Zerohedge, This is the Way HFT Dominance Ends: Not With a Bang But a Merger, here.
As the WSJ reports, two of the largest independent US high-frequency-trading firms are in early merger discussions – as a downturn in trading opportunities has spurred cutbacks. Of course, the firms claim this is a positive, “we’re in accelerated growth mode, both organically and inorganically,” but as one HFT analyst notes, “HFT is a volume business… If trading volumes are going down, that means it’s tougher for prop shops to make money.” The slowdown has forced some high-speed specialists to leave the business and with RGM and Allston (the two firms) having 280 staff, we suspect this week’s initial claims may be bloated with PhDs.
Reuben Fischer-Baum, Deadspin, Where do Pro Basketball Players Come From? here. NYC is the France of Basketball.
Of all U.S.-raised players (Puerto Rico and U.S. Virgin Islands excluded), 81 percent came from what the census now calls “urbanized areas.” (For players who played in the NBA during 2012-2013, this figure was 86 percent.) As for the the 2010 U.S. population as a whole, just 71 percent came from urban centers—basketball has always drawn significantly from urban populations.
The New York metro area, by far the most populated in the U.S., produced 394 players, while Chicago managed to top Los Angeles by just four players. This gap is actually widening—in 2012-2013 only one L.A.-raised player debuted in the NBA (Justin Holliday, who had all of 142 minutes played). Chicago debuted three—Anthony Davis, Patrick Beverley, and Quincy Miller.