The pricing problem that suspended trading on the Nasdaq for three hours yesterday has led some to call not for more developers and computer power to be thrown at stock exchanges, but more people to restore faith in them after a series of outages in the last two years.
Meanwhile, Goldman is now conducting its own investigation into the ‘fat finger’ trading glitch this week, which could lead to tens of millions of dollars in losses. More to the point, says the FT, it also damages Goldman’s omnipotent reputation for capitalising on woes of others, rather than being at the centre of any mishaps.
Tellingly, Goldman reportedly assembled an emergency team of traders and specialists to deal with the problem, including some staff who had been called back from their summer vacations.
Separately, Kensington and Chelsea Council are asking hedge fund manager Reade Griffiths for over £800k just for planning permission to extend his basement. This may sound unreasonable, but Griffiths’ plans are to build a palatial relaxation pad for him and his wife, Elizabeth.
This includes a cinema, bar, games room, wine store, a 40 ft pool, spa and treatment area.
Gary Sector, legal director of City law firm Addleshaw Goddard, said: “This is a pretty unprecedented sum to pay for a domestic renovation, but in truth, we aren’t talking about a loft conversion here.”
UBS is hiring as it splits its hedge fund business (Bloomberg)
Yes, investment bankers work the longest hours (Financial News)
Lazard hires Peter Santry as head of fixed income trading as it builds its credit business (Bloomberg)
Mathew Martoma, the ex-SAC portfolio manager charged with insider trading, will may have to pay $13.7m to U.S. prosecutors (Financial Times)
Goldman Sachs MD accused of rape in New York (Bloomberg)
Extroverts’ status in a group declines over time; they have to prove they’re not entirely self-interested (HBR)