ADMINBILL: GOOD MONDAY MORNING. A DAY CLOSER TO THE PROJECTED DATES FOR POSSIBLE COMPLETION. ALL WE CAN DO NOW IS WAIT. TO EARLY FOR ANY NEWS BUT WILL POST IF I HEAR ANYTHING.
AdminBill: GOOD MORNING ROOM. SHALL WE SEE WHAT THE WEEK BRINGS? RHETORICAL QUESTION SINCE WE DO NOT HAVE A CHOICE.
Gnosis: good morning Admin. Do you subscribe to the theory that we are waiting for groups and or exchange procedure testing folk to go through before we can get to the gate?
AdminBill: GNOSIS - NO. THE TESTING IS DONE IMO
Gnosis: thanks! so do you have a sense of what we are waiting on?
AdminBill: GNOSIS - I HOPE TO FIND OUT TODAY. IT MAY SIMPLY BE TIMING.
StillOKRocks: Now what? > Federal Supreme Court today released its decision concerning a lawsuit to challenge provided the decision of Prime Minister Haider al - Abadi regarding the abolition of the posts of Vice President and confirmed the void, which means the return of the three vice - president 's office who are president of a coalition of state law , Nuri al -Maliki, the head of Muttahidoon Osama Najafi, the head of the National Accord Party , Iyad Allawi.
AdminBill: STILLOKROCKS - PROBABLY WILL BE APPEALED
StillOKRocks: ADMINBILL thanks...or perhaps arrests?
AdminBill: FRANKLY, I AM CONCERNED SHOULD A CERTAIN POLITICAL PARTY RE-GAIN CONTROL OF THE SENATE AND CONTINUE IN CONTROL OF THE WHITE HOUSE.
IMO RETRO-ACTIVE TAXING OF THE RV FUNDS IS A REAL POSSIBILITY AT THAT POINT OR THE RV MAY BE STALLED UNTIL AFTER THE INAUGURATION TO INSURE THAT POSSIBILITY EXISTS.
ONE LAST COMMENT - YOUR POLITICS ARE YOUR OWN. MY OPINION IS MY OWN AND I COULD VERY WELL BE WRONG. YOUR VOTE IS IMPORTANT.
THIS IS A CRAZY ELECTION YEAR WITH TWO CANDIDATES THAT PUSH THE LIMITS OF CIVILITY AND DECENCY. LORD HELP THE USA.
Angel: Currency Swings Worsen as Wall Street Steps Back
Wall Street’s retreat from currency trading may be reducing risk at the banks, but it is contributing to bouts of extreme volatility in the foreign-exchange market
The British pound plummeted from $1.26 to $1.18 in a matter of minutes Friday, and big banks’ retreat from currency trading may be partly to blame. PHOTO: AGENCE FRANCE-
By CHELSEY DULANEY andIRA IOSEBASHVILI
Updated Oct. 10, 2016 12:24 a.m. ET
Wall Street’s retreat from currency trading may be reducing risk at the banks, but it is contributing to bouts of extreme volatility in the foreign-exchange market.
Currency analysts say that was evident on Friday, when the British pound plummeted from $1.26 to $1.18 in a matter of minutes during early-morning trading in Asia, with some electronic platforms recording trades below $1.15.
One reason the pound fell so sharply, these analysts say, is because Wall Street foreign-exchange desks have slimmed down in response to postcrisis financial regulations meant to limit risk-taking. Those rules forced banks to rein in a service known as market-making, by which they facilitate trading by agreeing to buy and sell currencies.
Major banks’ foreign-exchange desks have shrunk by 23%, to 1,477 traders in the first half of this year from 1,916 in 2010, according to Coalition, a London consulting firm. The top five banks also accounted for just 44.7% of the market’s volume, down from 61% in 2014, according to a Euromoney survey.
Proprietary trading firms and high-frequency traders, mostly driven by quantitative strategies instead of human decision-making, have stepped in to fill that gap.
But at times of high duress, like during the U.K. vote to leave the European Union and last week’s collapse of the pound, the lack of bodies can make a big difference, some observers say. A market staffed by bank traders might have executed orders more judiciously during the thinly traded session, recognizing that low volumes tend to exaggerate currency moves, industry veterans said. Banks also often took money-losing positions that helped to slow a currency’s move in a bid to appease their clients.
The retreat of big banks from the foreign-exchange market mirrors Wall Street’s pullback from other markets at the prodding of Congress and regulators, from real-estate investments to private equity and commodities.
The sharp turns in currency and other markets have led some observers to wonder if greater volatility may be an unintended consequence of an effort to reduce banks’ balance-sheet risk.
Robert Savage, chief executive of the currency hedge fund CCtrack Solutions LLC and a former Goldman Sachs Group Inc. executive, said when volatility increases to a point that high-frequency trading programs lose money by making markets, “they just shut down.”
Bank trading desks staffed by employees would have kept the selloff from escalating to the degree it did, he said. “You would find out who was selling, if there was any news,” Mr. Savage said. “In the old days, if there was no fundamental reason to sell, you wouldn’t sell.”
