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it's tough to be long on a day like this. You know mortgage relays convexity flow might come in at 3 to dump the market on the extension.

For US, I'd drop the CUNY school and add Princeton in its place. I didn't think the Princeton's program was impressive, but they seem keen on building it out.

The Fed actually wanted to use reverse repo to mop up QE1 before QE2 was on the table. They went far enough to conduct operations tests to make sure their systems and their counterparties' systems were prepared for it. In general, the repo market is extremely deep. It's an extremely important...

Well.... (1) Fed doesn't care about nominal interest rate - they care about real interest rate. If real rate went from 1% to 4% then they may have to face a tough choice of another round - but chances are that increase is driven by better economic data. In which case, mission accomplished. No...

There's actually several pretty good reason. First reason - If you sell you a partial block at 44.9, for all I know, you'll need to dump that same block at the market in the next few minutes. Given I still have more to do, you are now competing against me for liquidity. Second reason -...

See my little skit I posted on the last page. You may offer a small amt of price improvement on a partial fill, but market impact could cause the whole execution package to be done at a worse level. Giving up a little gain in term for eliminating slippage and execution uncertainty is rational...

Sigh... let's do this as a good ol' voice trade skit: Ring Ring.... bears21: hello - Institutional Trader: I need a bid in competition, 100k block of XXY bear21: ur... I can bid $50 for 10k IT: What about the other 90k? Can you bid on the whole size? bear21: nope, you'll have to look...

Why? Other than you stand to benefit at the detriment of someone else? Why should the institutional trade be harmed via greater market impact because you need to get a cut? That would in effect take away liquidity.

I'm not an equity guy. I trade fixed income on an institutional level where electronic platforms, voice trading, dark pools, etc all coexist. So I can appreciate the institutional reason for dark pool: liquidity in size. As far as what if small guys want to move size: if you move enough size...

.... why does the 'small guy' care? Dark pool allows institutional sizes to trade easier - how does that impact the 'small guy'?

What machines?

If we are going down this route, let's see if we can pick up a 1st-to-default basket on a 10y PIIGS CDS basket. Wonder what the spread on that would be these days.

What's MT4? And what's EA?

Not sure you understood my point = in the options market, you can either quote the option as a price or as an implied volatility (much like the bond market can quote either price of yield). The standard pricing equation is agreed upon as being black scholes in equity (other models are standard...

Huh? market price always equates to BS at the implied IV of the market price by definition. Also - CBOE has a javascript bs calculator (or they used to) that's useful to check answers against.

Here's mine - works to practically useful precision public class NormalDistribution { private static double A1 = -3.969683028665376e+01; private static double A2 = 2.209460984245205e+02; private static double A3 = -2.759285104469687e+02; private static...

What stalking? I'm correcting your formula mistake. You might actually want to read the link you put there: it confirms your mistake. Note, the numerical example has monthly vol = annual vol MULTIPLIED by sqrt(1/12). The analogous daily vol is then daily vol = annual vol * sqrt(1/252), not...

You sure about that genius? Even assuming the 3% is an annualized volatility (which it isn't; the poster said it's intraday vol), your equation is pretty wrong. Assuming your date count convention (which is pretty inconvenient, but let's leave that side), 3% = DailyVol * Sqrt(252) DailyVol...

This idea is brain dead on arrival. The entire market place is by definition 'crowd sourced'. Prices are the result of the interaction of hundreds of thousands of market participants. Wouldn't a 'crowd sourced' fund just be an index fund? (arguably, index funds outperform mutual funds - at least...

Does this surprise you? If so, I have another really interesting piece of fact: you know how you can buy a canvas at the local art store for $20? Well, apparent, if this guy named Monet dripped some paint it, it's worth MILLIONS!