News Stories

[Cosmic Eagle]

Originally Posted by SaintessHeart

If you have a sergeant or officer with a sense of fairness, that guy would help the MG team clean their toy, which IMO, you are better off cleaning your M16 because failure to do so will result in a blanket party by the MG guys.

There is no such thing as sitting around while your fellow mates have shit to do in my time, but after a few major "taupok" incidents, they use rank banishment nowadays.

No lah...my platoon, we just force such loafers to be the designated toilet cleaning/ rubbish clearing guy. Yes. Guy...singular

Don't clean rifle then compensate by cleaning the toilet during area cleaning while we do the bunk lor

[SaintessHeart]

New York Attorney General accuses Barclays of 'dark pool' fraud

(Reuters) - The New York State's attorney general has filed a securities fraud lawsuit against Barclays BARC.L, accusing the British bank of giving an unfair edge in the United States to high-frequency trading clients even as it claimed to be protecting other customers from such traders.

The lawsuit, which relates to Barclays' LX Liquidity Cross 'dark pool' alternative trading system, alleges that the bank promised to get the best possible prices for customers looking to buy or sell shares but instead took steps that maximized the bank's profits and executed nearly all of its customers' stock orders on LX instead of on exchanges or other venues that might have offered better prices.

The New York Attorney General's action is the highest profile case yet to emerge in the U.S. authorities' efforts to ensure that dealers are not ripping off investors in increasingly automated stock markets.

These probes have been progressing for up to a year, but took on additional urgency in recent months, after best-selling author Michael Lewis released the book "Flash Boys: A Wall Street Revolt" which contends that markets were rigged.

Dark pools were originally created to allow investors to execute big trades without tipping off the market. But ever-larger volumes of trades have been shunted into dark pools and their critics say the opacity of the markets may be resulting in more and more investors getting ripped off.

Barclays' London-listed shares were down 4.5 percent at 219.65 pence by 0753 GMT(3.53 a.m. EDT) on Thursday, their lowest level since November 2012 and extending their fall this year to 20 percent.

The lawsuit delivers another blow to Chief Executive Antony Jenkins' efforts to restore the bank's reputation after a series of scandals. He has said its culture, which has been criticized as high-risk, high-reward, had to change and that systems and controls are improving, but the emergence of past sins are hampering his efforts.

New York Attorney General Eric Schneiderman said Barclays told customers who chose to trade in its dark pool that they would be protected from "predatory traders," which use their speed advantage to deprive other investors of small profits on every trade. But in fact customers were not protected at all, and the bank in fact courted predatory high-frequency traders in part by charging them virtually nothing, Schneiderman alleged.

"Barclays grew its dark pool by telling investors they were diving into safe waters," Schneiderman said. "Barclays' dark pool was full of predators - there at Barclays' invitation."

"We take these allegations very seriously," Barclays said in an emailed statement. It added that it was cooperating with the authorities, looking at the matter internally, and that the integrity of markets was a top priority for the bank.

Schneiderman is looking at dark pools, which are typically owned by brokers, including all of the big banks, and where participants are anonymous and trading information is hidden until after the trades are completed.

The U.S. Securities and Exchange Commission has also taken an increased interest in issues surrounding dark pools and high-frequency trading. SEC Chair Mary Jo White earlier this month said her agency was developing a series of rules that would seek to make markets more transparent and fair for all investors, and the agency has also stepped up enforcement actions against dark pool operators.

Banks have admitted to bad behavior in other markets, after probes showed collusion in currency trading and short-term interest rate products, among other areas.

NO AIRBAG, NO BRAKES

Jenkins took over as Barclays chief executive in August 2012, replacing Bob Diamond who was ousted after the bank was fined for the alleged manipulation of Libor benchmark interest rates.

Jenkins is trying to improve profitability by cutting costs, including the axing of around a quarter of investment bank jobs, while pushing for the change in culture.

But the bank continues to be dogged by issues around past conduct, however, and last month it was fined 26 million pounds ($43.8 million) for past failures in internal controls that allowed a trader to manipulate the setting of gold prices.

The New York Attorney General's complaint against Barclays, which is based on internal communications provided by former employees, says while the firm told its clients it would keep high-frequency traders that engage in "predatory" trading practices out of its dark pool it never actually prevented any trader from participating.

