FX Trading Volume Plunges In Disgust Over HFT Dominance ...

A week ago we explained how, after completely destroying the equity and commodity space, and make serious inroads into bond trading (and soon very likely into OTC interest rate derivatives, where a flash crash will literally be the end), HFT algos had taken over FX trading to the point where they have now been caught manipulating the market using Reuters' FX trading platform. Now we get prima facie evidence of just how this destruction is manifesting itself. According to Reuters, which has compiled the data on its own FX dealing platforms, "daily spot foreign exchange trading volumes... fell by 23 percent in October from a year earlier. The average daily volume traded in October was $120 billion, down from $155 billion in October 2011 and a decrease from the $133 billion recorded in September."

Reuters was not alone: "Trading volumes at EBS, the other main interbank dealing platform owned by interdealer broker ICAP Plc, also declined in October."

As to the reasons: they should be quite obvious. On one hand, we have the old tried and true vacuum tubes, and Reuters reports that the decline was to a major extent driven by "frustration with high-speed computer algorithms operating on the major dealing platforms." In other words, as more and more FX trading is merely robots competing with other robots to outarb each other on press releases, in the process completely crushing retail traders, and generating outsized kneejerk reactions to the tiniest of signals, any humans left are quietly shutting down their terminals and turning off the lights.

There is, however, one more guilty party.

Market players said low volatility in the currency markets was weighing on trading volumes.

And whom do we have to thank for the complete collapse in vol? Why Uncle Benny and his merry band of global inkjets, who, as most know by now, do everything in their power, up to and including selling VIX calls to generate reflexive, massively levered signals that "all is well", to eliminate all indication that something may be broken. Sadly, when everything is broken, the Fed's intervention no longer matters at all.

And after equity, credit, and commodity traders have figured it out, it is about time that the carbon-based FX trading element also boycotts the manipulated cesspool formerly known as the market, until Bernanke & Co. finally go away.

If that means an epic market crash, so be it: at least real price discovery will finally return and real trading can resume.

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Source: http://www.zerohedge.com/news/2012-11-08/fx-trading-volume-plunges-disgust-over-hft-dominance

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Ronda Rousey reportedly to be the first female UFC fighter

A report from TMZ says Ronda Rousey, the Strikeforce bantamweight champion, will be one of the first two women to fight in the Octagon. According to the report, Rousey will defend her title in the UFC in 2013.

Rousey has taken the fight world by storm since debuting as a pro in May of 2011. The 2008 Olympic bronze medalist in judo has six straight wins. All were first-round submissions. She has also reached levels of popularity only known to the most elite fighters. Rousey was on the cover of ESPN the Magazine's "Body Issue," and headlined two Strikeforce shows in 2013.

An opponent has not been named, but a rematch with Miesha Tate or a grudge match with Cristiane "Cyborg" Santos are both possibilities.

The other wrinkle to TMZ's report is that the Strikeforce show on Jan. 12 will be the promotion's last. As we mentioned earlier today, the January fights will have every male Strikeforce champion defend his belt, so it would be a fitting end to the promotion. With Rousey, one of their most bankable stars, headed to Strikeforce's sister company, there won't be many draws left.

Source: http://sports.yahoo.com/blogs/mma-cagewriter/ronda-rousey-reportedly-first-female-ufc-fighter-020946646--mma.html

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Quinton ?Rampage? Jackson says UFC owes him for lost privacy

Despite a long, winning career with the UFC, Quinton "Rampage" Jackson has had a rough relationship with the promotion recently. In an interview he did with Middle Easy (transcribed by Bloody Elbow) Jackson said the UFC hasn't compensated him well enough for his loss of privacy.

Leaving the UFC would make me happy. I don't think there's anything they can do to fix it. I don't think they're even willing to fix it. I'm not upset with them. The UFC is a great organization, they've done a lot of great, positive things for the sport. It's mainstream now. I can't walk anywhere without people wanting a picture or attention or talking or anything. That's good, that's what people like. I just feel like...honestly, I just wish I could be compensated a little bit more for the privacy that I gave up. People don't understand that. I traded my privacy and my kids' privacy for...the living that I'm making now which is...Football players and basketball players these days, they're making MILLIONS!

