Some (such as The Big Short author Michael Lewis) see high-frequency, algorithm-based stock trading as a serious threat to the economy. There's a concern that big trading firms are cornering the market by paying for ultra-fast connections that give...
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The following article is brought to you by IG. -Ed.
Unless you’ve been living under a rock, you’re probably aware that Apple is going to be launching their first wearable, the Apple Watch, on April 24th. Today is actually the first day that you can pre-order it online, and expectations are high for Cupertino. The breadth of things you’ll be able to do with this small device is impressive, and there’s already a solid line-up of developers ready to launch their apps alongside it.
One of these companies is the world’s No.1 spread betting and CFD provider. IG in the UK provides financial spread betting, Contracts for Difference (CFDs), stockbroking and forex to a substantial client-base, and has already developed trading applications for all major mobile platforms. Today they’d like to announce that they have an application ready to go for the Apple Watch, which will allow you to trade, right on your wrist.
On the same day the watch launches, you’ll immediately be able to do the following:
• Spread bet, trade CFDs, and buy and sell stocks
• Get iPhone app notifications on your wrist
• Open positions and view markets from your watchlists
• Open, edit and close positions, or see all open positions
• See upcoming financial events
• Use one-tap login and switch between accounts easily
In an interview with Ashley Cameron, the Technical Team Lead, we learn that despite the initial version of the app being ready to go, the plan is to listen to customer feedback, and integrate this data into later iterations. The team has a very short two-week release cycle, so they will be able to tailor the experience as close as possible to what their clients want, in as short of a timeframe as possible.
“Based on what we think they’ve got, we think we’re miles ahead of the curve. We think we have something truly unique as an offering for the Apple Watch, which is why I am so excited about having this for launch. It’s such an in-depth experience, being able to trade directly on your wrist like this, leveraging IG’s trustworthiness and technology. It puts us at a level ahead of our competition and from what we’ve heard, we think they’re going to have to play catch up for quite a long time.”
You will need to have the IG application installed on your iPhone in order to use the one on the Apple Watch, since it’ll access the web though your phone. And although you can access and close any open position fully or partially, as well as see its profit or loss and any stops or limits, you won’t be able to set stops and limits. This functionality, like many others, may be enabled in a later release
Well, this is rather peculiar. The Nasdaq stock market -- the entire Nasdaq, which lists major tech firms such as Apple and Facebook -- has temporarily suspended all trading due to a technical issue. The exchange sent an alert to traders at 12:14PM ET today announcing that it was halting all trading "until further notice," according to a New York Times report. Reuters is reporting that Nasdaq will reopen trading soon, but with a 5-minute quote period. The market will not be canceling open orders, however, so firms that don't want their orders processed once everything's up and running should cancel their orders manually now. It's not entirely clear what caused the issue, or how and when it will be resolved, but you better believe it's causing some commotion on Wall Street, and could impact traders for days and months to come.
Update (2:28PM ET): CNBC and the Wall Street Journal are reporting that Nasdaq will resume limited trading beginning at 2:45PM ET.
Update (2:32PM ET): CNBC is now reporting that trading will resume with just two securities at 2:45PM ET. Full trading will begin at 3:10PM ET.
Update (3:28PM ET): It appears that trading has resumed as of 3:25PM ET.
Update (5:47PM ET): One final tweet here from CNBC. Nasdaq is claiming that today's issues were resolved within 30 minutes. The remaining 2.5 hours were used to coordinate the re-opening.
Update (6:29PM ET): Nasdaq has issued an official statement following today's market close. In part, it reads: "NASDAQ OMX will work with other exchanges that are members of the SIP to investigate the issues of today, and we will support any necessary steps to enhance the platform."
Filed under: Internet
Source: Nasdaq
It's easy to see that the Bitcoin market is under stress when there's rising overall activity and tighter oversight. However, it's now so hectic that the Mt. Gox exchange has trouble fulfilling even basic transactions -- and the institution is freezing US dollar withdrawals for two weeks to keep things in check. Mt. Gox's team will use the downtime to upgrade its trading system and (hopefully) address the heavy workload. Deposits and transfers in American currency should still be good to go. Let's just hope that Mt. Gox manages smoother transitions in the future -- after all, not everyone can afford to leave their money in limbo during a tech refresh.
Filed under: Internet
Via: Ars Technica
Source: Mt. Gox
In a world where stocks are traded based on price changes monitored at the millisecond level, every sliver of a speed advantage gained counts. And, to get that edge, financial firms will go to almost any lengths, including building high powered particle accelerators in their basements. Well, at least that's what we imagine. Banks and high-frequency trading companies are looking to the neutrino as a potential communications tool. Scientists have already shown that the subatomic particles can travel through walls, now there's every reason to believe messages could be passed straight through the Earth, saving up to 44 milliseconds on each communique. Of course, there's one problem with this idea -- creating neutrinos currently requires either a nuclear reactor or a particle accelerator, something even the largest of financial firms don't usually keep on hand. Either the world's banks will have to snatch up CERN or build their own atom smashers. Neither of which seems like it's very likely to happen in the immediate future.
Neutrinos could deliver millisecond advantage to cyborg Gordon Gekkos originally appeared on Engadget on Mon, 30 Apr 2012 18:57:00 EDT. Please see our terms for use of feeds.
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