Comment by 2ndSkiesForex on November 28, 2012 at 3:03pm

And cue the response from Peter in 5...4...3...2...

Comment by Peter jcp on November 28, 2012 at 3:05pm

Lol - got to get my scalps in first - but as you guess - I liked the article ;-))

Comment by 2ndSkiesForex on November 28, 2012 at 3:14pm

I hear ya, been 'scalping' Dow Jones, Gold and GBJPY.  Hope (although I'm pretty confident) you are getting along just fine.  

But I am shocked...shocked you liked the article ;-)

Good hunting amigo

Comment by Peter jcp on November 28, 2012 at 4:53pm

Hi again Chris - Yes I hope you caught a few nice moves during this session. With regards to the Banks and large Institutions - I suppose I am a bit anti to them after my own experiences of 2008 /9 when I lost a considerable amount of funds from both my business investments and pension fund( not through my own currency trading).

I personally thought they certainly made "large" when the sun shone - lending out money "willy nilly" to all and sundry ( like lending out umbrella's) and then when things got bad ( when it was raining) they wanted it all back - and would wreck peoples lives and businesses to achieve their own goals.

So now I am pleased they have suffered from more competition etc - and although I know they are so important for the markets - they need putting in place - and clearly the regulators have failed in the past.

My most "unfavourite" group is that lovely organisation known as Goldman Sachs and i just hope one day they get taught a very big lesson  - by the rest of their colleagues ;-))

My other comment on them though is that I just cannot believe what is said in the "banking world". HFT as been extremely profitable for the larger players - (up to now) and I would have thought that was the larger Banks not other new entrants?

They really do talk and act with "forked tongues" as shown in the Libor scandel and so for me i want them to realise they have had it their won way for far too long ;-)

Rant over ;-))

Cheers

Regards 

Peter

Comment by 2ndSkiesForex on November 28, 2012 at 5:03pm

Hola Peter,

I have to agree with you the banks made out, and investors like yourself did not, which is really a shame and I think unjust for sure.  And the fact they wanted it back, that they thought themselves such an important part of our economy and society just shows their level of delusion and self-importance.

I also agree they need some 're-adjustment' about what their real value is, and hopefully both competition and regulators can work to achieve thus.

As for HFT, sure, they made money, but those revenues have been declining year after year since 2007/09.  At the peak they made $4.5B and now its about $1.2B - a considerable decline, partially because the fees are huge now (exchange feeds), but also HFTs are now cannibalizing off each other, and having to compete against each other, so it is definitely not as profitable as it once was.  That is why they are making their way further into FX because the other parties are dying down.

Overall though, I'm with you on this one.

Kind Regards,
Chris

Comment by 2ndSkiesForex on November 29, 2012 at 2:08pm

Along those lines Peter....BOE going after some UK Banks

http://professional.wsj.com/article/SB10001424127887323751104578148...

Will be interesting to see what comes of this

And how the BOE will manage the FSA now that its folding it.

Comment by Peter jcp on November 29, 2012 at 8:55pm

Hi Chris  - yes - with what happened in the UK with Barclays Bank and the Libor rate scandal along with 3 other main UK banks surely means they need to be placed under the "spotlight" ;-)

Looking forward to what might come out of all of this 

Regards 

Peter

Comment by 2ndSkiesForex on November 29, 2012 at 9:01pm

Agreed - although not just banks in the UK, in the US and Japan which were also co-party to the Lie-bor.

I would like to see something come out of this - other than the usual small fine and things continuing as usual.

Kind Regards,
Chris

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