Tag Archives: financial crisis

Bond market volatility next financial crisis?

Bond market volatility next financial crisis?

It has been said that volatility in the bond markets will spawn the next financial crisis. It has been spiking over the last few months. All it would take is some kind of spook or catalyst like in China to spark it. The CEO of Blackrock seems to think so

http://www.bloomberg.com/news/articles/2014-12-09/severe-volatility-will-plague-bonds-without-overhaul-fink-says

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The Causes of the 2008 Financial Crisis Part 3 by Paul Cottrell

The Causes of the 2008 Financial Crisis Part 3 by Paul Cottrell

http://the-studio-reykjavik.com/blog/2014/11/25/the-causes-of-the-2008-crisis-pt-3-by-paul-cottrell

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SecDB and SLang secret sauce to Goldman Sach’s profit and saving grace of the 2008 financial crisis? Quants rules the roots now!

SecDB and SLang secret sauce to Goldman Sach’s profit and saving grace of the 2008 financial crisis? Quants rules the roots now!

I like to use Goldman Sachs as a good role model for building out a tech operation built around being indie with your own source code.

About investment banks, Goldman Sachs is your #1 investment banks in the world:

http://en.wikipedia.org/wiki/List_of_investment_banks

https://www.quantnet.com/threads/former-goldman-quant-spills-secret.4316/

http://stackoverflow.com/questions/3392636/slang-goldman-sachs-proprietary-programming-language

http://www.cnbc.com/id/38584613

When you post the sort of items it is always decisions decisions.

After learning from others in various place, it seems your database is key to all your successes. Not models, but software architecture and design patterns to give you the edge. Math strategies and and other technologies are secondary. Just read me my links to see what I mean:
(As always lend me your ears for fedback)

http://news.efinancialcareers.com/ca-en/147434/inside-goldman-sachs-secret-sauce/

http://dealbreaker.com/2013/04/goldman-had-a-quarter/

MF Global Report Shows Limits Of The “Just Write All Your Positions On Post-Its” Method Of Risk Management

http://www.secdb.com/

http://news.efinancialcareers.com/ca-en/174323/rise-quants-goldman-sachs/.

…teams, to the point where it’s the uber-technical guys who are gaining ground at the top. Since the shake-up of Goldman’s senior technology ranks at the tail end of last year – when R. Martin Chavez took over from Steve Scopellite as chief information officer, and Don Duet and Paul Walker were installed as co-heads of technology – the ‘strats’ have been taking over, suggest our sources.

Chavez heralded from Goldman’s ‘strats’ team, which is largely a quantitative function with the ‘core strats’ building complex models across the bank’s trading desks. So did Walker, who joined the bank as a vice president in the FICC strats team in 2001. Most are not pure technologists – heralding from a science, maths and engineering background – but are still very computational.

Nonetheless, Goldman continues to offer a lot of opportunities for technologists – at least 25% of its employees work in tech. Lloyd Blankfein says that the bank is a “technology firm nowaday”, while Walker’s LinkedIn profile invites technologists to get in touch with the bank’s HR teams.

How Math Quants Rule the World: High Frequency Trading

PHD psychologist article?

http://www.psychologytoday.com/blog/good-thinking/201405/how-math-quants-rule-the-world-high-frequency-trading

More SecDB and othe tech stuff:

 

“Best and brightest, SecDB is king ”

http://www.glassdoor.com/Reviews/Employee-Review-Goldman-Sachs-RVW1073827.htm

Former Employee – Equities Trading Strategist in New York, NY

I worked at Goldman Sachs

Pros

– best & brightest + very nice people
– SecDB, major competitive advantge, no other firm has this (altho they tried)
– exceptional quant talents (way smarter than traders)

Cons

– political on top (esp. the business side)
– like all banks, constant hustling
– some useless work just to get exposure or satisfy short term needs

Advice to Management

– better performance review procedure: it’s called 360 degree but in reality still one sided from manager
– make it a true meritocracy and reduce politics

 

http://www.wilmott.com/messageview.cfm?catid=16&threadid=59857

Slang seems to be integrated into C++ on Linux/UNixL

Some job notice descriptions:

http://www.simplyhired.com/job/slang-c-developer-job/performance-resources/tm7j2zx4oi?cid=ioazsyviorodfzazbsmmhfarqfjtjmbu

I will make a HUGE assumption this is for Goldman Sachs in Company: Performance Resources ??

