It is the 15th of September 2019

News

Obama Admits Couldn't "Convince Americans Of Recovery", Bashes 'The Big Short'

Despite his proclamation that he "saved the world from a Great Depression," the fact is that Obama will be the first President ever to not see a single year of 3% GDP growth - but only cynical fiction-peddlers would mention facts at a time like this. In yet more legacy-defending narrative, Obama told The NYTimes today that his biggest failure was being unable to sell his success in putting the American economy back on track to the American people (no matter the actual realities) careful to blame Republicans for slowing growth "by a percentage point or two." And then in a final affront to fact, Obama dismisses the conclusion of "The Big Short" proclaiming that he reined in Wall Street, overhauled the banking system, and made water from wine "the financial system substantially more stable."

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"People In The Market For Many, Many Years Have Been Replaced By An Algorithm"

Two years ago, just before Michael Lewis released Flash Boys starting a sharp if brief revulsion against parasitic, predatory High Frequency Trading frontrunners, which delayed Virtu's IPO by one year, we broke down Virtu's 2013 net trading income by product line. We were not surprised to find that of the $45 million in total growth, the largest income category, US stocks growth was a tiny 5% of all, rising by $2.3 million in 2013. In fact, between EMEA, APAC and US Equities, there was very limited growth in 2013, while commodities posted an outright trading income decline. It appeared to be the case that growth in conventional products has indeed plateaued, as more and more HFT competitors rush in. And yet, one product stood out. It is highlighted on the chart below: FX.

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