Three quotes and an apology May 2, 2014 at 9:39 am
The resumption didn’t happen: sorry. I just didn’t feel like writing. Even the Michael Lewis/HFT thing couldn’t rouse me from my stupor, mostly because it is so obvious what you need to do to fix these issues*.
There is a three day weekend ahead. I don’t anticipate writing much any time soon, but let me at least leave you with three quotes that have amused me recently:
- The only reason coders’ computers work better than non-coders’ computers is coders know computers are schizophrenic little children with auto-immune diseases and we don’t beat them when they’re bad from a lovely description of the what a software engineer’s life is really like, by Peter Welch. (This reminded me that the format of links in this blog was broken by something recently – those ugly underlines are back – but I can’t find the enthusiasm to find what has changed and fix it because, you know, all software anyone actually uses is either broken or within a hair’s breadth of it.)
- Nothing, we suspect, focuses a debtor’s mind on creditor rights like the loss of a limb in a naval bombardment from a lovely paper on the origins of the pari passu clause in sovereign bonds which is everything the Alphaville coverage wasn’t (cogent, interesting) by Chabot and Gulati.
- There is nothing quite so powerfully erratic as a 75 pound puppy. The OTC derivatives market might come close, an amusing if rather unfair aside in a comment by Andrew Burday on Charlie Stross’ diary.
Happy worker’s day: I hope you get to go to the Fair.
*National auctions every second or so using orders in all the markets so that reg NMS is obeyed by construction; reporting of the results of those auctions delayed at least ten seconds to stop quote fishing; minimum fees for quote submission and no rebates; dramatic simplification of order types; a small FTT.