One Last Look At The Real Economy Before It Implodes – Solutions - Part 6 - By Brandon Smith (28/4/15) PDF Print E-mail
Brandon Smith   
Tuesday, 28 April 2015 07:13

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'Timebomb' UK Economy Will Explode After Election - By Goldcore (28/4/15) PDF Print E-mail
Goldcore   
Tuesday, 28 April 2015 07:12

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The (British) Crown Empire And The City Of London Corporation - By BATR (28/4/15) PDF Print E-mail
BATR   
Tuesday, 28 April 2015 07:09

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"Let's Take Them On!": Libor E-mails Of Christian Bittar Revealed - By Tyler Durden (27/4/15) PDF Print E-mail
Tyler Durden   
Monday, 27 April 2015 07:51

Zero Hedge

Back in 2012 we introduced readers to Christian Bittar, a former prop trader at Deutsche Bank who profited handsomely by betting on the direction of rates he conspired with others to manipulate (recall that when it comes to betting on the direction of rates, it’s much easier to make winning trades when you collude with colleagues to fix the benchmark). Readers may also recall that via a bit of digging which began with the LinkedIn profile of someone else named Christian Bittar, we were soon tossed down the Lieborgate rabbit hole only to find that on the other end was the secretive world of Swiss hedge funds and private banks.

We later detailed how Deutsche Bank went about ridding itself of Bittar who was once one of the firm’s most well-paid traders and concluded with the following six point assessment:

1.    Deutsche tells an internal prop trader to invest billions in the Libor market,but tells him: "do everything legally and by the book or else."
2.    Bittar colludes with virtually everyone else under the sun to generate billions in profits;
3.    Bittar makes tens if not hundreds of millions of bonuses for himself;
4.    Finally, DB no longer can hide the deception and claws back a portion of Bittar's bonuses, while washing its hands of the full affair;
5.    Scapegoat punished, life goes on.
6.    He went to work for Bluecrest Capital Management LLP, Europe’s third- biggest hedge fund with $30 billion under management.



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Navinder’s Excellent Adventures In The Casino: How Nav Sarao Milking Markets Ltd. Spoofed The HFTs - By Bronte Capital (27/4/15) PDF Print E-mail
Bronte Capital   
Monday, 27 April 2015 07:46

This is a comment on the story rampant in the press about a British Man causing the US “flash crash”. If you are not familiar this is as good a background as needed.

It took me a while to get my head around just how ludicrous the assertion that a kid (Navinder Singh Sarao) trading a few thousand e-mini contracts caused the “flash crash” was. He did this every day for a few hundred days – and almost every day there was no flash crash. Then there was a flash crash – so ergo – a kid in his basement caused it.

He did this by “spoofing” which is an illegal form of market manipulation. If you need a summary beyond what I give here Matt Levine provides a fairly good summary.

Spoofing

Spoofing – so what is it? Its placing a bunch of (say) sell orders a little above market and a smaller buy order a little below market.

What then happens is that “front running computers” see the multitude of sell orders and assume they are real. They then decide to sell some to get in front of some real selling. The real buy order gets executed.



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