(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
After nearly six years, Syria's civil war started under Hillary Clinton's watch in March 2011 during the Arab Spring protest, is finally coming to an end. The battle for one of the most contested Syrian cities during the war, Aleppo - which was Syria's most populous city before the war - is almost over and the "rebel forces" who live in the city eastern part, realizing they are on the verge of losing, have finally come to the negotiating table but it is too late. Recall that as we reported last week, the Syrian army had recaptured as much as as 40% of the militant held part of the city in an accelerating attack that threatens to crush the opposition in its most important urban stronghold. As of today, that number has nearly doubled. According to the Russian Reconciliation Center which is facilitating and overseeing the Syrian civil war, government forces have liberated 15 more eastern Aleppo neighborhoods in the last 24 hours, adding that the advance has allowed the Syrian Army to evacuate 1,200 residents of the city. The Syrian authorities now “fully control 50 neighborhoods in the eastern part of [Aleppo] that account for 70 percent of the territory that was initially controlled by the militants.” So facing the imminent loss of their most important stronghold, the Syrian rebels in besieged eastern Aleppo called on Wednesday for an immediate five-day ceasefire and the evacuation of civilians and wounded, but gave no indication they were ready to withdraw as demanded by Damascus and Moscow. In a statement calling for the truce, the rebels made no mention of evacuating the several thousand fighters who are defending an ever shrinking area of eastern Aleppo. However, Syria and Russia, which supports Syrian President Bashar al-Assad, have said they want rebels to leave Aleppo and will not consider a ceasefire unless that happens according to Reuters. Meanwhile, Assad's forces are piling on the pressure: "It's been a tragedy here for a long time, but I've never seen this kind of pressure on the city - you can't rest for even five minutes, the bombardment is constant," a resident said. "Any movement in the streets and there is bombardment (on that area) immediately," said the east Aleppo resident contacted by Reuters, who declined to be identified. Fear gripped the remaining residents as food and water supplies were cut off. The rebels have suffered a series of staggering losses in Aleppo over the past 10 days or so as Assad’s Russian-backed forces have captured neighborhoods the opposition had controlled since 2012. Rebel-held areas of Aleppo have shrunk to about a third of their former size, the WSJ reports. Syrian government troops patrolled a newly captured neighborhood in eastern Aleppo on Wednesday In addition to being a critical catalyst in the war, one which would shift the balance of power toward Assad's regime, retaking Aleppo would also be a success for Vladimir Putin who intervened to save Moscow's ally in September 2015 with air strikes, and for Shi'ite Iran, whose elite Islamic Republic Guard Corps has suffered casualties fighting for Assad. As such, the Syrian government now appears closer to victory than at any point in the five years since protests against Assad evolved into an armed rebellion. * * * Tasting victory, outside of Aleppo the government and its allies are also putting severe pressure on remaining rebel redoubts. "The decision to liberate all of Syria is taken and Aleppo is part of it," Assad said in a newspaper interview, according to pro-Damascus television station al-Mayadeen. He described the city as the "last hope" of rebels and their backers. The Syrian army now controls all of the Old City of Aleppo, a UNESCO World Heritage Site including the Umayyad Mosque, which had been held by rebels, the Observatory said. Explosions and artillery fire could be heard on Syrian state television in districts around the citadel which overlooks the Old City as the army pressed its offensive. More neighborhoods were expected to fall but rebels were fighting ferociously. Rebels have lost control of about 75 percent of their territory in eastern Aleppo in under 10 days, Director of the Syrian Observatory for Human Rights, Rami Abdulrahman, said. It is their desperation that brought the rebels to the negotiating table: the "humanitarian initiative" published by rebels called for the evacuation of around 500 critical medical cases. Realizing it has all the leverage, the Kremlin has refused to comply with the proposed truce, however it said on Wednesday that a potential U.S.-Russia deal to allow Syrian rebels to leave Aleppo safely was still on the agenda. Damascus and Moscow have been calling on rebels to withdraw from the city, disarm and accept safe passage out, a procedure that has been carried out in other areas where rebels abandoned besieged territory in recent months. To move the proposal forward, Russian Foreign Minister Sergei Lavrov is meeting with U.S. Secretary of State Kerry in Hamburg on Wednesday at 8 p.m. local (1900 GMT). A U.S. official said they were likely to discuss safe passage for rebels out of Aleppo. However, as of a couple of days ago, moderate opposition groups with whom U.S. officials had been in contact were "less than inclined" to make any such deals, the official said, on condition of anonymity. Lavrov will also meet with German Foreign Minister Frank-Walter Steinmeier, Russian agencies reported. Meanwhile, on Monday, Russia and China vetoed a U.N. Security Council resolution calling for a week-long ceasefire. Moscow correctly said rebels used such pauses in the past to reinforce. The Syrian army's advance is a "strategic victory" that will prevent foreign intervention and alter the political process, Reconciliation Minister Ali Haidar told reporters in Damascus. "Those who believed in the Syrian triumph, know that (the rebels') morale is at its lowest and that these collapses that have begun are like domino tiles," he said. But perhaps most surprising, was that an official with an Aleppo rebel group, who declined to be named, told Reuters the United States appeared to have no position on the Syrian army assault on Aleppo, just weeks before U.S. President-elect Donald Trump takes office. In other words, both Assad and Putin are taking advantage of the political power vacuum in the US to finally push the remaining rebels out of their hideout and end the war once and for all. "The Russians want the fighters out and they (the Americans) are ready to coordinate over that", said the Turkey-based official, citing indirect contacts with U.S. officials. * * * There is one final factor which effectively assures an Assad victory: the weather. As winter sets in, siege conditions are increasingly desperate, exacerbated by increasing numbers of displaced residents and food and water shortages. A U.N. official said on Wednesday about 31,500 people from east Aleppo have been displaced around the entire city over the past week, with hundreds more seen on the move on Wednesday. Yet few rebels had quit Aleppo so far, said Kremlin spokesman Dmitry Peskov, who as has often been the case, described those were left there as "terrorists" who were uniting around fighters from the group formerly known as the al-Qaeda-linked Nusra Front. Civilians wanting to leave east Aleppo should be evacuated to the northern Aleppo countryside, rather than Idlib province, the rebel document said. Idlib is dominated by Islamist groups including Fateh al-Sham, the group formerly known as the Nusra Front, and is facing intense bombardment by Russian warplanes. On the other hand, “Russia wants to move them to Idlib. The fighters have a choice: survive for an extra couple of weeks by going to Idlib or fight to the very end and die in Aleppo," one senior European diplomat, who declined to be named, said. "For the Russians it’s simple. Place them all in Idlib and then they have all their rotten eggs in one basket.” On Russian-U.S. talks, the diplomat said: “The assumption is that the U.S. has influence on the ground. I don’t think that’s the case.” Which means that the US has essentially given up and has handed over victory in Syria's half-decaded long proxy war to Putin. He will be delighted to accept.
