By Jim Brunsden
Sept. 13 (Bloomberg) -- The European Union is considering
listing “specific examples of strategies using algorithmic
trading and high-frequency trading” that should be banned and
punished by regulators as market manipulation.
The measures to increase investor protection and reduce
volatility are part of plans to clamp down on market abuse in
the European Union, according to a draft of the proposals
obtained by Bloomberg News.
“There are particular automated strategies that have been
identified by regulators which, if carried out, are likely to
constitute market abuse,” the document says. “Further
identifying abusive strategies will ensure a consistent approach
in monitoring and enforcement by competent authorities.”
High-frequency traders have come under increased
regulatory scrutiny following the so-called flash crash in May
last year, during which the Dow Jones Industrial Average briefly
lost almost 1,000 points.
Michel Barnier, the EU’s financial services chief, has said
the tougher market-abuse rules are needed because current
sanctions are too weak.
Under the proposals, regulators would get the power to set
maximum fines for financial services companies of at least 10
percent of their annual sales. Individual traders would face
fines of at least 5 million euros ($6.8 million) for the worst
infractions.
Traders found guilty of “intentionally” engaging in
insider dealing and market manipulation should face criminal
sanctions that are, “effective proportionate and dissuasive,”
according to the draft rules.
Under the plans, which would need approval from governments
and members of the European Parliament, unsuccessful attempts to
manipulate markets should also be punished.
The above is a Bloomberg article.
Europe is talking about hefty fines and criminal charges to traders abusing the system through the use of high frequency trading. The criminal aspect of this methodology is clear but have been ignored by the regulators in the US where it originated. The unwillingness of Congress/Senate to pass laws to rein in the destructiveness of high frequency trading is criminal, and understandable given the incestuous relationship between the law makers and the banksters.
Europe is slightly away and could be relied upon, relatively, to take actions against the rogue part of high frequency trading. Regulators who slept with the devil will dance with the devil and protect the devil. Hoping that the Americans will take action earlier is not going to happen and Europe may be the saviour to this menace.
10/04/2011
When America was rich
When America was rich, or when England and the Europeans were rich, it was like a matter of fact. The world just looked on, maybe a bit envious, but wanted to be rich like them. The world even forgot how the Western empires became rich, literally over their dead bodies, through conquest and looting, but they called it colonisation. This sounded much more pleasant as if colonising other countries to get rich, stripping away their resources and human rights and rights to ownership of their land, were a natural, normal and acceptable thing.
Now China is getting rich, by sheer hardwork, working for lesser pay, stinging and savings, no killings, no looting, no colonising, just plain hardwork.
Now watch this video and observe the expression and sense the mood and the words used to describe China's economic growth. I am wondering if it is amusing or what?
http://www.youtube.com/watch?v=1cNJw9U5bqc
Now China is getting rich, by sheer hardwork, working for lesser pay, stinging and savings, no killings, no looting, no colonising, just plain hardwork.
Now watch this video and observe the expression and sense the mood and the words used to describe China's economic growth. I am wondering if it is amusing or what?
http://www.youtube.com/watch?v=1cNJw9U5bqc
No more space for roads?
When I heard of this news I was kinda, really? We have plentiful of land for housing, in fact we are going to increase the population to another few millions for sure, or our growth will go negative. There are millions waiting to be received by our open arms. Housing is definitely not a problem as we can just build and build, by getting the priorities right, by allotting more land for private properties and bigger profits.
When roads are declared as limited, when car population is limited, when COE prices are going to hit ninth heaven, what are the implications? For those who really need cars out of pure necessities, be it work or physical needs, like the aged, invalids, and the happy broods of children, what’s next? Life is going to be a misery, no joke.
What about the high end new citizens or PRs? They need cars, plenty of cars, as they can afford it, as a hobby. Even the local rich are collecting cars with some having tens or more in their collections.
Car ownership is not just a means of transportation to some. But the crucial purpose of car ownership is transportation. Should there be a rethink and review of car ownership policies in the light of the increasing constraints and high prices?
