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Insights – news<br />
Forex Person of the Year 2013<br />
Laith Marmarchi and Nicole Elliott have been<br />
named “Forex Person of the Year 2013” by<br />
FXStreet, the independent Forex information<br />
website, for their service “ForexTrading.TV”.<br />
ForexTradingTV offers a real-time, technical and<br />
educational service: both new and experienced<br />
traders can go to get a clutter free view on the<br />
markets without the over analysis and noise of<br />
today’s trading environment.<br />
FXStreet decided to give Laith Marmarchi and<br />
Nicole Elliott<br />
Laith Marmarchi<br />
Nicole Elliott the title because they were able to convert their small startup business into a trusted service and collaborative<br />
platform of very high value and quality and managed to gain the trust of both traders and brokers, in only one year.<br />
Source: www.fxstreet.com<br />
$316 Million in Bitcoin Presumably Stolen<br />
$316 million in bitcoins, or six per cent of the outstanding<br />
amount of the digital currency, seem to have been stolen.<br />
The Tokyo based Mt.Gox, the once largest trading place<br />
for the currency is insolvent as announced by Managing<br />
Director Mark Karpeles in a recent press conference. In<br />
seeking bankruptcy protection he blamed ‘weaknesses in<br />
the computer system’ for allowing hackers to plunder the<br />
company. Some 127,000 Bitcoin devotees are reported to<br />
have lost their investment according to Coindesk, a bitcoin<br />
website that aggregates bitcoin news and rates, as quoted<br />
from an internal document. As a result, Mt.Gox has incurred<br />
744,408 in bitcoin debt compared to $350 million before the<br />
crisis broke out. As recently as January, bitcoin had climbed<br />
from $575 to $939. Whether Mt.Gox was a victim of hackers<br />
or unrecognized money was somehow stolen from the<br />
company’s computers or if the company simply swiped its<br />
customer’s money is yet to be determined.<br />
Source: www.sueddeutsche.de<br />
Just A Single Day of<br />
Trading Losses in 1238 Days<br />
Daily Adjusted Net Trading Income Distribution (in Millions)<br />
In its IPO prospectus, High Frequency Trading<br />
firm Virtu reveals it had just one losing trading<br />
day in 1238 days of trading. HFT has become<br />
increasingly controversial in recent years and this<br />
new IPO shines light on an otherwise secretive<br />
(and computerised) industry. Virtu is what’s called<br />
a market maker. It doesn’t hold onto securities for<br />
very long, but instead derives profit from bid/ask<br />
spreads.<br />
Virtu is a New-York based firm famous for trying<br />
(and failing) to buy Knight Capital Group in 2012.<br />
But things are definitely going well for the HFT<br />
firm. Its founder and chief executive officer recently<br />
purchased the Florida Panthers hockey team.<br />
Source: www.businessinsider.com<br />
The chart below illustrates the daily Adjusted Net Trading Income from January 1, 2009<br />
through December 31, 2013. As a result of Virtu’s real-time risk management strategy and<br />
technology, they had only one losing trading day during the period depicted, a total of 1238<br />
trading days.<br />
Source: www.businessinsider.com<br />
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