 

Slang/C++ Developer 10666

Location: New York , NY

Group Summary

The Credit Technology team is responsible for systems that facilitate negotiation, approval and capture legal terms that govern counterparty risk. The risk can include trades with increased exposure to a counterparty or to certain events that can cause significant financial or reputational impact to either party. The technology includes building out tools to streamline business processes and modeling of terms in such a way they can be easily integrated with other systems in the firm for the purposes of operations, control, and management of counterparty risk.

The group is a talented mix of developers, architects, and functional analysts who maintain a technology friendly environment where quality of software is given prime importance and align with firm s initiatives on managing counterparty risk. We leverage test-driven development and other agile development practices to deliver quality software the first time out.

We do most development in Java and other proprietary platforms.

Role Summary

We are looking for talented developers interested in finance to build and maintain the applications which manage the firm s counterparty risk and satisfy regulatory requirements. You will gather functional requirements, participate in technical design sessions, and interact with other technology teams within Sales, Trading, Legal, and Controller areas to accurately model the terms and implement efficient workflows to streamline the business processes in the firm. The role will allow you to gain an understanding of various business processes at firm, the funding terms that affect pricing of OTC derivatives and suitability of the client to engage in such transactions. The successful candidate will participate in all phases of a project lifecycle and work with extremely bright and motivated individuals.

The successful individual will develop a UI application to capture client profile by presenting a form or questionnaire to sales and compliance. The application will be developed in slang/secdb and interacts with other systems via messaging, server calls, SQL queries etc. for storage, retrieve reference data and feed into operational flows.

In addition, the project also includes writing batch scripts (mostly in slang ) to reconcile data across multiple systems, notify alerts to users by email, generate reports etc.

Required skills:

Solid programming skills with good algorithmic thinking and data modeling

Programming languages: Slang, C++

Unix/Linux experience

Demonstrated history of technical projects successfully deployed to production

Must be able to gauge and define technical specs for applications supporting the business processes

Ability to understand business processes and make judgments in the technical complexity needed for the application that will support the business processes.

Good communication skills and organizational skills to understand and keep track of requirements as part of interacting with peers.

Some RDBMS experience

 

—-

Is Python used at Goldman?

http://www.goldmansachs.com/a/data/jobs/28392.html

Technology – FICC Technology – Commodities Franchise Front Office Developer (Java, C#, .NET, C++, Python)- Analyst, London

Job id

28392

Location

London

Full/Part Time

Full-time

Apply Now

Job Summary & Responsibilities

The Commodities Technology team in London is seeking a dynamic, entrepreneurial and hands-on individual. The candidate will have the opportunity to work directly with Traders, Sales, Operations and Strategists. This is a great role to get an insight into the commodities business and work closely with end users. The role involves working on a variety of projects such as new products set up, market driven changes, tools to improve productivity/support new business and re-engineer existing applications.

Problem solving ability and good communications skills are the key requirements.

The successful candidate will work on SecDb/Slang with elements of Java/C#/Web Development. This powerful object oriented database and interpreted language is similar to Python, and underpins front office pricing and upstream trade processing across the firm. Full training will be given.

Basic Qualifications

MANDATORY
•4-6 years of commercial experience
•Strong analytical skills
•Good knowledge of Object-Oriented Programming (Java, C#, .NET, C++, Python)
•Excellent communications skills

Preferred Qualifications

•Commodities knowledge
•Experience of a front office / client facing role
•Experience of programming in Python

—–

http://www.goldmansachs.com/a/data/jobs/30291.html

Technology – Trading Shared Services – Analyst Developer (Java, C#, .NET, C++, Python)- Analyst, London

Job id

30291

Location

London

Full/Part Time

Full-time

Apply Now

Job Summary & Responsibilities

Analyst Developer (Java, C#, .NET, C++, Python)

The newly formed Trading Shared Services team in London is seeking a dynamic, pro-active and hands-on individual. The candidate will have the opportunity to work on a broad set of functions across post execution services. Including Clearing & Middleware, Regulatory Reporting and our Core Matching and Trade processing services. The team is functionally aligned so gives the individual a great opportunity to go deep as well as gain a broad exposure across all major OTC derivative asset classes.

