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PureBytes Links
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Link to a summary of international short selling regs:
http://www.asx.com.au/about/pdf/20080923_update_on_asic_response_to_sh
ort_selling.pdf
Articles laying out OneChicago's position are worth a look:
http://www.onechicago.com/
Interesting that the US started it all and UK/Australia ended up with
the most restrictive regs.
UK is talking very tough.
Aus is writing new permanent legislation (to be announced).
USA is prevaricating?
(to put broken link back together copy to Notepad and use backspace)
brian_z
--- In amibroker@xxxxxxxxxxxxxxx, "brian_z111" <brian_z111@xxx> wrote:
>
> May you live in interesting times (old Chinese curse?)
>
> If we haven't learnt something about trading, from the Freddie,
> Fannie and Friends affair, we never will.
>
> Depending which color shades you wear (I'm speaking as a freelance
> trader) - some early speculation:
>
> - meetings, between politicians and institutional king makers, will
> continue behind closed doors (making or breaking fortunes while we
> sleep or take the kids to weekend activities)
>
> - short selling bans are not all created equal, of equal length,
or
> equally distributed (Aus == total ban justified because of the
> possibility that a flood of short money looking for a home will
sink
> the ship) ... they vary from country to country.
>
> - hedge funds are the bad guys (always reassuring to find the man
in
> the black hat)
>
> - will politicians ever get it right?
>
> - agree with Tomasz that backtested systems, in some cases, might
end
> up being fit only for the rubbish bin (only if the 'ban' sticks)
>
> - they are beating the grass to drive out the snakes (the drums
will
> die down soon) .... are they in the right patch?
>
> - let's not over react. Get the facts first. What opportunities
still
> exist for short selling and how can we play them (paper/TV talk on
> this subject is about as entertaining/real as BigBrother)?
>
> - IMO the markets have changed in recent times (globalism and the
> power of speculators) - look out for Global market regulations.
>
> - speculators took control of the markets in the dotcom bubble (for
> the first time in history?).... once we have tasted forbidden fruit
> there is no turning back.
>
> - speculators (some of us?) are still around, cashed up and
> knowledgeable and ready to play (they didn't lose money in the last
6
> months they piled it on)... they are not going to go away and hide
> under the bed.
>
> - speculators will move to new playgrounds (already the first day
of
> trade this week showed high volatility in stocks continue, record
> breaking moves in oil and gold)
>
> - a trader can still leverage a lot of stock, buy and then sell.
> When they sell is the volatility produced any different cf to
holding
> the stock and shorting OR just straight out shorting?..... so
market
> mechanisms still exist for speculators to 'move the markets' to
some
> extent.
>
> - will the institutions that play on the short side take this lying
> down (exchanges, brokers, funds) e.g. will the options industry OR
> the SSF exchange fold up their tents (if all shorting is banned)?
>
> - already, in Australia, the monopolistic ASX suffered a > 1% fall
in
> the first day of new trading, (ex the short sell ban) - punters
> believe the profits of listed exchanges, without the turnover
created
> by short selling, will be slashed.
>
> - fair playing field? Aus regulators decided to ban all short
selling
> in Aus indefinitely, following a weekend ring around with their
> international mates ..... come Monday morning they had to hastily
> cancel the first hour of trade (no headline announcements there)
> after the instutionals quickly got on the phone to the Aus
regulators
> to add a few quick patches to suit their needs etc etc
>
> - speculators might move over to pounding other non-financial
targets
> (GM)
>
> - outside the US punters can do naughty things like spread
> betting ... so far some of the big players are 'regulated' and
> compliant e.g. IG Markets .... is it possible 'dealers' like this
> will move outside of regulation and develop exotic shorting
> alternative (businesses always develop products to meet demand)?
>
> Watch this space?
>
> Those who made a killing on Gold in the last 6 months - was it good
> luck or good management? ... remember what goes up fast (possessing
> the quality of momentum) can also come down fast.
>
> Did anyone using mechanical/AT systems take a haircut based
> on 'unprogrammable contextual moves'?
>
>
> brian_z
>
>
>
>
> --- In amibroker@xxxxxxxxxxxxxxx, "Tomasz Janeczko" <groups@>
> wrote:
> >
> > Yuki,
> >
> > On a more positive note - I am sure that list members would
> > love to hear your opinion about the similarities (if any)
> > between Japan in the early nineties, and the US now.
> >
> > In Bernanke famous speech (2002) that Patrick mentioned earlier
in
> this thread
> >
>
http://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default
> .htm
> > we can find this:
> > "The Japanese situation is a complex one [...]
> > Japan's economy faces some significant barriers to growth besides
> deflation,
> > including massive financial problems in the banking and corporate
> sectors and a large overhang of government debt.
> > private-sector financial problems have muted the effects of the
> monetary policies that have been tried in Japan,
> > even as the heavy overhang of government debt has made Japanese
> policymakers more reluctant to use aggressive fiscal policies
> > [...] Fortunately, the U.S. economy does not share these
problems,
> at least not to anything like the same degree"
> >
> > Unfortunatelly the last sentence does not seem to be valid in
2008.