THE SIEGE OF ALEPPO: Syria rebels ‘withdraw from old city’ Activist monitoring group the Syrian Observatory for Human Rights said the pull-back in Syria’s second city came after days of heavy fighting. State media confirmed the military had taken over the whole of the old city. Government forces now control about 75% of eastern Aleppo, […]
Решение Норвегии выдать США россиянина Марка Вартаняна явно политизировано, Москва будет это учитывать при выстраивании отношений с Осло, заявила официальный представитель МИД России Мария Захарова. «29 ноября в Норвегии принято окончательное решение о выдаче США гражданина России по запросу американских правоохранительных органов. Таким образом, норвежская сторона не приняла во внимание наши неоднократные призывы проявить непредвзятый, объективный подход», – приводит ее слова РИА «Новости». «Мы много раз разъясняли, что данное дело – это элемент ведущейся американскими спецслужбами по всему миру охоты за российскими гражданами. Эта охота не имеет ничего общего с подлинными интересами правосудия и представляет собой абсолютное игнорирование норм международного права», – отметила официальный представитель МИД. По ее мнению, решение Норвегии является явно политизированным и не отвечает общепризнанным критериям правосудия и справедливости. «Мы воспринимаем его как еще один случай проявления пренебрежения мнением и озабоченностями российской стороны и, безусловно, правами российских граждан. Это, безусловно, будет учитываться при выстраивании отношений с Норвегией», – сказала дипломат. По данным спецслужб США, российский программист якобы загрузил в интернет 48 файлов, необходимых для установки вируса Citadel («Цитадель») и управления чужими компьютерами с его помощью. Вартанян свою вину отрицает.
По версии спецслужб Соединенных Штатов, российский программист загрузил в интернет 48 файлов, необходимых для установки вируса Citadel и управления чужими компьютерами с его помощью
Король Норвегии Харальд V отказал в удовлетворении жалобы россиянина Марка Вартаняна на решение норвежского минюста, который в феврале постановил экстрадировать гражданина России в США для судебного преследования, сообщили в консульском отделе посольства России в Осло. «Подтверждаем данную информацию. Выражаем недоумение политизированным характером решений, принятых норвежскими властями. Вместе с адвокатами прорабатываем возможности дальнейших шагов по этому делу», – передает ТАСС слова заведующего консульским отделом посольства России Николая Коныгина. Монарх принял соответствующее решение на заседании государственного совета 25 ноября. Напомним, 3 сентября минувшего года суд Норвегии согласился выдать США российского программиста. По версии спецслужб США, российский программист загрузил в интернет 48 файлов, необходимых для установки вируса Citadel («Цитадель») и управления чужими компьютерами с его помощью. Вартанян свою вину отрицает и утверждает, что никогда не выкладывал эти файлы в интернет. Вирус Citadel к середине 2013 года заразил более 5 млн компьютеров, похищая банковские данные жертв. В конце мая 2013 года специалистам компании Microsoft совместно с ФБР удалось отключить значительную часть серверов, с которых осуществлялось управление сотнями тысяч зараженных компьютеров, что существенно осложнило дальнейшее распространение вируса. По данным Microsoft, при помощи вируса, выявленного в 90 странах, было похищено более 500 млн долларов.
Министерство юстиции Норвегии приняло решение об экстрадиции российского программиста Марка Вартаняна в США, передает телеканал «Дождь». Как сообщил журналистам отец Вартаняна Эрик, передача его сына должна состояться в течение 3-4 недель. Вартанян был задержан в сентябре 2015 года по подозрению в распространении вируса Citadel, который использовался для кражи персональных данных и средств с электронных счетов. Вирус Citadel впервые был обнаружен в 2011 году. Вредоносная программа заражала компьютеры и похищала данные пользователей, которые затем использовались для вывода средств из различных банков. При этом Citadel не атаковал компьютеры, на которых была активирована русская или украинская раскладки клавиатуры. В ходе совместного расследования Microsoft и ФБР агентам удалось выйти на проживающего в США 22-летнего россиянина Дмитрия Белороссова. Он был задержан в ночь на 18 августа 2013 года в аэропорту Барселоны по требованию американских властей. Уже в США он признал вину в разработке Citadel. Россиянин был осужден на 4,5 года за кражу в общей сложности полумиллиарда долларов и заражение вирусом более 11 миллионов компьютеров.
