market selloff headline

market selloff headline

Tuesday, April 29, 2014

Bill Singer Reflects on Stone v. Bear Stearns

Former Forbes columnist and veteran securities practitioner and pundit Bill Singer summarized his view of the pending dispute in Stone v. Bear Stearns, et al. as follows:

"Many commercial and residential premises are required to maintain smoke detectors as a first-line of defense; however, you pull the fire alarm after the smoke detector goes off.  Seems to me that the EDPA and [Third] Circuit failed to take into account that to some extent Marston's relatively limited disclosure and FINRA's fumbling disconnected Stone's smoke detector. To now blame him for not having pulled the fire alarm sooner seems unfair and unreasonable."

Read the full Broker and Broker post here.

Sunday, April 27, 2014

Bloomberg's Cohan Dissects Customer Claims Versus Wall Street "Overlords"

William Cohan concludes that "mandatory" arbitration (and FINRA itself) should be abolished in his observations about a case on which I am a member of the appellate advocacy team, and in which a customer's rights were abused throughout the process.
Read Cohan's column here.

Tuesday, April 1, 2014

Son of SOES Bandit is a “Flash Boy”

Michael Lewis, market critic and celebrated author of Moneyball, Liar’s Poker, and The Big Short, offered a revealing look into some of the shadowy synapses of High-Frequency Trading (“HFT”) Sunday night on 60 Minutes in support of his newest work, Flash Boys (view interview here).  His eye-opening findings and rhetoric about the algorithm-driven fiber-fed flim-flams by HFTers using technology and light to perpetrate one of the oldest scams in the market—front-running.

I co-authored a piece for the NYSBA Securities Litigation & Arbitration website on the controversial HFT practice called, “Quote Stuffing,” a Recipe for Regulation, which you can read here.