> >
> > Best regards,
> > Tomasz Janeczko
> > amibroker.com
> > ----- Original Message -----
> > From: "Tomasz Janeczko" <groups@>
> > To: <amibroker@xxxxxxxxxxxxxxx>
> > Sent: Monday, September 22, 2008 12:43 PM
> > Subject: Re: [amibroker] Re: How did everyone do last week?
> >
> >
> > > Hello,
> > >
> > > In his post Patrick just added single sentence to
> > > make sure I notice his private e-mail in my inbox.
> > > I can not see anything wrong with that.
> > > I have seen hundreds of posts on this list mentioning
> > > that somebody posted something via private channel,
> > > and nobody complained.
> > > Could we continue in a (more) friendly atmosphere?
> > > Thank you in advance and have a good day.
> > >
> > > Best regards,
> > > Tomasz Janeczko
> > > amibroker.com
> > > ----- Original Message -----
> > > From: "Yuki Taga" <yukitaga@>
> > > To: "vlanschot" <amibroker@xxxxxxxxxxxxxxx>
> > > Sent: Monday, September 22, 2008 12:18 PM
> > > Subject: Re: [amibroker] Re: How did everyone do last week?
> > >
> > >
> > >> Hi vlanschot,
> > >>
> > >> You overrate your ability to engender panic by several orders
of
> > >> magnitude.
> > >>
> > >> And yes, you cannot possibly imagine how I coped last week,
nor
> this
> > >> week, nor during any week, unless you take the other side of my
> > >> trades.
> > >>
> > >> I just find it strange that you had to announce that you sent a
> > >> private email -- on a public list.
> > >>
> > >> Also, FWIW, I think I was part of this community before you
> were, and
> > >> I don't think it has changed that much.
> > >>
> > >> You can go back to trying to look clever now; I won't attempt
to
> get
> > >> into your way. But frankly, the bulk of the membership here is
> > >> probably not the least bit interested to know that you sent an
> email
> > >> to anyone who is a member of this list (or the list owner), the
> > >> contents of which they will probably never share.
> > >>
> > >> And personally, I could not be less interested. But I find it
> > >> strange nonetheless.
> > >>
> > >> Yuki
> > >>
> > >> Monday, September 22, 2008, 6:43:26 PM, you wrote:
> > >>
> > >> v> Hi Yuki,
> > >>
> > >> v> You seem quite emotional about emails. I can only imagine
how
> you
> > >> v> coped last week. Anyway, you just confirmed why I
> increasingly feel
> > >> v> this community has changed over the years in terms of its
way
> of
> > >> v> communicating and sensitivities to rules. I believe there
> have been
> > >> v> plenty of other references in this group to private emails,
> and
> > >> v> personally I never realized my email would cause such a
> reaction.
> > >>
> > >> v> In other words, I won't bother again forwarding references
> which I
> > >> v> thought other readers might find interesting. You can calm
> down now.
> > >>
> > >> v> PS
> > >>
> > >>>>
> > >>>> v> I've send you a private e-mail re my own opinion.
> > >>>>
> > >>>> That would be "I've sent" of course, and highly illuminative
> for the
> > >>>> list members, at that. Why would you mention on list that
you
> sent
> > >>>> someone a message off list? Would you suspect they are not
in
> > >>>> receipt of such message? Would you like to get subscribers
to
> your
> > >>>> off list messages?
> > >>>>
> > >>>> I've sent a number of people private emails. And I'm
beating
> my
> > >>>> benchmark by more than 30 percent.
> > >>>>
> > >>>> Phooey.
> > >>>>
> > >>>> Yuki
> > >>>>
> > >>
> > >>
> > >>
> > >>
> > >>
> > >>
> > >>
> > >> ------------------------------------
> > >>
> > >> Please note that this group is for discussion between users
only.
> > >>
> > >> To get support from AmiBroker please send an e-mail directly
to
> > >> SUPPORT {at} amibroker.com
> > >>
> > >> For NEW RELEASE ANNOUNCEMENTS and other news always check
DEVLOG:
> > >> http://www.amibroker.com/devlog/
> > >>
> > >> For other support material please check also:
> > >> http://www.amibroker.com/support.html
> > >> Yahoo! Groups Links
> > >>
> > >>
> > >>
> > >
> > > ------------------------------------
> > >
> > > Please note that this group is for discussion between users
only.
> > >
> > > To get support from AmiBroker please send an e-mail directly to
> > > SUPPORT {at} amibroker.com
> > >
> > > For NEW RELEASE ANNOUNCEMENTS and other news always check
DEVLOG:
> > > http://www.amibroker.com/devlog/
> > >
> > > For other support material please check also:
> > > http://www.amibroker.com/support.html
> > > Yahoo! Groups Links
> > >
> > >
> > >
> >
>
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