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SEC brings charges in connection with hack of its financial system
The United States Securities and Exchange Commission announced today that it is bringing charges against a Ukranian hacker for breaking into the agency's corporate filing system to access nonpublic information. The SEC is also charging a number of individual traders and entities who used that information to generate more than $4.1 million on illegal trades. The Attorney's Office for the District of New Jersey announced it will be bringing related criminal charges.
Bloomberg's App Portal brings its financial market terminals into the app store age
Monitoring financial data and trading stocks in the big leagues often means using a locked down Bloomberg terminal pre-loaded with sanctioned software, but now the platform has caught the app store bug. Starting today, stock market buffs will be able to purchase apps on the Bloomberg App Portal, which underwent more than a year of testing and has software from over 40 developers. As for revenue, Bloomberg's taken a page from Apple's book and will keep 30 percent of earnings made from sales on its storefront. Since a single console sets customers back $20,000 each year according to the Financial Times, we imagine $0.99 apps will be few and far between. It's unlikely that Rovio is going to barge into this app marketplace, so day traders will probably be busy playing stocks instead of Angry Birds. [Image credit: Perpetualtourist2000, Flickr]
Robot stock traders lose $440,000,000 in 45 minutes, need someone to spell it out
Humans never learn and apparently neither do robots. Autonomous trading AIs went on a spending spree at Knight Capital Group in New Jersey this week, buying up shares in everything from RadioShack to Ford and American Airlines (ouch) in a 45-minute frenzy of disobedience. The company tried to offload the unwanted stock, but discovered it was already nearly half a billion dollars in the red -- enough to wipe out its entire profit from 2011 and "severely impact" its ability to conduct business. If only it had protected itself with one of these.
