont’s Middlebury College shut down a speech by social scientist Charles Murray a few weeks ago, most of us saw it as another instance of campus illiberalism. Jonathan Haidt saw something more—a ritual carried out by adherents of what he calls a […]

01 апреля, 16:20

Aleppo's Social Life is Coming Back. Vesti Exclusive

Now free of fighters, Aleppo's social life is getting back to normal. Museums and hotels are reopening all over town. One of these is the famous Hotel Baron, which was renowned for its famous guests, such as Agatha Christie, Valentina Tereshkova, Yuri Gagarin, and many other celebrities.

01 апреля, 04:48

‘Believe in Aleppo’: Syrians cheer as inspiring monument unveiled in recaptured city

The Junior Chamber International of Syria (JCI) and the Ministry of Tourism inaugurated a 'Believe in Aleppo' Monument outside the Citadel walls on Friday, as part of a campaign to show the resilience of the people of Aleppo in the face of war. COURTESY: RT's RUPTLY video agency, NO RE-UPLOAD, NO REUSE - FOR LICENSING, PLEASE, CONTACT http://ruptly.tv RT LIVE http://rt.com/on-air Subscribe to RT! http://www.youtube.com/subscription_center?add_user=RussiaToday Like us on Facebook http://www.facebook.com/RTnews Follow us on Twitter http://twitter.com/RT_com Follow us on Instagram http://instagram.com/rt Follow us on Google+ http://plus.google.com/+RT Listen to us on Soundcloud: https://soundcloud.com/rttv RT (Russia Today) is a global news network broadcasting from Moscow and Washington studios. RT is the first news channel to break the 1 billion YouTube views benchmark.

28 марта, 21:45

Citadel rehires Yeh as head of its quant unit

BOSTON (Reuters) - Hedge fund Citadel said it is making changes at the top of its global quantitative division by bringing back James Yeh to replace the current head who is retiring.

27 марта, 22:09

Here’s 48 Hedge Fund Terms Every Investor Should Know

Hedge funds may seem secretive and mysterious at first, but this infographic helps to make them more understandable. Here's 48 hedge fund terms you should know. The post Here’s 48 Hedge Fund Terms Every Investor Should Know appeared first on Visual Capitalist.

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24 марта, 10:30

Автор трояна Citadel, ответственный за заражение 11 млн машин, признал и свою вину

Марк Вартанян, автор известного банкера Citadel, был экстрадирован в США и наконец предстал перед судом.

24 марта, 09:09

Обзор смартфона Alcatel A5 LED: карманное светопреДставление

В комплект с этим бюджетным по характеристикам смартфоном входит светодиодная крышка, способная переливаться всеми цветами радуги, в том числе по заданным пользователям сценариям. В этом обзоре Alcatel A5 LED Вести.Hi-tech выяснили, в чем, помимо организации "светопреДставлений", преуспевает новинка

23 марта, 16:57

Россиянин в США признался в кибермошенничестве

Россиянин Марк Вартанян в обмен на более мягкое наказание признал в суде вину в разработке и распространении вредоносной программы Citadel Trojan, которая позволяла злоумышленникам получать банковские данные пользователей. Вартанян признал, что разработал и затем распространял программу в период проживания на Украине и в Норвегии, с 2012 по 2014 годы, передает «Интерфакс» со ссылкой на Би-би-си. Прокуратура США утверждала, что Вартанян создал вирус, ущерб от которого достигает полумиллиарда долларов. Напомним, декабре 2016 года Вартанян был экстрадирован из Норвегии в США. Король Норвегии Харальд V отказался удовлетворить жалобу Вартаняна на решение норвежского минюста о его выдаче в США.

23 марта, 15:56

Трудные времена для HFT трейдеров. Коллегам маркет мейкерам посвящается.

