Posted on 10/03/2014 7:29:33 PM PDT by george76
The stock market ditched Wall Street years ago. The masters of the universe, like the Giants and Jets, now scrimmage across the Hudson River in New Jersey—their trading these days done almost entirely by computers piping algorithmic playbooks into a fortress of servers in Mahwah and other competing exchanges nearby.
The small squads of human traders who remain on the floor at 11 Wall St., the New York Stock Exchange’s Teddy Roosevelt–era headquarters, are (for the most part) just playing fantasy football.
Yet just as the Big Apple’s football teams kept their New York names after wedding themselves to the Garden State, the financial industry, investors and the media continue to pretend that the Big Board is where the action is. We need to end this fiction.
How much actual trading is done at 11 Wall St.?
“It’s pretty darn close to zero,” said Eric Scott Hunsader, founder of market-data provider Nanex. “Even that is pushing it, because they don’t make markets, the guys in the jackets. They might say they do, but they don’t.”
...
Don’t get me wrong. I love the photos of the guys on the trading floor. They are human emoji
(Excerpt) Read more at marketwatch.com ...
I consider them as Jinn
The harbor, which brought in European goods (particularly garments) and immigrants is what originally made the city what it is. As shipping there became less and less relevant over time with air travel, computers etc., banking and finance was there to pick up the slack. Wall Street is now irrelevant. We no longer need brokers pulling levers or runners running orders back and forth.
Once the financial sector absconds, NYC will decline further and people will realize they're living in an outrageously expensive, leftist calmpdown s***hole overrun by scumbags from all ends of the earth.
I see dark ages.
My God! I hope you are right!
Why would those firms remain there and pay New York their exorbitant cut?
Weren’t we talking about this not too long ago?
I see dark ages.
We concur
Once the NYC institutions had to keep backup sites a certain distance from NYC, the financial sector there was doomed; while some initially hoped it would benefit NJ, the radius covers much of this state as well.
It is no accident that NYC is a sanctuary city; such a designation is a public admission the Americans have abandoned an area and somebody else is needed to keep the schools and housing occupied.
Despite the political foolery, Manhattan is a great borough of NYC.
Did you know the neighboring borough of Staten Island is nearly 50/50 politically?
the neighboring borough, Staten Island, ...
The stock exchange is foreign-owned. The electronic trading is rigged by computers which buy and sell before JQ Public’s trade can take place.
We no longer have control of the major US financial institutions.
The problem with the internet is that it doesn’t matter where you are sitting. So an “information worker” has no job security.
ping
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