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Bear Stearns Hedge Fund Manager Ralph Cioffi Arrested

Jun 19, 2008 @ 01:06 PM By Kerry Massaro,

Well the other shoe has finally dropped. Two Bear Stearns hedge fund executives, one that was quoted often in Advanced Trading, have been arrested. Ralph Cioffi and Matthew Tannin were arrested today and charged with securities fraud. The two hedge funds they managed: high Grade Structured Credit Strategies Fund,and the High Grade Structured Credit Strategies Enhanced Leverage Fund collapsed in August and were the earliest signs that the greater credit crisis was about to make itself known.

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NYSE Says Good Bye to Specialists; Hello DMMs

Jun 19, 2008 @ 12:37 PM By Ivy Schmerken,

Change is brewing again at the New York Stock Exchange. Last Friday, the exchange proposed rules that would eliminate the traditional function of a specialist and replace them with designated market makers or DMMs. Is this a good move? How will it impact the Hybrid Market?

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CBOE and 3-D Markets Bring the GWAP to Options

Jun 2, 2008 @ 06:36 PM By Ivy Schmerken,

The idea of creating a dark pool in options has not been easy because options trades are not permitted to occur off-exchange. But a recent deal between the Chicago Board Options Exchange and 3-D Markets, a block-crossing network, suggests that exchanges and liquidity pools can cooperate on crossing institutional orders based on benchmark prices.

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R.G. Niederhoffer Capital Management (New York)
Roy Niederhoffer
President and Founder

You have to rotate your models more rapidly today than you used to. Models that used to work have stopped working with greater rapidity lately. I think that this probably represents the entrance of a large number of players into the hedge fund space in ... More >>