With this being a newly formed BU it’s also a great opportunity for the right individual to help shape our future and bring in new expertise as we harmonize teams across the functions we support. Problem solving ability and good communication skills are the key requirements. A strong interest in Agile & Test driven development are also welcome.

The successful candidate will primarily work on SecDb/Slang. This powerful object oriented database and interpreted language is similar to Python, and underpins front office pricing and upstream trade processing across the firm. Full training will be given.
There will also be opportunities to use Java.

Basic Qualifications

• 3+ years of commercial experience.
• Strong analytical skills.
• Good knowledge of an Object-Oriented Programming (Java, C#, .NET, C++, Python).
• Excellent communications skills.
• Pro-active and takes initiative.

Preferred Qualifications

• Degree in an analytical subject. (CS, Maths, Engineering, Finance etc)
• Previous experience in financial technology.

 

 

About investment banks, Goldman Sachs is your #1 investment banks in the world:

http://en.wikipedia.org/wiki/List_of_investment_banks

 

 

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Topographic Finance and The 2008 Financial Crisis in 4D nearly 2 hour video Webinar by Paul Cottrell

Topographic Finance and The 2008 Financial Crisis in 4D nearly 2 hour video Webinar by Paul Cottrell

Watch this 2 hour video hour below

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How Hedge Funds Helped Fan Financial Crisis in 2008 but are they new risk for the next one ?

How Hedge Funds Helped Fan Financial Crisis  in 2008 but are they new risk for the next one ?

This came in from Morningstar which offer the complexity of hedge fund and the risk they bring to the next potential financial crisis:

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Hedge Funds Helped Fan Financial Crisis — SF Fed Paper
Apr 14, 2014 1:14PM EDT

Hedge funds helped fuel the global financial crisis just like banks and insurance firms, according to new research published by the Federal Reserve Bank of San Francisco that goes against conventional wisdom on the meltdown of 2007-2009.

Apart from some stricter reporting requirements, the mostly unregulated sector has remained largely outside of supervisory scrutiny even after financial reform legislation like the Dodd-Frank Act. That’s in part because they were thought to have little to do with the steep sell-off in housing-linked assets that almost brought down Wall Street in September 2008.

However, Reint Gropp, professor of finance at Goethe University in Frankfurt, argues in the latest San Francisco Fed Economic Letter that such a reading misses the important role hedge funds actually played in transmitting risk.

“We find that hedge funds may play an even more prominent role in transmitting shocks to the rest of the financial market, and thus may amplify systemic risk more than previously thought,” Mr. Gropp writes.

The reason hedge funds pose these risks is exactly because of the lack of outside scrutiny into the sector and the ability to make large bets with borrowed funds. This makes the industry more fragile and potentially dangerous to other investors they deal with.

“Hedge funds are opaque and highly leveraged. If highly leveraged hedge funds are forced to liquidate assets at fire-sale prices, these asset classes may sustain heavy losses,” Mr. Gropp says. “This can lead to further defaults or threaten systemically important institutions not only directly as counterparties or creditors, but also indirectly through asset price adjustments.”

U.S. regulators are in the process of identifying financial firms that might be considered “too big to fail.” No hedge funds are expected to be named.

Write to Pedro Nicolaci da Costa

 

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Conspiracy theorist Alex Jones and Infowars claim new financial crisis coming

You do need to respect this ex Million dollar Goldman Sachs trader

FREE Million Dollar Trader Anton Kreil Institute of Trading and Portfolio Management event in New York – See more at: https://quantlabs.net/blog/2014/02/free-million-dollar-trader-anton-kreil-institute-of-trading-and-portfolio-management-event-in-new-york/#sthash.rvSXWTXq.dpuf

Crazy conspiracy theorist Alex Jones and Infowars claim new financial crisis coming as JP Morgan bank staff killing themselves in droves – See more at: https://quantlabs.net/blog/2014/02/crazy-conspiracy-theorist-alex-jones-and-infowars-claim-new-financial-crisis-coming-as-jp-morgan-bank-staff-killing-themselves-in-droves/#sthash.8lxKcj6r.dpuf

