Karin Ishida from Ishida Finance (center), with MEDUSA (left), preparing the takeover of Goldman Sachs
Rapid-Fire Trading
About 28 percent of the shares traded in the U.S. during the fourth quarter were handled by automated brokerages using algorithms to generate rapid-fire trading strategies, according to estimates from NYSE Euronext, the world’s largest operator of stock exchanges. That’s up from 17 percent a year earlier, and almost three times larger than the portion of volume generated by individual investors, according to NYSE Euronext.
Goldman May Lose Millions From Ex-Worker’s Code Theft, Bloomberg, July 7 2009
Sergey Aleynikov
In case you haven’t seen the headlines, a former Goldman computer wiz and Russian immigrant was arrested by a team of FBI agents at Newark Airport on July 3. Sergey Aleynikov was charged with stealing and sending overseas secret computer code which the firm uses to automatically trade stocks and commodities. “The trades made…typically generate many millions of dollars of profits per year” for the firm, according to a criminal complaint filed in the case by Special Agent Michael G. McSwain of the Federal Bureau of Investigation. The firm believes, the complaint said, that if the programs end up in the hands of competitors that its ability to profit from the strategies would be “significantly diminished.”
The Secrets of Goldman Sachs, Businessweek, July 06 2009,
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