« | Home | Categories | »

UN: Nations hide rise in private digital snooping

Posted on July 16th, 2014 at 22:06 by John Sinteur in category: Privacy

[Quote]:

Governments on every continent are hiding an increasing reliance on private companies to snoop on citizens’ digital lives, the U.N. human rights office said Wednesday.

Stepping into a fierce debate over digital privacy rights, the U.N. office says it has strong evidence of a growing complicity among private companies in government spying. It says governments around the world are using both the law and covert methods to access private content and metadata.

U.N. High Commissioner for Human Rights Navi Pillay said the lack of transparency and tactics extend to governments’ ”de facto coercion of companies to gain broad access to information and data on citizens without them knowing.”

Her office’s report to the U.N. General Assembly says concerns about the erosion in privacy have increased since last year’s revelations of U.S. and British mass surveillance. The report said stricter laws are needed to prevent violations and ensure accountability when digital technology and surveillance is misused. It warned that mass surveillance is becoming “a dangerous habit rather than an exceptional measure.”


Write a comment

Market Rigging Explained

Posted on July 16th, 2014 at 15:21 by John Sinteur in category: Robber Barons

[Quote]:

We received trade execution reports from an active trader who wanted to know why his larger orders almost never completely filled, even when the amount of stock advertised exceeded the number of shares wanted. For example, if 25,000 shares were at the best offer, and he sent in a limit order at the best offer price for 20,000 shares, the trade would, more likely than not, come back partially filled. In some cases, more than half of the amount of stock advertised (quoted) would disappear immediately before his order arrived at the exchange. This was the case, even in deeply liquid stocks such as Ford Motor Co (symbol F, market cap: $70 Billion). The trader sent us his trade execution reports, and we matched up his trades with our detailed consolidated quote and trade data to discover that the mechanism described in Michael Lewis’s “Flash Boys” was alive and well on Wall Street.


Write a comment

Comments:

  1. So Michael Lewis told the whole world that this was going on and that there’s a new exchange that prevents these shenanigans… so why aren’t people trading over there on the IEX?

  2. Because the “Flash Boys” are doing everything they can to kill the HFT story and keep trades off IEX. And it’s working.

  3. “Kill the HFT story”? Are you kidding? Who does not know about this?