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Marchés 2012
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Danyves
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MessagePosté le: Ven 28 Déc - 10:23 (2012)    Sujet du message: Marchés 2012 Répondre en citant

 Ann Lee US must see other countries have laws too 




High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/64660dc4-4b89-11e2-887b-00144feab49a.html#ixzz2GKhtnIWQ

Action of SEC risks causing unnecessary damage to the innocent, writes Ann Lee 
The US Securities and Exchange Commission recently moved to sue the Chinese affiliates of the big four accounting firms for not sharing details of their audits of Chinese companies. From the US perspective this was a reasonable response to the perceived opacity of Chinese companies listed on US exchanges. Allegations of fraud at companies such as Sino-Forest have led to a wave of auditor resignations this year.
But the SEC move will strain a bilateral relationship with China that is already on the rocks. The issue is not only one of law or accounting but a wider one of sovereignty. US rules, which require accountants to share audit documents from foreign countries, conflict directly with China’s, which bar the practice. If the regulators of both countries continue to assert their own rules, companies and investors caught in between will be hurt in the process.

MoreON THIS STORYON THIS TOPICIN OPINION
By creating a situation where Chinese companies will be forced to delist, the SEC risks depriving US citizens of lucrative opportunities to invest in fast-growing companies. The US economy may also suffer in the long term if it earns a reputation for legal hostility to Chinese companies.
This push to exert US sovereignty by insisting that its laws should take precedence over those of other countries is not new. The US Foreign Account Tax Compliant Act of 2010 required Swiss banks to share details of accounts held by Americans, in violation ofSwitzerland’s own bank secrecy laws, which date back to 1934. Many Swiss banks retaliated by closing American customers’ accounts or limiting the availability of new products. That made it difficult for Americans to open bank accounts or take out mortgages in countries where Swiss banks dominate. While a few bad eggs were certainly caught for tax evasion, many more innocent Americans suffered as a result.
Worse, relations between the two countries took a dive. On a recent trip to Zurich and Bern hosted by the American Swiss Foundation, I found many Swiss still resentful. They accused the US of hypocrisy, arguing that many wealthy Latin Americans use US banks to hide their wealth but that America would resist pressure on its lenders to share confidential information with foreign governments.
Collateral damage on relations is incalculable but we know it must be material. The move by the SEC against Chinese companies might prompt China to retaliate against US companies. We have seen how quickly Japanese car sales in China took a nose dive as tensions flared over the disputed Senkaku, or Diaoyu, islands. Corporate America would not thank its government for risking access to China’s growing middle-class market.
Obviously the US must honour its laws and treat everyone equally under them. However, two problems arise. First, laws themselves can be flawed. Some US laws have the effect of reducing competition so that large companies, which may have helped influence their passage, can maintain dominant positions on their turf. The Sarbanes-Oxley act, for example, imposed such onerous requirements that many young companies chose not to access public markets.
Second, regulators often have their own agendas. For instance, regulators may be tempted to punish small companies so that they can achieve quick recognition for being tough, while leaving larger companies alone. It is curious that the SEC is choosing to go after Chinese companies when the regulator so conspicuously failed to prosecute the Wall Street firms, or their auditors, responsible for the financial crisis. Again, the ones who lose out are the entrepreneurs, investors and society at large, while the privileged few benefit.
Rather than pick fights with everyone, US regulators should learn to see the wood from the trees. As the world gets smaller, we must all make a greater effort to get along with each other. Understanding and respecting each other’s laws would be a good place to start.
It is inevitable that at times the legal principles of two countries will clash. But in these cases a diplomatic solution ought to be the first course of action, rather than naming and shaming. The action of the SEC, in this case, risks causing unnecessary damage to innocent bystanders in the short and long run.
The writer, a former hedge fund partner, is author of ‘What the US can learn from China’


 


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MessagePosté le: Ven 28 Déc - 10:23 (2012)    Sujet du message: Publicité

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Danyves
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MessagePosté le: Ven 28 Déc - 10:31 (2012)    Sujet du message: Marchés 2012 Répondre en citant

High-Speed Traders Race to Fend Off Regulators
Working to forestall onerous regulation, practitioners of high-frequency trading and their lobbyists cite research, some of it seeded by the firms, that says their trading is beneficial to the broader market. 


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MessagePosté le: Ven 28 Déc - 10:39 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Apple Could Lose App Advantage to Google, Opines FT   11:17 pm

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MessagePosté le: Ven 28 Déc - 10:40 (2012)    Sujet du message: Marchés 2012 Répondre en citant



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MessagePosté le: Ven 28 Déc - 10:56 (2012)    Sujet du message: Marchés 2012 Répondre en citant

FINANCE-MARCHÉS 
L'activiste Bill Ackman accuse Herbalife de "chaîne de Ponzi"
28/12 | 07:00 | mis à jour à 07:19 | Nessim Ait-Kacimi 
 
Le fonds juge que la société a mis en place la plus grande fraude pyramidale pour une entreprise américaine. Il a vendu à découvert le titre, qui a perdu la moitié de sa valeur en une dizaine de jours. 