Вышла интересная статья на Wall street journal. Краткий перевод предлагаю тут. Микроволновые передатчики между Чикаго и НьюЙорком. После выхода книги Майкла Льюиса «Flash Boys» высокочастотная торговля (или HFT) стала у всех на слуху. Но теперь индустрию поджидают другие проблемы. Мало денег. HFT фирмы используют компьютеры чтобы покупать и продавать активы в доли секунд. Однажды сверхприбыльный бизнес теперь борется с не самыми лучшими рыночными условиями, усилением конкуренции и ростом сопутствущих затрат. Доходы HFT контор с акций США за прошлый год составили $1.1 млрд. Хотя еще в 2009м они составляли $7.2 млрд! Неудивительно что на прошлой неделе Virtu предложила купить KCG. Эта сделка обьединит двух крупнейших участников электронных торгов. Другие тяжеловесы рынка также уходят. Томас Петерфи (Thomas Peterffy) председатель и сео Interactive Brokers Group заявил в этом месяце, что сворачивает опционный маркет мейкинг, а ведь это тот бизнес который он первый начал продвигать в 1980х. Миша Малышев, который одно время возглавлял HFT в гиганте индустрии Citadel LLC и ушел оттуда чтобы открыть собственную фирму Teza Technologies, заявил в ноябре что его контора сворачивает проптрейдинг. Маркет мейкинг это покупка и продажа огромных обьемов с мизерной разницей между ценами покупки и продажи. Это ядро HFT, который составляет до 50% оборота всей американской биржи. Другие похожие стратегии связанны с эксплуатацией мимолетной раницы между связанными рынками, например торгуемые на бирже фонды и фьючесные контракты которые повторяют S&P 500. Все эти стратегии намного успешнее когда рынки волатильны. Но именно волатильность сильно обвалилась прям с момента финансового кризиса. Индекс волатильности CBOE VIX составлял в среднем 11,6 в этом году, а еще  2011 он был 24,2. В 2000м, когда многие HFT фирмы только начинали свою деятельность, оптоволокно было самой быстрой средой передачи данных. Но уже с 2010го смые быстрые участники уже переключились на микроволновые сети, чтобы сбривать микросекунды между Чикаго и Нью-Йорком. Затем еще и еще апгрейды на лазеры и миллиметровое оборудование. Все это наращивает себестоимость операций.  HFT фирмы все больше ворчат по поводу растущей стоимости канала маркет даты с биржи,  а также ставки за колокейшн рядом с серверами биржи. Оригинал статьи тут - https://www.wsj.com/articles/high-frequency-traders-fall-on-hard-times-1490092200 Поставьте плюсиков, заранее спасибо! ;) p.s. от себя добавлю — скоро VIX видимо бомбанет, и всем разу станет опять хорошо.

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22 марта, 22:03

Bravery and simple humanity have shown Westminster at its best | Jonathan Freedland

The bastion of politics now has a human face, as vulnerable as the rest of us to an act of murderous violenceThere are certain places that cease to be places in the public imagination. They become shorthand for a loathed political establishment or distant, overmighty government. In America, that place is “Washington, DC”. For Eurosceptics, it’s “Brussels”. And in Britain, that reviled, imperial citadel is “Westminster”.Yet today, as the airwaves and social media timelines filled with dreadful, violent news, “Westminster” began to lose those quotation marks. As the afternoon passed, it became seen not as the widely despised bastion of the political class, but a real place inhabited by office workers, tourists, security guards and groups of visiting schoolchildren. Continue reading...

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22 марта, 19:30

«Ни один шпион не нанес Латвии столько вреда, сколько наши же политики»

История с неудачной продажей Citadele banka и Liepajas Metalurgs дополнится еще и неудачной продажей Latvijas Gaze, уверен председатель правления Br?vais vilnis Арнольд Бабрис.