Минюст Норвегии вчера принял решение выдать США российского программиста Марка Вартаняна. Его должны экстрадировать в течение 3-4 недель, сообщил телеканалу «Дождь» отец задержанного Эрик Вартанян. Напомним, Марк Вартанян был задержан в сентябре 2015 года. Позднее суд принял решение, что задержанный может быть экстрадирован в США, где его обвиняют в сотрудничестве с хакерами. По данным ФБР, группа хакеров разработали и продавали программу для взлома компьютеров, а Марк Вартанян распространял в интернете файлы, необходимые для установки вируса Citadel и управления чужими компьютерами.
• Former Tour winner teams up with Mark Cavendish to win six-day race• Event is a blend of circus and bike race once part of the winter circuitA grim concrete building in Ghent’s citadel park with a strong aroma of fast food might have seemed a strange venue for a Tour de France winner to bid farewell – whether provisionally or not – but this place and this event have particular resonance for Sir Bradley Wiggins.He was born in Ghent – hence his second name, the Flemish Marc – and not only did he win this race in 2003 as a young professional but he has strong memories of coming here to watch his late father Gary race in the 1980s. He had, he said last week, a photograph taken of the two in one of the claustrophobic cabins in the track centre where the riders rest between races and over the weekend there is every chance he took a similar snap with his children Bella and Ben. Continue reading...
Epstein & Hook, WSJThe Democrats’ Epic Loss Has Confined the Party to Coastal and Urban Strongholds, Revealing the Retreat of White Working-Class Support Across America’s Midsection and Prompting a Bout of Soul-Searching That Analysts Recently Expected to Afflict Only the Republicans
U.S. stock futures slip as post-election rally slows (Reuters) Pence Ousts Lobbyists From Transition Team (WSJ) Infighting hits Trump’s foreign policy transition (FT) Trump’s Win and Transition Turmoil Buy Time for FBI Chief Comey (BBG) Elizabeth Warren Sends Donald Trump Letter Criticizing Transition Team’s Wall Street Ties (WSJ) Saudi Arabia set to reveal depth of oil reserves (FT) China Discovers the Price of Global Power: Soldiers Returning in Caskets (WSJ) Populism Takes Over the World (BBG) Citadel looking into becoming a Treasury primary dealer (FT) Snapchat Files for $25 Billion IPO (WSJ) French Election Turns on Issue of Identity (WSJ) Former Wall Street boss forks over $500K to settle dispute (Post) Almost 500 migrants reach Italy, more deaths reported at sea (Reuters) Kerry arrives at climate negotiations overshadowed by Trump (Reuters) Fake Content Pressures Facebook, Google (WSJ) Another Financial Warning Sign Is Flashing in China (BBG) How Hedging and a Certain Someone Upended the Peso (BBG) Here are some SEC rules that may weaken under Trump (Reuters) Fed’s Bullard Leans Toward Backing December Rate Rise (WSJ) Macron Declares Bid for French Presidency as Pro-EU Liberal (BBG) Sanctuary-City Mayors Gird for Fight as Trump Threatens Budgets (BBG) The Best and Worst Countries to Be a Rich CEO (BBG) Overnight Media Digest WSJ - Sen. Elizabeth Warren warned President-elect Donald Trump against choosing "Wall Street insiders" for top financial posts, likely previewing the confirmation battles to come in the Senate. http://on.wsj.com/2fvScpk - Snap Inc has confidentially filed paperwork for an initial public offering that may value the popular messaging platform at as much as $25 billion, a major step toward what would be one of the highest-profile stock debuts in recent years. http://on.wsj.com/2gezeEA - Theranos Inc allegedly voided 11.3 percent of all blood-test reports that the Silicon Valley laboratory firm provided to customers of Walgreens Boots Alliance Inc stores through a years-long partnership between the two companies, according to legal papers the drugstore chain filed Tuesday. http://on.wsj.com/2gfpZUz - Facebook Inc, Twitter Inc and Alphabet Inc's Google are under increased pressure to police what news content can be posted on their platforms, making them reluctant judges of what is misleading, hateful or true. Such moves could alienate users, hurt advertising revenue and fuel a bigger debate on how much influence they should have over news content on their sites. http://on.wsj.com/2fUt1cG - Wal Mart Stores Inc is discouraging store workers from downloading a smartphone app designed by OUR Walmart, an organization that advocates higher pay and other benefits, as the battle between employers and labor groups increasingly shifts to social media. http://on.wsj.com/2fQYYnL FT Snap, owner of messaging app Snapchat, has confidentially filed for an initial public offering in what is expected to be one of the largest technology listings in recent years, according to people close to the company. Ron Dennis was removed as chairman and chief executive of McLaren after falling out with fellow shareholders over the direction of the Formula One technology group. Alphabet Inc's Google announced plans for a new building in the King's Cross area of London and almost double its headcount in the city over the next few years. Mobile telecoms group Vodafone is counting the cost of its Indian foray after it booked an impairment charge of 6.3 billion euros against its local operations to reflect the business it has lost to aggressive new rival Reliance Jio. NYT - Congressional Republicans, donning "Make America Great Again" hats on Tuesday, celebrated their impending control of government. http://nyti.ms/2fXAHwK - Security contractors recently discovered preinstalled software of China's Shanghai Adups Technology Company in some Android phones that monitors where users go, whom they talk to and what they write in text messages. http://nyti.ms/2fXEKJf - Rudolph Giuliani, facing a flood of questions about whether his business dealings should disqualify him from being named President-elect Donald Trump's secretary of state, on Tuesday defended his lucrative 15 years in the private sector as a credential for the job. http://nyti.ms/2fXEVEp - John Weinberg, a former corporate adviser at Goldman Sachs , is joining Evercore Partners as its executive chairman and chairman of its board. http://nyti.ms/2fXF6Q5 - Trump's transition was in disarray on Tuesday, marked by firings, infighting and revelations that American allies were blindly dialing in to Trump Tower to try to reach the soon-to-be-leader of the free world. http://nyti.ms/2fXzR2H - The N.F.L. agreed not to push its teams to set minimum ticket prices on online ticket exchanges as part of a settlement with several state attorneys general. http://nyti.ms/2fXzwNF - Office Depot, Mall of America and the electronics store HHGregg have all announced they will be closed on Thanksgiving. Other retailers like Sears will open fewer stores, and of the locations that do open, many will have shorter hours. http://nyti.ms/2fXCTnI Canada THE GLOBE AND MAIL ** TransCanada Corp has shelved its offer to natural gas firms of lower tolls on long-term contracts to transport their product to Ontario, saying it didn't attract enough interest to make the plan viable. https://tgam.ca/2ggb2CD ** Dundee Corp has decided to remain a key stakeholder in its struggling capital markets business and inject money back into the unit - a move that has taken some observers by surprise. https://tgam.ca/2gg7T5I ** Royal Bank of Canada is introducing a new pricing structure, charging different rates for mortgages with amortization periods of 25 years or less and for those with longer maturities - a first for Canada. https://tgam.ca/2ggavR6 ** Gains in house prices in the Greater Toronto Area have lifted Canada's residential market into record territory, despite a slowdown in the Vancouver region, according to two new reports. https://tgam.ca/2ggg7ef NATIONAL POST ** Lockheed Martin Corp's, Chief Executive Marillyn Hewson, touted the company's long history in Canada and its value to Canadian suppliers during a visit to Ottawa on Tuesday as she embarked on a public relations tour to build support for the controversial F-35 fighter jet. http://bit.ly/2ggcXY7 ** Bell Helicopter will test, certify and build its next two commercial choppers in Canada, the company's chief executive told an aerospace conference on Tuesday. http://bit.ly/2ggdIA5 ** Canadian existing home sales reached a record level in October, data published on Tuesday shows, but the market faces an increasing threat from tighter mortgage rules, which have increased interest rates. http://bit.ly/2ggbWPC ** Amarjeet Sohi, Canada's Minister of Infrastructure and Communities, described Canada Infrastructure Bank as one of the "innovative solutions" that is needed to come up with ways to finance construction of the myriad of transportation, environmental and social infrastructure projects. http://bit.ly/2gg9Tec Britain The Times * Pubs in Britain face an extra bill of 420 million pounds in business rates over the next five years. This could force operators to raise beer prices. http://bit.ly/2gf0GC2 * The chief executive of FirstGroup Tim O'Toole, who is at the centre of the Croydon tram accident has indicated that investigators will recommend that such light rail operations have automatic vehicle cut-out or braking systems. Seven people were killed in the accident. http://bit.ly/2gf0EdD The Guardian * Google said it would build a new 1 billion pound headquarters in London and create 3,000 jobs. The move will be seen as a vote of confidence in Britain's prospects after it opted to exit the European Union. http://bit.ly/2eYhqbI * The governor of the Bank of England Mark Carney retaliated to accusations by politicians in the U.S. and UK that central banks have increased inequality, saying such allegations are a "massive blame-deflection exercise". http://bit.ly/2eYnpx7 The Telegraph * The chief executive of Taylor Wimpey, Pete Redfern, described stamp duty as "a charge on moving house", raising the spectre of shifting the burden of the duty from buyers to sellers in order to resuscitate the stalled housing market. http://bit.ly/2eYe8Ft * B&M Bargains plans to add another 50 stores next year despite concerns about consumer confidence following the EU referendum. The discount retail chain had reported total revenues of more than 1 billion pound in six months for the first time in its history following an 18.9 percent jump in total sales. http://bit.ly/2eYkbKc Sky News * Inflation declined to 0.9 percent last month from 1 percent in September according to the Office for National Statistics which said the surprise slip was down to lower rates of cost growth in clothing and tuition fees compared with a year earlier. http://bit.ly/2eYjlwR * EasyJet reported a 28 percent fall in annual profits despite carrying a record number of passengers - 73.1 million of them - in the period, with its planes also 91.6 percent full. http://bit.ly/2eYcQdF The Independent * The UK telecoms company Vodafone suffered a 5 billion euros loss after it wrote down the value of its Indian business by 6.3 billion euros amid a bitter price war in the country. http://ind.pn/2eYgofU * Reynolds American is said to have sought a higher price from British American Tobacco after declining a $47 billion buyout offer as too low. http://ind.pn/2eYdxnb
Standing in democracy’s birthplace, President Barack Obama on Wednesday issued a parting plea to world leaders not to let the fear of globalization tugging at Europe and the U.S. pull them away from their core democratic values. He argued it wasn’t too late for a course correction.