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MessagePosté le: Ven 28 Déc - 14:54 (2012)    Sujet du message: Marchés 2012 Répondre en citant

FINANCE-MARCHÉS 
Madoff : le gendarme boursier sanctionne OFI
28/12 | 13:35 | mis à jour à 13:49 | Guillaume Maujean 
L'AMF a infligé des sanctions totales de 360.000 euros à OFI AM. Elle lui reproche de ne pas avoir suffisamment contrôlé les risques liés aux investissements dans des fonds de Bernard Madoff. 


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MessagePosté le: Ven 28 Déc - 14:55 (2012)    Sujet du message: Marchés 2012 Répondre en citant

AUTO - TRANSPORTS 
Porsche flambe en Bourse suite à une décision de justice favorable
28/12 | 12:21 
 
L'ancienne direction de Porsche a obtenu un non-lieu de la Cour d'appel de New York jeudi, dans le procès qui l'opposait à 26 fonds spéculatifs, ces derniers accusant le constructeur allemand de manipulation de cours. 


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MessagePosté le: Ven 28 Déc - 14:56 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Dette : l'Italie lève 6 milliards d'euros à des taux en légère hausse
28/12 | 12:31 
L'Italie a vu ses coûts de financement augmenter légèrement lors de sa première émission d'obligations à long terme -à hauteur de près de 6 milliards d'euros-comptant pour 2013 


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MessagePosté le: Ven 28 Déc - 16:06 (2012)    Sujet du message: Marchés 2012 Répondre en citant

___________________________________
THE WALL STREET JOURNAL
The Morning Brief

___________________________________

As U.S. regulators and Chinese authorities spar over the right to oversee audits of companies in China, U.S. multinational firms like Sanmina Corp. could suffer collateral damage.

Sanmina, a San Jose, Calif., electronics maker, has major operations in China and is partly audited by KPMG Huazhen, which is one of five Chinese accounting companies facing legal action from the U.S. Securities and Exchange Commission over their refusal to turn over audit work papers. KPMG Huazhen is the Chinese affiliate of accounting giant KPMG.

If the SEC prevails, the firms could be banned from auditing dozens of Chinese companies listed on U.S. markets. An SEC victory also could affect U.S. multinationals like  Apple Inc.,  Qualcomm Inc. and  Kimberly-Clark Corp. that have major Chinese operations. Chinese affiliates of U.S. auditors often contribute to audits of multinationals, a practice that couldn't continue if the affiliates were banned. Without complete audited financial statements, a company can't sell securities or remain listed on U.S. exchanges.

http://online.wsj.com/article/SB10001424127887323530404578205621606618616.h…

*  *  *

'Cliff' Anxieties Hit U.S. Stock Futures

U.S. stock futures declined ahead of regional manufacturing and housing-market data, with investors growing increasingly anxious over the inability of lawmakers to reach a budget agreement.

http://online.wsj.com/article/SB10001424127887324669104578206992600519784.h…


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MessagePosté le: Ven 28 Déc - 17:55 (2012)    Sujet du message: Marchés 2012 Répondre en citant

In 2012, Many Felt the Market Was Rigged


By Michael Santoli | Yahoo! Finance – Mon, Dec 24, 2012 1:37 PM EST





In 2012, investors’ long-harbored suspicion that the stock market was a rigged game became something of a majority opinion.
This year, exasperation over the predominantly electronic mechanics of trading stocks, in which hyper-fast computer algorithms maneuver against one another for fractions of pennies collected over microseconds, boiled over. The level of disgust has gotten broad enough, in fact, that authorities might be prepared to rethink some of the basic rules and processes driving the system.
The opaque and complex structure for trading stocks electronically across dozens of exchanges and alternative networks has long been justified by industry leaders and regulators as the messy but logical result of investor-friendly reforms. Technology has enabled mind-melting speed, unfathomable communications capacity and brutal competition for order flow – all of which have made trading cheaper and faster than ever.
Yet by squeezing out traditional market makers who once collected low-risk, protected profits by mediating among buyers and sellers, rules and technology have tilted the power toward “high-frequency traders.” And in 2012, the fragility produced by so much layered complexity became too obvious, and produced too many market-jarring failures, to be considered merely the price of progress.
A List of Failures
In March of 2012, BATS Trading, an upstart exchange that sees a large percentage of its volume from HFT firms, botched its own initial public offering. First unable to process the initial trades, BATS ultimately canceled the IPO.
In May, the Facebook (FB) initial public offering was mishandled by Nasdaq, whose systems couldn’t keep up with the flood of electric orders. Many small investors just mustering the will to wade back into the market to own a piece of FB were turned off by the fiasco.
Only months later, Knight Capital Group (KCG), a premier electronic stockbroker and market maker, nearly went under when a trading-software upgrade went rogue and spewed orders without human intention or limit. Knight is now being acquired by HFT powerhouse Getco.
A process that began in 2000, when regulators and exchanges moved to quote stocks in pennies -- making it easier for automated scalpers to “improve” a quote by one cent to legally front-run real orders while reducing the amount of stock behind each bid or offer -- has now agglomerated to a point that almost no one is satisfied. A recent publication of the staid New York Society of Security Analysts declared that “public confidence in the integrity of equity trading markets appears to be at a once-in-a-generation low.” This is a trend measured in the nearly $300 billion retail investors have yanked from traditional equity mutual funds since 2009.
Do Robots Really Run the Market?
But do the hyper-fast, disembodied trading robots really run the market for their own profit?
There is some irony in the fact that the public is so embittered about what they believe to be a market rigged against them, when, for most, stock trading has never been easier or less costly. For a flat $8 commission, a stay-at-home investor can instantly execute a trade in almost any stock with little noticeable friction. If, at times, an opportunistic algorithm steps ahead of that order by, say, bidding a penny more and driving the price up a couple of cents, that charge is vastly less than the 25-cent spread Nasdaq market makers used to take on almost every trade. If anything, the small investor is better served by the current trading arrangements than are large institutional investors, whose need to execute large, sensitive orders is compromised by the software spies’ efforts to step in front of their trading flows.