This isn’t the first time analysts blamed poor liquidity and few traders in foreign-exchange markets for big currency moves:
This pound fell more than 10% in the hours after the results of Britain’s June 23 referendum on leaving the EU were announced. The euro plunged by as much as 30% against the Swiss franc in January 2015. The effect of reduced liquidity was considered a factor in both cases.
Not everyone thinks the currency market is necessarily worse off with fewer traders. Isaac Lieberman, the chief executive of quantitative hedge fund Aston Capital Management, said while electronic trading can lead to swift price moves, it also enables markets to recover more quickly. Within an hour of the initial selloff in the pound last week, the currency had rebounded by over 5%.
Kevin McPartland, who heads research on market structure at financial consultancy Greenwich Associates, thinks as more electronic traders enter the market, liquidity will eventually be improved during high-stress periods.
“The automated nature of the market causes market participants to react more quickly,” he said. “But it allows the market to come back more quickly as well.”
The shift toward electronic currency trading has been under way for the past decade. Deutsche Bank AG, once a leader in foreign-exchange trading, now claims just a 7.9% share of the market, down from about 15% in 2015 and over 20% in 2009, according to a Euromoney survey.
Citigroup Inc., which now has the biggest share of currency trading among big banks, also has retreated. Its market share fell this year to 13% from 16% in 2015. Chief financial officer John Gerspach said during a July earnings call that the bank has “adjusted our capacity” in its foreign exchange and other trading businesses. Mr. Gerspach said the business has “been under tremendous transformation” over the past five years and “and will likely continue to be so for some period of time.”
Meanwhile, foreign-exchange volume executed by nonbank traders rose to 20% in 2015 from 16% the prior year, according to a recent study by Greenwich Associates.
Computerized trader XTX Markets was the ninth-biggest global currency trader in 2016, according to Euromoney, the first time an electronic trader overtook a bank in the rankings. XTX’s 3.9% share of the market’s total volume is particularly notable because the London-based firm is just over a year old, having been spun out of hedge fund GSA Capital in 2015.
Kenneth Griffin’s Citadel Securities is also becoming a big player.
Some observers say one reason the currency market’s overall liquidity is suffering is because algorithmic trading hasn’t made up for the pullback among banks. The Bank for International Settlements triennial survey released in September showed global currency trading fell for the first time since 2001, with roughly $5.1 trillion a day of global currencies being traded in April, down from $5.4 trillion in April 2013.
“Something fundamentally had changed with liquidity provision,” said Collin Crownover, head of currency management at State Street Global Advisors. “You can hit these liquidity air pockets more readily in an algorithm-dominated trading environment.”
Zerb: holy Shite! am i reading this right? further implementation of the Tarrif Law on ALL goods coming from Kurdistan and other points? not sure of the translation but still more anticorruption being done and more revenue being funneled to support the budget and IMF requirements! Go Abadi! and Amnesty Law kicking in! praying major shite going on behind the scenes that we just cant seeeeee! Praying this is the real shite!
Walkingstick: Yellowish" center opened to ensure tariffs are met and achieved 39 million dinars in 3 hours
Izzat Customs Authority, on Monday, the opening of the customs centers around the capital Baghdad and the provinces of the center to ensure the fulfillment of tariffs for goods imported through Kurdistan and prevent the banned them over, and promised that the non-application of a uniform tariff means having "Jmarkin in the country and the collapse of the economy," and while confirming that the center customs yellowish achieved revenue of $ 39 million during the first three hours of opening, likely to bring significant revenues in the coming days.
The Director General of the Commission Kazim Ali Abdullah in an interview with (long-Presse), "The opening of the Customs yellowish center aims to ensure the tariff approved by the government on goods imported through the Kurdistan region including equate with what is being met in the other border crossing points are met, and to stop wasting money year, "returned to" non-application of tariff and one in all the ports means that there are two systems of customs in the country, leading to the collapse of the economic system. "
Abdullah added, that "the establishment of such centers around the capital Baghdad and the central provinces will also contribute to prevent the entry of materials that the government has banned the import, such as cement and others," stressing that "the center experience returned successful results so far which achieved revenues of up to 39 million dinars in the hours the first three of its opening, is expected to bring substantial revenues during the next term. "
The General Administration of Customs announced on Saturday (8 October 2016), the opening of "yellowish Customs Center" in terms of "the great dam," (160 km north of Baghdad), usually they contribute to reducing the duration of completion of the transactions of the "six days only for half an hour, "and constitute a" most important achievement "in its history since the implementation of the tariff law.
The representative of Diyala in the form of the popular crowd, Uday Alkhaddran, revealed in (the 27 of July 2016), the existence of operations "big corruption" in the customs yellowish points, on the road between Baghdad - Kirkuk controlled by security leaders and influential elements, while among the expected from the point amounts to about 400 billion dinars, not received by the local and federal governments, he stressed that point leased per hour $ 30 thousand dollars. LINK