A local protest has temporarily suspended train service taking tourists to the ancient Incan citadel of Machu Picchu, the most visited place in Peru.
To those who have followed the rise and fall of the HFT industry, and certainly the far more dramatic rise and fall of one former Goldman trader and programmer, Sergey Aleynikov, the names Misha Malyshev and Teza Technologies are very familiar. Malyshev founded Teza - named for a river in his native Russia - in 2009. The high-frequency trading group used automated programs to vault to the top ranks of participants on venues such as the CME and BrokerTec, a marketplace for US Treasury bonds once dominated by banks. Malyshev, who has a doctorate in astrophysics from Princeton, made more than $1 billion for hedge fund Citadel In 2008 while serving as its head of high-frequency trading. Shortly after, Malyshev quit to start Teza, whose profile rose after it hired Sergey Aleynikov, a programmer who was convicted, and later exonerated, for stealing trading software codes from his former employer, Goldman Sachs. Fast forward to today when the same Malyshev, who became one of the biggest and fastest traders in financial markets, announced he was abandoning his core business after its revenue engine stalled, a sign of the challenge of adapting in markets that unfurl in nanoseconds. As the FT reported, Teza Technologies plans to exit its proprietary trading business in the next six months to focus on building up a quantitative hedge fund that manages more than $1bn, company executives said. The reason for the dramatic pivot in the business model is that revenues at the company's core, prop trading business, in which historically HFTs have been used to frontrun other orders under the guise of "providing liquidity", and which trades with Teza’s own money, steadily declined from about $250 million four years ago to $80 million in 2015, as increasingly more HFT competition ate into revenues and margins, while HFT-free trading venues like IEX have doomed the high frequency frontrunning business model. In 2016, the business has struggled to make a profit, the people added. “Generally, it is harder to make money,” Misha Malyshev, Teza chief executive, said in a rare interview. As the FT, which interviewed Malyshev said, Teza’s situation reflects broader pressures within the industry, where increasing sums are spent on telecoms infrastructure, computer algorithms and exchange fees in order to be an instant faster than others. Chopper Trading, another HFT group, quit the arms race last year when it sold out to competitor DRW. The Teza payroll expanded from about 45 employees in 2013 to peak at 117 about a year ago. It has dropped to 93, Mr Malyshev said. Hoping to raise some money before it is too late, Teza in July began approaching investors with potential deals including purchasing equity in the core proprietary business, licensing its technology and becoming a partner in the fund business. It is unclear if anyone has invested in this melting icecube business model, which was a slamdunk in 2009 but is now utterly commoditized. Meanwhile, the hedge fund, Teza Capital Management, started managing outside money in October 2014 and contained $1.1bn as of February, according to a regulatory filing. “The future of Teza is the asset management business,” Mr Malyshev said. Well, clearly it's not in the frontrunning of retail orderflow business as everyone else also does it now. The filing warned Teza Capital’s computer models could fall short, including by making “assumptions regarding the existence of relationships that appear to hold true or in fact held true in the past but that may not exist or hold true in the future”. But one specific thing caught our attention: speaking a day after Donald Trump won his long-shot bid for the US presidency, Mr Malyshev added: “One thing we know is that in financial markets, six-sigma events are happening with the frequency of two-sigma or even one-sigma,” the lower numbers being statistically more likely. So about that market crash that can never happen...
Discover history and beauty in this central Russian town Photographs by William Brumfield The Kostroma Region has a wealth of small historic towns, each with a distinctive setting and cultural heritage. Among these is the town of Bui (pronounced like “buoy”), located on the right bank of the Kostroma River some 60 miles north of the city of Kostroma. With a population around 24,000, Bui is among the larger of the region’s historic towns — a status owed primarily to its development as a rail hub during the 20th century. The town’s origins date to the beginning of 1536, when settlers in the area sent a request to Moscow for a fortified point on the northeastern fringes of the Muscovite state, a territory vulnerable to raids by Kazan Tatars and their allies. The petition was addressed to the five-year-old Grand Prince Ivan IV (who was subsequently known as Ivan the Terrible) and to his mother, Elena Glinskaya, who served as Muscovite regent following the death of her husband, Basil III, in 1533, until her own untimely death (perhaps from poison) in 1538. With the creation of the Bui fort, surrounding settlements could raise the alarm as raiders approached in barges along the Kostroma River, an important left tributary of the Volga. When a threat was detected, signal fires alerted sentries at the Bui fort, whose church bells summoned local defenders. Peasant families made their way to a drawbridge and into the fort, bounded on two sides by the Kostroma and Vyoksa Rivers, and on the third side by a moat. Behind the stout log walls, families were protected from slave raids that were an especially pernicious scourge. Ivan the Terrible’s conquest of the Tatar khanate of Kazan in 1552 greatly reduced the military significance of the Bui fort. During the 16th century, the settlement spread to both sides of the Kostroma River and beyond the small Vyoksa River. By the end of that century, Bui had six log