Indeed, even the dominance of high-frequency trading, once said to participate in a sizable majority of stock orders, has passed its peak, thanks to competition and lower market volatility reducing their opportunities.

Still, somehow the opacity and bloodlessness of the automated quasi market-makers rankles more, especially when investors are less confident of unending stock market appreciation than they were in the late 1990s and early 2000s. 

Perception Becomes Reality
The measure of disaffection with today’s market structure by both professionals and individuals means that, even if the financial impact to the typical trader isn’t onerous, the sour perception in itself diminishes market quality and vitality.
And sentiment isn’t helped by the ongoing round-up of alleged insider-trading conspirators among employees of major investment firms, which has made headlines that prove the authorities are paying attention while also hinting to the little guy that investing profits are often ill-gotten.
The good news in all the frustration with our tangled trading system is a renewed focus on rationalizing it. At a Senate Banking Committee hearing on electronic trading in late December, a rough consensus among exchange officials showed a desire for Congress to lay out clearer order-handling rules. The recently announced merger of electronic derivatives exchange ICE with NYSE Euronext could provide further impetus for a fresh look at the trading landscape.
Several years ago, Jim Maguire -- a NYSE floor veteran and longtime specialist for Warren Buffett’s Berkshire Hathaway Inc. (BRKABRKB) shares -- began promoting a small but potentially helpful reform: quoting stocks in minimum increments of nickels rather than pennies. The idea was to create greater incentive for middlemen to provide a deep and fair market for public orders. Dubbed “Mr. Nickel” by Barron’s, Maguire was viewed as a charming little anachronism.  Yet on Feb. 5, the SEC is holding a panel discussion to discuss “the impact of tick sizes on securities markets.” There is also now a more open discussion over charging high-speed traders for the massive system capacity they use.
The now deeply ingrained sense that stock trading is a game rigged by privileged sharpies with their omnipotent machines will not dissipate soon or easily. But as we enter 2013, it appears at last that those able to take action to foster greater faith in the integrity of the markets are at least focused on the issue.


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MessagePosté le: Ven 28 Déc - 18:16 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Schaeffer's Daily Option Blog
 Print




Research In Motion (NASDAQ:RIMM) Defies the BearsDespite outperforming the broader equities market, RIMM remains plagued by pessimismby Andrea Kramer 12/28/2012 10:48 AM

  •        

 
The shares of Research In Motion Limited (USA) (NASDAQ:RIMM – 12.08) have nearly doubled since touching a multi-year low of $6.22 in September, yet the options crowd remains skeptical of the BlackBerry maker. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 10-day put/call volume ratio of 1.01 stands higher than 85% of all other readings of the past year, suggesting traders are buying RIMM puts over calls at a much faster-than-usual pace. 


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MessagePosté le: Ven 28 Déc - 18:44 (2012)    Sujet du message: Marchés 2012 Répondre en citant

This market has more going for it than against it

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MessagePosté le: Ven 28 Déc - 20:03 (2012)    Sujet du message: Marchés 2012 Répondre en citant


MITCH TUCHMAN
Your single worst investment bias 
It could be  the reason you click on this article.


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MessagePosté le: Ven 28 Déc - 22:10 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Terres rares : Pékin entretient la pénurie pour tenter de faire remonter les cours
28/12 | 15:09 | mis à jour à 16:43 | Claude Fouquet 
 
Au premier trimestre 2013, les quotas d'exportations pour les terres rares fixés par Pékin seront identiques à ceux de 2012. La Chine produits 95 % de ces métaux dont les cours ont fortement chuté avec la crise. 


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MessagePosté le: Ven 28 Déc - 23:11 (2012)    Sujet du message: Marchés 2012 Répondre en citant

Stocks barrel downhill      as fiscal cliff looms larger 
Markets stumble for a fifth day as Congressional leaders and President Obama meet in a final attempt to avert automatic budget cuts and tax hikes set for Jan. 1.
• Last-gasp efforts in D.C. to avert the fiscal cliff 
• What a fiscal-cliff plunge would mean for you and your budget 


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