20 марта, 21:35

The Battle of Brody: The Biggest Tank Battle Ever (And It's Been Completely Forgotten)

Robert Beckhusen Security, The Battle of Brody in 1941 was bigger, and is largely unknown.  A thousand coffee table books and countless hours of popular history programs have described the Battle of Prokhorovka, part of the Third Reich’s 1943 Operation Citadel, as the largest tank battle in history. Near the city of Kursk on the Eastern Front, hundreds of Soviet tanks slammed into the 2nd SS Panzer Corps in an enormous conflagration of flesh and metal. Prokhorovka was certainly an important clash and one of the largest tank battles ever, but it might be time to retire its description as the biggest — a claim which has been seriously questioned in recent years by historians with access to Soviet archives opened since the end of the Cold War. In fact, there’s a strong case that history’s largest tank battle actually took place two years prior and is largely unknown. Prokhorovka was the centerpiece of Citadel, the last German strategic offensive on the Eastern Front. On July 12, 1943, counter-attacking Soviet tanks charged across open terrain, taking heavy losses to German tank fire, including from heavily-armored Tiger Is with 88-millimeter guns. This particular engagement was a tactical defeat for the Soviets, but the charge inflicted enough damage to help stall — and eventually halt — the German army’s Citadel offensive. So, how many tanks were at Prokhorovka? To be sure, not the common popular figures which range as high as 1,500 tanks in total, according to the 2011 book Demolishing the Myth: The Tank Battle at Prokhorovka, Kursk, July 1943 by Valeriy Zamulin, a Russian military historian and former staff member at the Prokhorovka State Battlefield Museum. The actual number was 978 tanks in total — 306 German and 672 Soviet, according to Zamulin. As many as 400 Soviet and 80 German tanks were destroyed. Expanding the battle beyond Prokhorovka, the total number of tanks fielded by the 2nd SS Panzer Corps and the Soviet 5th Guards Tank Army at and near the battle amounted to 1,299, according to a statistical analysis published in 2000 by Niklas Zetterling and Anders Frankson. Read full article

15 марта, 22:00

Brian Ashton: ‘We were blown away by the fervour of the Irish. We weren’t ready'

A decade on from England’s historic visit to Croke Park their head coach at the time, Brian Ashton, recounts how his players became overawed by the occasionBrian Ashton remembers the sense of foreboding, even now. As an ex-head coach of Ireland he should, theoretically, have been more prepared than most for England’s Six Nations trip to Dublin 10 years ago. Even before the anthems at Croke Park, however, he had a feeling in his bones: “I remember going on the pitch 45 minutes before kick-off. It is very rare for modern stadiums to be full that early but Croke Park was. You could have cut the atmosphere with the proverbial knife. I wouldn’t say it was scary but it was quite intimidating.”Whatever the physical reception grand slam-chasing England receive from their hosts this weekend, it will be nothing compared to that 2007 fixture, switched to the Gaelic Athletic Association’s giant citadel while the crumbling old Lansdowne Road was being redeveloped. All the pre-match talk had been of ‘Bloody Sunday’ , when British soldiers opened fire on crowds watching a GAA match at Croke Park in 1920, killing 14 people, and the prospect of Ireland losing to England at rugby union was out of the question. “It was phenomenal,” recalls Ashton, reflecting on Ireland’s 43-13 victory. “I don’t think I’ve ever been involved in anything remotely like that. Continue reading...

15 марта, 20:41

LET’S GO TO THE MALL: Wall Street Has Found Its Next Big Short in U.S. Credit Market. It’s no s…

LET’S GO TO THE MALL: Wall Street Has Found Its Next Big Short in U.S. Credit Market. It’s no secret many mall complexes have been struggling for years as Americans do more of their shopping online. But now, they’re catching the eye of hedge-fund types who think some may soon buckle under their debts, much […]

15 июня 2015, 11:57

Scofield: Бильдербергский клуб определил зоны интересов ВПК

В четверг открылась очередная ежегодная встреча членов Бильдербергского клуба. Среди 133 гостей, собравшихся на этой неделе в австрийском городке Тельфс-Бюхен, 21 политик. В их числе – министр финансов Великобритании Джордж Осборн...

16 апреля 2015, 17:05

Бернанке будет работать с торговыми роботами

Бывший глава Федеральной резервной системы США (ФРС) Бен Бернанке согласился стать старшим советником хедж-фонда Citadel Investment Group. Об этом сегодня сообщили крупнейшие СМИ.