This is also applicable to ownership of properties. With limitation of land, of course some assholes will say ‘who said so’, land is for the building of homes, a roof over the heads. Land for investment and speculation, is going to drive property prices out of the reach of many. A rethink with respect to land for residential purposes, for the citizens, is urgent. How the govt is going to apportion land for strictly residential purposes or for the speculators to use as chips in their gambling game is tricky, or maybe not, if everything is about getting full value or profits.
Living in paradise is going to be very tough for the aspiring young who wanted a good life, ie good housing and ownership of private transport. It is also going to be a big struggle, and frustrating for the daddies and mummies with 2 or more children, and those with handicapped oldies at home. How are people going to have more babies?
Don’t worry, the marginal people will opt to move out. The very rich who have no problem with money, with $100k COE and multi million dollar shoeboxes will be happily wading to our shores.
The whole social framework and life style will not be the same again.
When roads are declared as limited, when car population is limited, when COE prices are going to hit ninth heaven, what are the implications? For those who really need cars out of pure necessities, be it work or physical needs, like the aged, invalids, and the happy broods of children, what’s next? Life is going to be a misery, no joke.
What about the high end new citizens or PRs? They need cars, plenty of cars, as they can afford it, as a hobby. Even the local rich are collecting cars with some having tens or more in their collections.
Car ownership is not just a means of transportation to some. But the crucial purpose of car ownership is transportation. Should there be a rethink and review of car ownership policies in the light of the increasing constraints and high prices?
This is also applicable to ownership of properties. With limitation of land, of course some assholes will say ‘who said so’, land is for the building of homes, a roof over the heads. Land for investment and speculation, is going to drive property prices out of the reach of many. A rethink with respect to land for residential purposes, for the citizens, is urgent. How the govt is going to apportion land for strictly residential purposes or for the speculators to use as chips in their gambling game is tricky, or maybe not, if everything is about getting full value or profits.
Living in paradise is going to be very tough for the aspiring young who wanted a good life, ie good housing and ownership of private transport. It is also going to be a big struggle, and frustrating for the daddies and mummies with 2 or more children, and those with handicapped oldies at home. How are people going to have more babies?
Don’t worry, the marginal people will opt to move out. The very rich who have no problem with money, with $100k COE and multi million dollar shoeboxes will be happily wading to our shores.
The whole social framework and life style will not be the same again.
10/03/2011
Arab Spring coming
Some were hoping that Arab Spring will come to Asia, especially China. Some hope that it will come to paradise island. Arab Spring is coming and spreading. The first stop is in Greece. Now a bigger one is happening, of all the imaginable places, New York and Boston. Now, where are these two place located on planet earth? The USA of course.
Thousands were marching in New York, to the Stock Exchange and Wall Street. They want to tear down the greedy financial houses like Goldman Sach and the likes. The greedy bankers and their destructive ways are proven as the new cancer of the finance industry and is ruining America and the world. They need to be stopped.
Greed is good to the Wall Street robbers. But Greed is definitely unacceptable to Main Street America, the average Joes are suffering while the robbers in Wall Streets are asking for more and more pay and bonuses. And of course Washington and Congress were the accomplices that are aiding the robbers to continue to loot the average Joes in America.
The Arab Spring is starting in the streets of the USA.
Thousands were marching in New York, to the Stock Exchange and Wall Street. They want to tear down the greedy financial houses like Goldman Sach and the likes. The greedy bankers and their destructive ways are proven as the new cancer of the finance industry and is ruining America and the world. They need to be stopped.
Greed is good to the Wall Street robbers. But Greed is definitely unacceptable to Main Street America, the average Joes are suffering while the robbers in Wall Streets are asking for more and more pay and bonuses. And of course Washington and Congress were the accomplices that are aiding the robbers to continue to loot the average Joes in America.
The Arab Spring is starting in the streets of the USA.