churches. The primary church, located in the fortress, was dedicated to the Annunciation. Overlooking the market square was the Church of St. Paraskeva-Pyatnitsa, patroness of trade, while the other side of the Kostroma was graced by the Church of the Resurrection. During the turbulent reign of Boris Godunov (1598-1605), Bui served as a place of harsh exile. Indeed, more than a decade before he came to power, Godunov exiled to Bui those considered rivals to his power as de factor regent of Muscovy after the death of Ivan the Terrible in 1584. The most prominent exile was Prince Andrei Ivanovich Shuisky, uncle to Tsar Vasily Shuisky, who ruled from 1606-1610. How to get there: Take the direct train from Moscow to Bui (Yaroslavsky Railway Station; departure at 1:50 p.m. and 11:05 p.m. every day; travel time 7.5 hours). Largely spared the devastation of the early 17th-century dynastic crisis known as the Time of Troubles, Bui gradually expanded as a regional administrative center. Although afflicted by an attack of plague in 1654, the settlement was spared the worst when the onset of severe cold in late October suppressed the spread of the disease. Grateful inhabitants rebuilt the Church of St. Paraskeva and began an annual procession of the cross, which is held on Oct. 28. Until 1775, power in the town was delegated to a voevoda, who was responsible for maintaining order. In 1778, Catherine the Great granted Bui the status of a regional administrative center and gave it a rudimentary town plan. At the same time, Bui received its official coat of arms, which in fact depicts a buoy — no doubt in recognition of its place on the Kostroma River. Although there is no consensus on the derivation of the town’s name, it is unlikely to have derived from the word “buoy” in the 16th century. Catherine’s heir, Emperor Paul, revoked the town’s status in 1796 because of its weak growth. Fortunately for the town’s continued existence, Alexander I restored Bui to its status as a regional administrative center in 1802. By the middle of the 19th century, Bui had slightly over 2,000 inhabitants. Religious heritage As with all such towns, the center of Bui was dominated by its churches. The foremost among them was the Church of the Annunciation, rebuilt in brick in 1810 at its original location near the confluence of the Kostroma and Vyoksa Rivers. In 1812, Emperor Alexander gave the lavish sum of 1,000 rubles for the decoration of the interior. Smolensk: Russia’s western citadel Constructed in an austere mixture of baroque and neoclassical styles, the two-story church had a particularly imposing bell tower. Its main altar was on the upper level, while the ground floor had an additional three altars dedicated to St. Nicholas, St. Paraskeva and the Smolensk Icon of the Virgin. During the 1930s, the closed church was ransacked and converted to use as a bakery. It is now being gradually restored beginning with the lower altars. Also restored is the Church of the Resurrection, picturesquely situated just across the Kostroma River. Built in 1835 within a cemetery, the Resurrection Church has a refined neoclassical bell tower attached to the west of its simple, archaic main structure. In addition to the main altar, the church’s vestibule on the west side has two secondary altars dedicated to St. Nicholas and the Kazan Icon of the Virgin. The one-story vestibule could be more easily heated, and in typical Russian practice, the secondary altars were used for worship in the winter. The third surviving religious monument in the center of Bui is the rotunda Chapel of St. Paraskeva, a recreation in 2000 of the demolished neoclassical chapel erected in 1833 on the site of the earlier Church of St. Paraskeva. The final Orthodox monument in Bui is the Church of St. Nicholas, completed in 1913 as an attachment to the recently built railway station. The Russo-Byzantine style church survived the Soviet period and has now been beautifully restored. This landmark gladdens the sight of thousands of rail passengers that each month pass by the Bui railway station from places as distant as Vladivostok—almost six days by rail from Bui. Railroad and growth Indeed, railroad construction transformed Bui in the 20th century. At the end of the 19th century, the town’s major industry, in addition to timber processing, was a vodka distillery, whose some 40 workers were paid primarily with pails of vodka. The soft water of the nearby marshes was considered a great advantage for producing the subtle tastes of the spirit. At the beginning of the 20th century, however, work began on a rail line from St. Petersburg through Vologda to Vyatka and on to Siberia. By 1905, rail traffic had commenced on the Bui section of this north line of the TransSiberian railway. At the same time, construction began on a branch to Danilov, situated on the mainline between Yaroslavl and Arkhangelsk. Thus, within a few years Bui had gained direct access to both St. Petersburg and Moscow (through Yaroslavl). Its festively decorated, expansive station opened in the fall of 1905. Feodorovsky Convent in Pereslavl-Zalessky: Spiritual support for Muscovy Railroad development accelerated during the early Soviet period. The investment was amply justified during the Great Patriotic War, as World War II is called in Russia. During the war, the Bui rail junction played a vital role, funneling supplies and troops from the eastern territories of the Soviet Union over the Kostroma River to the colossal battlefields. Contemporary Bui has been fortunate in preserving much of its historic center, an attractive prerevolutionary environment of two-story commercial and administrative buildings interspersed with brick and wooden houses. One of the merchant houses has been converted to an excellent local history museum. Even the Soviet structures in this central district managed to preserve the scale and something of the style of an earlier era. For all its modest size Bui represents some of the most charming features of Russia’s provincial ambience. Read more: New book by William Brumfield reveals the miraculous architecture of the Russian North>>> Subscribe to get the hand picked best stories every week
