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As stated above, banks are not putting the money into the street... but rather into their balance sheets in the form of excess reserves. They're killing the velocity of money. a picture's worth a thousand words... so check out this chart from teh St Louis Fed...

You mean, besides the organizers...?

Any one of you heard about the PRM certification? http://prmia.org/pdf/StudyGuide/PRMCandidateGuideMay2011-2.pdf

That strategy by definition takes the wrong side of every mayor move. So you are going to have trades that go really bad every now and then. Question is how many round trips you need to take out of the chop to cover for the next wiPe out? What's the minimum spread you can take to compensate...

So.... Do you have a de-swiftification course? Or just put em in the regular class?

Who is J a c k H e r s h e y?

Some hfts do behave as you describe. Some of them don't. :) Because of scale economies they can't all do the same thing while theyre 70% of the volume. They have to do different things. Some hfts just care about getting a good place in the queue when the price changes to get a better...

All the algos were triggering sell orders and cancelling their bids as a response to a large sell order... no different from fish moving out of the way when a dolphin is comming through... once one of the algos starts cancelling the others do the same... just like an stampede...

Having a BA in business with emphasis on finance what education/experience does one need to make the jump to risk manager?

Synchronization (flocking) happens all over the place in nature (even for innanimate objects...) See this Ted talk for detailed examples: http://www.youtube.com/watch?v=aSNrKS-sCE0 It is only logical that HFT would follow such universal behaviours... The Flash crash was a good...

D is for ADFN, (Trade Report Facility LLC), the equivalent of "others" in the tape. To figure out more specific info you have to look at the SubMarketId from UTDF: http://www.nasdaqtrader.com/content/technicalsupport/specifications/utp/utdfspecification.pdf Code Value Q...

are you assuming that buying low to sell high works better than random entries and exits? The random would also buy high to sell higher at least quiet as often as buying low to sell high. If not more since the bias is positive. :)

How exactly do you ban shorts on futures? I believe the nature of the instrument makes this impossible... Since there is no "IPO" or primary market in futures, contracts are created or offseted with every trade...

What is the Matrix?

Was this your epiphany? :)

Hi SA. Good analysis. Sounds like we're back to 2008… but this time it's not just a regular hangover but the hangover you'll expect after many days of getting back on the wagon to get rid of yesterday's hangover and suddenly (in the most unexpected moment) you're out of money n the barman...

the generalized global slowdown of economic indicator counts as a cause?

probably because of this http://www.bloomberg.com/video/93803831-el-erian-global-leaders-are-losing-control.html

What's VPS?

You gotta point there. It is natural behaviour no different from a flock of birds that scrambles out of the way as a hawk breaks through it…