Ciamac Moallemi on High-Frequency Trading aka HFT and Modern Market Microstructure in New York – See more at: https://quantlabs.net/blog/2014/02/ciamac-moallemi-on-high-frequency-trading-aka-hft-and-modern-market-microstructure-in-new-york/#sthash.DIepi17J.dpuf

From the forum:

Interactive Broker and CBOE video on Short Term Volatility Index and Intro to Options Trades | Quant Academy Trading Ideas – See more at: http://quantlabs.net/academy/forum/quant-academy-forum/interactive-broker-and-cboe-video-on-short-term-volatility-index-and-intro-to-options-trades/#sthash.wuUZq2On.dpuf

OpenCL Middleware for GPU Programming in Toronto | Traders In Your Local Area – See more at: http://quantlabs.net/academy/forum/traders-in-your-local-area/opencl-middleware-for-gpu-programming-in-toronto/#sthash.W14Y2ndx.dpuf

Here is my intro to quant elite membership

https://quantlabs.net/blog/2014/02/here-is-my-intro-to-quant-elite-membership/

If you are interested in how to be a elite quant or elite developer building automated trading systems, go here.

Bryan

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Crazy conspiracy theorist Alex Jones and Infowars claim new financial crisis coming as JP Morgan bank staff killing themselves in droves

Crazy conspiracy theorist Alex Jones and Infowars claim new financial crisis coming as JP Morgan bank staff killing themselves in droves

JP Morgan Executive Becomes 5th Banker to Die in Last 2 Weeks

Interesting I never heard this on Bloomberg

Crazy? All the more reason to protect yourself with FAST automated trading systems. Be a ELITE quant to learn how

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Should Business Journalists Have Forecasted the Financial Crisis?

Should Business Journalists Have Forecasted the Financial Crisis?

Finance blogger Felix Salmon argued at a Columbia University School of Journalism Panel that business reporters cannot be blamed for failing to uncover the dirty dealings that led to the crisis of 08—because no one would have cared.”The public simply didn’t care,” he said.”There’s a reason why these things only come out after crashes….because at that point we want someone to blame. If you do the journalism beforehand, nobody cares.” He added, “If you want public-interest journalism, if you want to interest the public, you don’t want to put it in the business section. The business section is the first section that they throw away.”

Is this a legitimate defense of financial reporters? Or just a whiny excuse for lack of initiative, plus a thinly-concealed jab that Americans aren’t really smart enough to “get” what he writes? Would other financial reporters agree or disagree?

What do you think—would the public have read a story exposing the fiscal misdeeds that led to Crisis ’08? See what other panelists thought of his comments at the panel in our story below.

The Wall St Job Reoirt

compliancesearch.com

Business blogger Felix Salmon argued that business journalists could not have expose the financial crisis before it happened because no one in the public would have read it.

 

As a former Financial Journalist I would tend to agree with Mr. Salmon. This is fairly evident with regard to the recent crisis where it is fairly clear that even the most senior members of the administration still don’t get it ( bring back Glass-Steagall already).

Where I do think Newspapers are partly to blame is in participating in the dumbing down of society by abandoning long-form journalism with such alacrity. I understand the commercial imperatives and that they feel they are giving the public what they want but the fact that their circulation has continued to fall should be ringing some alarm bells.

The world we live in is a complex one and can seldom if ever be condensed into neat 250 word or even 147 character soundbites. Truly gifted Features writers of the type that used to be employed by newspapers can distill complex issues into 2000 – 4000 words. Sadly this is now increasingly scarce with only the NYT and possibly Forbes Magazine holding up the standard. Fortune, The WSJ and even the once august FT have all succumbed to mediocrity and are now little more than purveyors of press releases and wire service stories. This is somewhat ironic because the wire services ( Bloomberg and Reuters ) have little time for fact checking and editorialising because of their immediacy.

 

 

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Want alpha during the next financial crisis? Try managing the future

Want alpha during the next financial crisis? Try managing the future allaboutalpha.com

Managed futures and hedge funds aren’t exactly best friends, but a new report suggests investors should have the two together as a way to generate alpha the next time a black swan shows up.

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