How to lose $172,222 a second for 45 minutes

Szczegółowy opis SEC (amerykański KNF, wybrane fragmenty) na temat jednej z większych ludzkich wpadek i niedopasowania procedur w branży HFT.

"This is probably the most painful bug report I’ve ever read, describing in glorious technicolor the steps leading to Knight Capital’s $465m trading loss due to a software bug that struck late last year, effectively bankrupting the company.

The tale has all the hallmarks of technical debt in a huge, unmaintained, bitrotten codebase (the bug itself due to code that hadn’t been used for 8 years), and a really poor, undisciplined devops story."

http://pythonsweetness.tumblr.com/post/64740079543/how-to-lose-172-222-a-second-for-45-minutes

This graph shows how bad the Fed is at predicting the future

Graficzne zestawienie czerwcowych prognoz makroekonomicznych FEDu z lat 2009-2013.

Link: http://www.washingtonpost.com/blogs/wonkblog/wp/2013/06/19/this-graph-shows-how-bad-the-fed-is-at-predicting-the-future/, http://stojeipatrze.blogspot.com/2013/06/fed-nie-potrafi-prognozowac.html

[WSJ] IMF Admits Mistakes on Greece Bailout

"The International Monetary Fund has admitted to major missteps over the past three years in its handling of the bailout of Greece, the first spark in a debt crisis that spread across Europe.

In an internal document marked "strictly confidential," the IMF said it badly underestimated the damage that its prescriptions of austerity would do to Greece's economy, which has been mired in recession for the last six years.

But the fund also stressed that the response to the crisis, coordinated with the European Union, bought time to limit the fallout for the rest of the 17-nation euro area.

The IMF said that it bent its own rules to make Greece's burgeoning debt seem sustainable and that, in retrospect, the country failed on three of the four IMF criteria to qualify for assistance."

"The paper added that the targets and the underlying macroeconomic projections weren't revised to reflect what was actually happening in Greece for 18 months, until December 2011.
The IMF had originally projected Greece would lose 5.5% of its economic output between 2009 and 2012. The country has lost 17% in real gross domestic output instead. The plan predicted a 15% unemployment rate in 2012. It was 25%.

Slowing the pace of austerity would have helped Greece's economy, but wasn't politically possible, the fund said."

http://online.wsj.com/article/SB10001424127887324299104578527202781667088.html