For example the complaint alleged that Barclays falsified marketing material it said showed the extent and type of high-frequency traders in its dark pool by not including high-frequency trading firm Tradebot Systems. Barclays had already identified Tradebot, which at the time was the largest participant in the dark pool, as having been engaged in aggressive trading behavior.

A spokeswoman for Tradebot, of Kansas City, Missouri, said the firm had no comment.

Barclays wooed high-frequency traders by disclosing detailed, sensitive information about other customers to the firms to help ensure their aggressive trading strategies were effective, and by charging them almost nothing, the complaint said. HFT accounts for around half of all U.S. trading volume.

The complaint did not specify the amount of damages being sought from Barclays.

Barclays also told its clients it does not favor its own dark pool when routing client orders to trading venues, when in reality it was doing just that, the complaint said. One former Barclays employee told the Attorney General's office that based on the high amount of client orders Barclays was sending to its own dark pool, better trading opportunities may have been missed elsewhere.

There was a lot going on in the dark pool that was not in the best interests of Barclays clients, one former director said, according to the complaint. "The practice of almost ensuring that every counterparty would be a high-frequency firm, it seems to me that that wouldn't be in the best interest of their clients ... It's almost like they are building a car and saying it has an airbag and there is no airbag or brakes."

The SEC is considering forcing dark pools and firms that match customers' orders internally to tell regulators and the public how they operate. In early June, the SEC filed a civil lawsuit against dark pool operator Liquidnet for allegedly improperly using its subscribers’ confidential trading information to market its services.

The SEC declined to comment on the lawsuit.

About time. DEATH TO HFT!

[GuZidi]

North Korea threatens war on US over Kim Jong-un movie
http://www.bbc.com/news/world-asia-28014069

made me chuckle a bit

[ganbaru]

U.S. healthcare profit outlook brightens on Obamacare, drug prices
http://www.reuters.com/article/2014/...0F10BX20140626

[RRW]

A man set himself on fire in central Tokyo in protest at a proposed law which could allow Japan to deploy its military overseas.

The man was taken to hospital after being hosed down but his condition was not immediately known, officials said.

Japan's government could make the change to its pacifist constitution as early as next Tuesday.

http://m.bbc.com/news/world-asia-28077429

[ganbaru]

U.S. justices uphold firms' religious objections to contraception
http://www.reuters.com/article/2014/...0F51IZ20140630
And now corporation have religious belives, too bad we still can't send them to jail when they deserve it.

[GDB]

At least it's only for privately held companies... for now.

Still, this Supreme Court is almost as bad as Congress.

[SeijiSensei]

Originally Posted by GDB

At least it's only for privately held companies... for now.

I don't really see the decision being extended to public companies. I haven't read the decision yet, but I'd guess that Hobby Lobby was considered an extension of its owner(s).

[Hiss13]

Originally Posted by ganbaru

U.S. justices uphold firms' religious objections to contraception
http://www.reuters.com/article/2014/...0F51IZ20140630
And now corporation have religious belives, too bad we still can't send them to jail when they deserve it.

Justice Ginsburg's dissent hits the mark on why the 5 Justices who voted yes have just opened up a huge can of worms...mainly when it comes to how broadly this can be applied.

[MrTerrorist]

Japan cabinet approves landmark military change

So Gundams in the future?

Hong Kong crowds rally for democracy

[risingstar3110]

Originally Posted by MrTerrorist

Japan cabinet approves landmark military change

So Gundams in the future?

The more I think about it, the less likely it makes sense if this is just a passive move

First let's just assume that Korean and China means it when rejected the idea, and Japan already had a clear strategy of what to do (rather than just doing it for political gains or satisfy ego).

If Japan only planned to passively defend its own water, the current constitution would have been enough. The only other reason that I think Japan could make this move is to provide larger commitment toward her ally, hence expected a larger returns for alliance benefit.

With China looming on all front. For examples, Japan could aid India or South East Asian (Philippines, Vietnam) in technology, training of sea defense. And in returns getting supports on issues such as voting for certain UN seats. Or opposite, can provide support to Russia on, say Crimea position, and expect them to aid in training, technology for self defence forces. If they get any success, in theory Japan could lead its own political and military ally of developing countries with her soft-power , considering that they are already part of G7, a key member of WTO group (Quadrilateral group), and holds massive bargain on negotiation for developing countries. The military potential involvement would just add on Japan's bargaining chips

[Vallen Chaos Valiant]

Japan with one day abandon Article 9 of the Constitution. This is a FACT.

