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Last year, when finance professor Robert Schwartz decided to put together a conference on volatility in the markets, nobody knew just how timely it would be. In the past few weeks, triple-digit swings in the Dow Industrials have become a matter of course, as seasick investors watch stocks bound up and down, pounded by the day's news, and often, it seems, for no discernable reason at all. In the first few minutes of trading on Friday, stock indexes dropped 5% as the double whammy of deleveraging and a worldwide economic slowdown continued to buffet company shares...
...think you've been on a roller coaster ride watching your brokerage account, spend some time with the professional traders, platform operators, and stock exchange executives who deal with stock prices on a minute-by-minute basis. At Thursday's volatility conference, held at City University of New York's Baruch College, some of the people closest to the market swapped stories of operating in such a harried environment. "Everything happens so quickly now, you don't have time to digest it," said Tim Mahoney, CEO of Bids Trading, an order execution firm, speaking from the dais. "I'm grateful...
...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...
...this is it. I know a lot of traditional investors have problems with this market because there is no physical substance backing up the price of the stock. The price is based only on what other traders think it's worth. Perhaps it's the fact that I am only 25, but I am not concerned that the stocks are virtual. It makes sense...
...Karl Marx lived to see this miniature revival, he wouldn’t have been that surprised. Marx knew the power of cataclysmic financial events to shake the world’s faith in neo-liberal doctrine. In the wake of the 1857 stock market panic, Marx wrote to his friend and co-author Friedrich Engels, “The American Crash is a delight to behold and it’s far from over.” Yet that downturn—along with all of the other shocks and recessions that have periodically plagued American economic history?...