A monument to the Baptizer of Rus may threaten the citadel’s UNESCO statusControversy continues to plague a monument to Prince Vladimir, the man who introduced Christianity to Russia in 988, which is due to be unveiled on Nov. 4 on Moscow’s Borovitskaya Square, near the Kremlin. The history of the 26-meter monument to Vladimir (who is also known as Vladimir the Baptist, St. Vladimir and Vladimir the Red Sun) was accompanied with protests and heated debate from the very outset. The idea to install the monument was initiated by the Russian Military-Historical Society (RVIO), which is headed by Russian Culture Minister Vladimir Medinsky. Early last year, the Society held a competition for the concept of the future monument: The design for a 24-meter (80-foot) monument proposed by Russian sculptor Salavat Shcherbakov and architect Vasily Danilov won the secret ballot vote. Workers seen by a monument to Prince Vladimir in Moscow / Source: Vladimir Smirnov / TASS Arguments against Opponents to the monument stressed that Vladimir had no relation to Moscow, because the first known mention of the city dates back to 1147, that is, a century after the prince’s death. In addition, historians emphasize the brutality of Vladimir, who, after capturing the town of Polotsk in 980, raped the daughter of Polotsk prince Rogneda and then forcibly took her as his wife. He also singlehandedly killed her father and two brothers. Critics also highlight the political aspect of the monument to Vladimir, which is associated with Russian President Vladimir Putin. For example, prominent anti-Kremlin journalist Oleg Kashin notes that the monument to Vladimir can also be seen as a tribute to his influential namesake. In addition, Shcherbakov's sculpture in its original version was to surpass the height of a 20-meter monument to Vladimir in Kiev. In the context of the Russian-Ukrainian conflict, this was also seen by observers as a political gesture. Wandering monument The opening of the monument was supposed to coincide with the millennium of the death of Prince Vladimir on Nov. 4, 2015. The RVIO management proposed to place it next to Moscow State University in the Sparrow Hills nature reserve. However, the geological condition of the place did not permit the installation of a sculpture weighing 300 tons on the banks of the Moskva River out of fear of landslides. Dissatisfied with the RVIO's initiative, Moscow residents and conservationists created a petition against the installation of the monument, which collected more than 80,500 signatures. From Stalin to Prince Vladimir: Russia's controversial monuments Eventually, the city authorities offered residents a number of alternative sites in the city center –Moskvoretskaya Embankment and the Lubyanskaya and Borovitskaya squares. During the vote on the government-run Active Citizen website, locals supported the latter option. The Moscow City Duma's Commission on Monumental Art approved the location. However, this decision did not suit conservationists: The site at the intersection of Mokhovaya and Znamenka streets, where the statue of Vladimir is to be installed, is part of the Moscow Kremlin's protected zone, and any new construction there is forbidden. Earlier this year, UNESCO warned the Russian authorities that in case of non-consultation regarding the historical landscape and non-compliance with the Convention concerning the Protection of the World Cultural and Natural Heritage, the Moscow Kremlin will lose its status as a World Heritage site. As a result, the authors of the monument agreed to reduce its size: Now the height of the prince's figure will be 12.2 meters, so the height of the monument including the cross will not exceed 16.8 meters. Another UNESCO requirement was the comprehensive beautification of Borovitskaya Square with the involvement of international participants. In April of this year, the authorities announced the winner of the contest for the concept of reconstruction of the square. The winning design, by the Russian architectural bureau AI-Architects, involves creating on Borovitskaya Square a stepped slope, symbolizing the waters of the Dnieper River, where Prince Vladimir baptized Kiev. "An interesting idea has been proposed: We see a drop which, as if falling into the water, goes around in circles, creating an association with the ritual of baptism," said Sergei Kuznetsov, Moscow's chief architect, explaining the concept. UNESCO looks the other way However, Rustam Rakhmatullin, coordinator of the Arkhnadzor public movement, does not believe that either decision can be called a compromise. "UNESCO considers the design of the monument to Vladimir solely in terms of its impact on the Kremlin," the conservationist said in a conversation with RBTH. UNESCO treasures in and around Moscow "However, it poses a far greater threat to the adjoining monument of Russian classicism, the Pashkov House, which is not included in the World Heritage list. The statue will block the historic view of the building from the side of the Kremlin – the fact that the size of the sculpture has been reduced and that it has been shifted along the axis of the central colonnade of the Pashkov House will not help. This monument just should not be here." Arkhnadzor assessed the probability that the Kremlin will be deprived of the UNESCO World Heritage status as minimal. "All UNESCO prescriptions to the Moscow authorities were oral – in reality, they have not been recorded anywhere and do not oblige those who will be installing the monument on Borovitskaya Square to do anything," Rakhmatullin added. "Consequently, there are no formal reasons for sanctions by UNESCO." Russia must send a report on the results of the installation of the monument to Prince Vladimir to the World Heritage Center of UNESCO by Dec. 1.