The only question is to do it in our lifetimes or not.

I don't see Japan re-militarising as a bad idea. They have the right to have a military, it is simply crazy to say they shouldn't. Not unless deep down one think the Japanese are inferior to other peoples.

Granted, many Japanese would think it is not a good way to spend their hard earned taxes, and they are fair to make that argument also. It's just that Japan can't rely on the US navy forever.

[SeijiSensei]

Originally Posted by Vallen Chaos Valiant

I don't see Japan re-militarising as a bad idea. They have the right to have a military, it is simply crazy to say they shouldn't.

It's not like Japan hasn't been spending on its military for decades now. This graph based on SIPRI data is especially informative. Until China surpassed Japan in the middle of the last decade, Japan consistently spent more on its military than China, Russia or South Korea in the years after the fall of the Soviet Union.



The World Bank reports that Japan consistently spends about one percent of its GDP on the military. Given the size of Japan's economy, that's a substantial amount. In 2011, SIPRI reports that Japan spent US$54 billion.

[maplehurry]

I don't have any problem with Abe's collective defense thing. It makes sense. The only issue I have is the way it's passed.

The decision must be passed by parliament, which the ruling bloc controls. But by reinterpreting rather than revising the constitution, Mr Abe avoids the need for a public referendum.

It just feels like the "constitution" isn't much of a "constitution" after all... iirc, the result from poll was like 50% oppose, 45% support, the rest indifferent.

[Ithekro]

Means the 8 destroyer squadrons and the 5 submarine squadrons the Japanese have can be deployed to defend other allies in the region (instead of forcing an American deployment).

[Vallen Chaos Valiant]

Originally Posted by SeijiSensei

The World Bank reports that Japan consistently spends about one percent of its GDP on the military. Given the size of Japan's economy, that's a substantial amount. In 2011, SIPRI reports that Japan spent US$54 billion.

I am sorry, but that's just BULLSHIT.

% of GDP is an accurate way to measure how a country spends its money. To say "oh, Japan is rich so they spent too much" is clearly insane and I call you out on that.

http://en.wikipedia.org/wiki/List_of...y_expenditures
Most nations spends at least 2% of their GDP for defence. 1% is VERY low internationally.

You know why we don't use 54 billion as a unit? Because it matters what ELSE a country spends its money on. Health care, disaster relief, infrastructure, Japan spends many many more billions on those. And yet you complain about the 1% military spending?

Why do you define Japan by the 1% they spent money on, and not the 99% others they don't spent on the military?

No, I don't accept it when I smell faulty logic.

[GDB]

If 1% is too much, I wonder what the US's nearly 4% is...

[SeijiSensei]

Originally Posted by Vallen Chaos Valiant

And yet you complain about the 1% military spending?

I wasn't "complaining" about anything. I was just observing that Japan spends more on its military than outsiders, including myself, often think. Why are you so agitated about this? Seems a pretty over-the-top response to what was largely an informational posting.

Japan maintain a fleet of 114 ships. While none of these are carriers. sixteen are attack submarines, arguably a more important asset in the Western Pacific. They also have nearly 200 fixed-wing aircraft and about 150 helicopters. The Japanese are hardly unarmed.

I'd like everyone in the world to spend as little as possible on their militaries. As Eisenhower observed half a century ago, military spending is largely wasteful and unproductive. I've advocated a phased-in 50% reduction in US military spending for years. I fault Bill Clinton for failing to take advantage of the end of the Cold War to aggressively reduce the size of our military in the 1990s.

[Xellos-_^]

Originally Posted by SeijiSensei

I'd like everyone in the world to spend as little as possible on their militaries. As Eisenhower observed half a century ago, military spending is largely wasteful and unproductive. I've advocated a phased-in 50% reduction in US military spending for years. I fault Bill Clinton for failing to take advantage of the end of the Cold War to aggressively reduce the size of our military in the 1990s.

can't entirely fault Clinton for that one. lots of Senator and house Rep were against closing military base in their state and district. And Clinton to gets things need to do horse trading which include keeping open some of those bases.

I think the only state he didn't have much trouble closing military bases was California. SF, Alameda and Concord really wanted the land the military and navel bases were on.

[Jazzrat]

I'm kinda with Japan re militarizing just to balance out China's growing influence in the Asia region although I'm curious if their economy and population would be able to sustain any significant grow in military power.