Word: pricing
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...Slowing the downturn may have just got a bit more complicated, as well. The Organization of Petroleum Exporting Countries (OPEC) announced Friday that it is cutting output by 1.5 million barrels a day in an attempt to halt the slide in oil prices. The price of oil has dropped from $147 a barrel in July, to just $64 Friday. Lower oil prices have been one of the few positive changes in the financial and economic tempest...
Overwhelmed by investors responding to every little tick of the market, companies that clear trades are easily seeing ten times the usual number of messages that signal the price at which investors want to buy or sell. Traders with algorithm-based strategies are jockeying for space at the computer servers closest to stock exchanges in order to shave milliseconds off their trades. This is what the market has come to: the distance an electron travels makes a difference...
...meantime, traders are dealing with price swings the best they can. Blocks of shares bought and sold have grown smaller, as traders shy from committing too much of a position at one time, lest they pass up a better price later. As margin calls and redemptions from mutual and hedge funds drive trading particularly wild in the opening and closing minutes of most sessions, algorithm-based traders are rewriting programs to squeeze their moves into increasingly narrow bands of time. "It may be good, it may be bad, but I don't thank any of us can stop it," said...
Though stock exchanges are trying to, at least at the margin. Reto Francioni, CEO of Deutsche Borse, a stock exchange in Frankfurt, described how volatility disruptions now kick in hundreds of times a day. When a stock's price jumps outside of its proscribed range, word goes out and trading switches over to an auction format for about five minutes to give all the market participants a chance to regroup, process any new information they might have - and to prevent the volatility from feeding on itself. "When markets aren't acting rationally, it's healthy to slow them down," said...
...doesn't feel like it, but we got a raise this week. The plunging price of oil, which prompted OPEC to announce a 1.5 million barrel a day production cut, has put money in the pockets of recession-worried consumers. "It follows that there's going to be some spending effect," said Francisco Blach head of commodities research at Merrill Lynch in London...