Retiring plans getting topsy turvy
Not only that Singaporeans cannot retire gracefully, I mean the average working class Singaporeans, they now have to start life all over again like a 20 something. They have to start to find a job, to start to save, to worry if they will still be getting the same share of CPF contributions, not because they are going to start another family, but to pay for housing which should have been paid long ago, and the ridiculous medical bills akan datang.
How did we arrive at this pathetic and desperate position when we were one of the biggest savers in the world? We saved 50% of our income, then slowly reduced to slightly below 40% today. This is still an awesome sum of money to save for a life time, but only to realize, not enough leh. Now Ah Kong and Ah Mah must start saving, and to work, to fight with employers for more CPF. This is like the saying, ‘boh geh’ still want to eat peanuts.
This is the ultimate, and par excellence, in retirement planning of a first world nation. Suddenly everything is just a fleeting dream. The govt is now working hard to make employers pay CPF to the oldies as if they were short changing them. Even their income got to be the same as the young twenty something.
Bull. Let’s face it, not everyone is a LKY or an Emeritus Minister that can keep on thinking of getting bigger and bigger pay as they age. Not everyone is a super talent minister that can be appointed as Chairman here and there, and directors everywhere, to collect more and more pay.
The oldies should be retiring and live on their savings, and taking life easier. Go for a different kind of pursuit, at their own time and own pleasure. There are just so many jobs that the oldies can do, at the same pace and quality as the young. No kidding, our body and system age with time.
We thought our great savings and retirement plans were first class. But we did not bargain for some jokers to throw in the spanner half way, to empty our nest egg with ever increasing housing and medical fees. Now the nest egg is nearly empty. And the oldies panic. And everyone panic.
Who in the first place emptied the nest eggs of the oldies? Now all the policies on ageing and retiring is turning topsy turvy, expecting the oldies to do the contrary, to demand for jobs, for more pay, for more CPF, to save some more. And they are expecting the employers to hire all the oldies when the latter could pay for less with so many foreign talents waiting and knocking at their doors. What a joke!
Ok, Ah Kong and Ah Mah, please line up and open a savings account with POSB, and put in $1 every day and see it grows. Then when the time comes for retirement, the money would have grown, and no more worries. Sure, dead people sure got no worries.
How did we arrive at this pathetic and desperate position when we were one of the biggest savers in the world? We saved 50% of our income, then slowly reduced to slightly below 40% today. This is still an awesome sum of money to save for a life time, but only to realize, not enough leh. Now Ah Kong and Ah Mah must start saving, and to work, to fight with employers for more CPF. This is like the saying, ‘boh geh’ still want to eat peanuts.
This is the ultimate, and par excellence, in retirement planning of a first world nation. Suddenly everything is just a fleeting dream. The govt is now working hard to make employers pay CPF to the oldies as if they were short changing them. Even their income got to be the same as the young twenty something.
Bull. Let’s face it, not everyone is a LKY or an Emeritus Minister that can keep on thinking of getting bigger and bigger pay as they age. Not everyone is a super talent minister that can be appointed as Chairman here and there, and directors everywhere, to collect more and more pay.
The oldies should be retiring and live on their savings, and taking life easier. Go for a different kind of pursuit, at their own time and own pleasure. There are just so many jobs that the oldies can do, at the same pace and quality as the young. No kidding, our body and system age with time.
We thought our great savings and retirement plans were first class. But we did not bargain for some jokers to throw in the spanner half way, to empty our nest egg with ever increasing housing and medical fees. Now the nest egg is nearly empty. And the oldies panic. And everyone panic.
Who in the first place emptied the nest eggs of the oldies? Now all the policies on ageing and retiring is turning topsy turvy, expecting the oldies to do the contrary, to demand for jobs, for more pay, for more CPF, to save some more. And they are expecting the employers to hire all the oldies when the latter could pay for less with so many foreign talents waiting and knocking at their doors. What a joke!
Ok, Ah Kong and Ah Mah, please line up and open a savings account with POSB, and put in $1 every day and see it grows. Then when the time comes for retirement, the money would have grown, and no more worries. Sure, dead people sure got no worries.
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