Now, what's odd about this statement is not that Jackson wants more money. Who doesn't want to be paid more for their job? But Jackson's popularity is not solely due to the UFC. He was a beloved fighter with Pride before fighting with the UFC. He has been in several movies. He starred in "The A-Team," a movie that made $177 million at the box office internationally. He does autograph signings, and has appeared on talk shows and on the WWE Raw show.

[Related: Bruce Lee's impact on MMA felt decades after his death]

If privacy was the concern, Jackson could have kept a lower profile. He didn't. He chose to go into movies and fulfill its publicity requirements. He chose to sign on with sponsors who required he make appearances. He chooses to tweet pictures of him and his family. If privacy was his biggest concern, he could have just been a fighter.

His concerns are about money, and you know what? That's OK. A lot of people grumble about how much they are paid. It makes Jackson more like a regular guy. Just don't couch it in lost privacy.

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Source: http://sports.yahoo.com/blogs/mma-cagewriter/quinton-rampage-jackson-says-ufc-owes-him-lost-174440119--mma.html

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U.S. clears sale of Lockheed missile defense system to UAE, Qatar

WASHINGTON (Reuters) - Qatar and the United Arab Emirates have requested the sale of up to $7.6 billion in Lockheed Martin Corp missile-defense systems to counter perceived threats and lower their dependence on U.S. forces, the Pentagon announced on Monday.

The Defense Security Cooperation Agency (DSCA), which oversees foreign arms sales, formally notified lawmakers on Friday that it had approved the possible sales, which come against the backdrop of heightened tensions with Iran. The notifications were posted to the agency's website late on Monday.

Lawmakers now have 30 days to block the potential sales although such action is rare since deals are carefully vetted with lawmakers weeks before the notifications are posted.

The sale is part of Washington's ongoing effort to deepen its cooperation with Gulf nations on missile defense and increase pressure on Iran over its nuclear program.

Lockheed told reporters in August that Saudi Arabia and its closest regional partners in the Gulf Cooperation Council had shown interest in the company's Terminal High-Altitude Area Defense (THAAD) weapon systems.

Secretary of State Hillary Clinton met GCC officials in September and U.S. officials said initial missile-defense sales could be announced soon.

The GCC is a political and economic alliance linking Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman. Washington has been working with Gulf states on a bilateral basis, not as a group, to boost the range of radar coverage and related capabilities across the Gulf for the earliest possible defense against any missiles fired by Iran.

The United States and its allies say Iran is seeking nuclear weapons capability under the cover of a civil program. Iran denies this, but has been hit with a series of international sanctions over its nuclear work.

REGIONAL SHIELD

On Monday, the Pentagon said Qatar had requested the possible sale of two THAAD fire units, 12 launchers, 150 interceptors, parts, training and logistical support for an estimated cost of $6.5 billion.

The UAE, which signed an initial order for $1.96 billion of THAAD weapons systems in December, requested an additional 48 THAAD missiles, 9 launchers and other equipment valued at $1.135 billion, according to the DSCA notification.

It said the proposed sale would contribute to the foreign policy and national security of the United States by helping two countries that have been and remain key forces "for political stability and economic progress in the Middle East."

Raytheon Co is another key contractor on the program.

THAAD is a U.S. Army system designed to shoot down short-, medium- and intermediate-range ballistic missiles with an interceptor that slams into its target.

It can accept cues from Lockheed's Aegis weapons system, satellites and other external sensors, and works in tandem with the PATRIOT Advanced Capability-3 terminal air-defense missile. THAAD includes its own radar along with interceptors and communications and fire control units.

U.S. officials have said their ultimate goal is a regional shield that can be coordinated with U.S. systems, a system similar to Washington's drive to expand missile defense to protect NATO's European territory against ballistic missiles that could be fired by Iran.

THAAD is part of a layered missile shield being built to defend the United States and its friends and allies against ballistic missiles of all ranges and in all phases of flight. The system is being optimized against Iran and North Korea.

(Reporting By Andrea Shalal-Esa; Editing by Robert Birsel)

Source: http://news.yahoo.com/u-clears-sale-lockheed-missile-defense-system-uae-063010771--finance.html

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