It is the 19th of September 2019

News

Why The Market's "One-Sided Stability" Is Becoming Increasingly Dangerous: Deutsche Explains

A topic that has been beaten to death both on these pages and virtually in every other financial website, has been the remarkable complacency in markets manifested, among other things, by near record low realized and implied equity vol, coupled with a recent plunge (if subsequent rebound) in cross-asset correaltions. Furthermore, as a result of habituation to both central bank and HFT dominance, and the relegation of human-driven, "actively managed" strategies, the "buy the dip" period has collapsed to a record short period of time, as every drop in risk is now simply an opportunity to "BTD."

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The SEC's Former Top "HFT Expert" Joins HFT Titan Citadel

Last April, we commented on the most blatant (pre) revolving door we had ever seen at the SEC (and there have been many): the departure of the SEC's head HFT investigator, Gregg Berman, who during his tenure at the agency (whose alleged purpose is to keep the "market" fair, efficient and unmanipulated) did everything in his power to draw attention away from HFTs. He did that, for example, by blaming Waddell and Reed for the May 2010 flash crash. This is what Berman, whose full title was the SEC's "Associate Director of the Office of Analytics and Research in the Division of Trading and Markets" said in the final version of the agency's Flash Crash report:

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