U.S. Sen. Mark Kirk’s explosive comment about opponent Tammy Duckworth’s Thai heritage at a debate last week has roiled the Republican’s campaign in the closing week of a contest that was already an uphill battle for Illinois’ junior senator. On Saturday, the Human Rights Campaign reversed its Kirk endorsement. Kirk often held up the group's support as he positioned himself as a moderate. The HRC noted that it was the first time in its history it had made such a decision. And Gabby Giffords’ pro-gun control PAC, Americans for Responsible Solutions, also withdrew its support, calling Kirk’s remarks “a racist attack” on Duckworth. During the Springfield debate — the first televised head-to-head in the race — Duckworth outlined her family’s history in fighting in U.S. wars, to which Kirk responded: “I’d forgotten your parents had come all the way from Thailand to serve George Washington.” Kirk apologized for the remark the next day but backlash was already in full force. Amid the new furor, another question lingers: Has Kirk’s own party already given up on its beleaguered candidate? While Republican spending has reached unprecedented levels in Illinois this cycle — Gov. Bruce Rauner and two close allies have poured more than $45 million into state campaign accounts to influence the makeup of the General Assembly — Kirk has largely been left to fend for himself. Illinois GOP donors, including Rauner, see more opportunity to influence the Illinois comptroller campaign or relatively obscure state lawmaker races than to invest in the U.S. Senate contest, what is traditionally a marquee race. Citadel CEO and founder Ken Griffin this year has donated $2 million to the Senate Leadership Fund, a group whose aim is to preserve and expand Republican control of the U.S. Senate. Rauner has not directly contributed to Kirk this cycle. Federal election records show Rauner’s most recent investment in federal races was in 2015 when he personally donated to the congressional campaign of Darin Lahood.A top GOP adviser familiar with the party’s strategy conceded that Illinois Republicans could have carved out an independent expenditure committee to focus resources for Kirk.But the strategist said that local Republicans had a tough time making a commitment to Kirk when they didn’t see the level of investment from national groups like the National Republican Senatorial Committee, and that it would be tough to justify such an investment “if you’re not getting hard money for the campaign” from the NRSC. The NRSC has invested in ad campaigns in the race, and was behind a recent spot that hit Duckworth on veterans issues.Kirk suffered a debilitating a stroke in 2012 and his verbal gaffes have gained national attention, including when he called Lindsey Graham "a bro with no ho."Several longtime Kirk staffers had gone to work for Rauner, including the governor's former and current chiefs of staff and an aide on Rauner's communications team.Last year, one top Republican operative briefly aired doubts about Kirk's reelection bid, initially calling on him to step down from the ticket. "His misstatements put him and the Illinois Republican Party in too much of a defensive position" top GOP donor and bundler Ron Gidwitz told Crain's Chicago Business in 2015. "I do not believe he will be a U.S. senator in 2017 and, as top of the ticket, he could cause collateral damage [to other Republican candidates]. I call on him to step aside and allow other Republicans to seek his seat." Within hours, Gidwitz inexplicably reversed his position and said he was then backing Kirk. Aside from the verbal gaffes that have followed Kirk since his stroke recovery, there is a plain truth about the U.S. Senate race: “We haven’t elected a Republican senator in a presidential year since the 1970s,” the GOP strategist said.Kirk spokesman Kevin Artl said Kirk’s campaign will benefit from overall Republican investment, including a push statewide to get out the vote in critical state legislative districts. Artl said the Kirk campaign is in constant contact with the Illinois GOP, including frequent conference calls sharing strategy. “We’re totally coordinated and all of our ground game efforts are integrated,” Artl said. “For us, we’ve invested a lot in our ground game. They’ve invested through Rauner. You don’t see that level of investment on the Democrat side. You don’t see a lot of money on the Democrat side.”
The previously noted surge in Monday merger announcements, which seek to take advantage of still cheap credit before yields rise, got its latest entrant moments ago when discount brokerage TD Ameritrade agreed to acquire peer Scottrade in a $4 billion cash and stock transaction. Per the press release, "The transaction combines two highly complementary organizations with long histories of helping millions of people invest in their financial futures. For TD Ameritrade, the transaction adds significant scale to its retail business, extends its leadership in trading, and more than quadruples the size of its branch network." Moments after the announcement, AMTD reported that it missed both consensus EPS est. of $0.38, reporting $0.35 in Q4, as well as revenues which were $829 million, below the est. $837.9 million, suggesting that organic growth in the sector may have peaked and explaining the urge to shift tactically to cheap debt-funded M&A. TD Ameritrade, the biggest discount brokerage by trade executions, said it expected to realize about $450 million in combined annual expense synergies, and more than $300 million in additional longer-term opportunities once the deal closes. As disclosed, the terms of the trade are as follows: The transaction, which has been approved by the boards of directors of TD Ameritrade, TD Bank Group (TD) and Scottrade, will take place in two, concurrent steps. First, TD will purchase Scottrade Bank from Scottrade Financial Services, Inc. for $1.3 billion in cash consideration. Under the terms of the proposed acquisition, Scottrade Bank will merge with and into TD Bank, N.A., an indirect wholly-owned subsidiary of The Toronto-Dominion Bank. Additionally, TD will purchase $400 million in new common equity (11 million shares) from TD Ameritrade in connection with the proposed transaction, pursuant to its preemptive rights. Then, immediately following that acquisition, TD Ameritrade will acquire Scottrade Financial Services, Inc., for $4 billion, or $2.7 billion net of the proceeds from the sale of Scottrade Bank. The $2.7 billion will be comprised of: $1.0 billion in new common equity (28 million shares) issued to Scottrade shareholders; and $1.7 billion in cash, which includes TD Ameritrade cash ($900 million), a new debt offering ($400 million), and the proceeds from the sale of 11 million shares to TD ($400 million) Additionally, following the transaction’s close, Scottrade Founder and CEO Rodger Riney will be appointed to the TD Ameritrade Board of Directors. On a pro forma basis, the combined company would look as follows: 600,000 average client trades per day $944 billion in total client assets 10 million funded client accounts $14 billion in margin balances $149 billion in cash balances Elsewhere, HFTs everywhere, but mostly at Citadel, are chomping at the bits for a first look at frontrunning all the newly aggregated retail order flow.
На прошлой неделе Кабинет министров принял государственный бюджет на 2017 год и законопроект о среднесрочном бюджете на 2017–2019 годы.
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...