Millions of previously hidden U.S. stock trades will be revealed for the first time on December 9 thanks to research from a team of academics.
Previously odd lots, which are trades of less than 100 shares, have not been revealed on the publicly available “consolidated tape”, with only big investment banks and sophisticated computer-powered high-frequency traders paying to see them from individual exchanges. It was thought they were used only by small retail investors and so were not important.
But Chen Yao of Warwick Business School, Maureen O’Hara of Cornell University, and Mao Ye of University of Illinois discovered that more and more big trades were being “sliced and diced” to fewer than 100 shares so they remained hidden, leading to a “two-tier market”.
Hidden from Public
They found four per cent of the volume of shares traded were done as odd lots in 2009 and that had risen to 4.9 per cent in the summer of 2013. In some cases they found that 60 per cent of a stock’s shares were...
Florida received $1 billion from the federal government to help struggling homeowners, but just 13 percent of that money has gone toward helping them.
Florida received the stimulus money, part of the Hardest Hit Fund, after the housing market collapsed in 2008. Only California received more from the fund.
The money is intended to help homeowners who find themselves “underwater,” owing more than their homes are worth. In the meantime, people are drowning.
‘Not Getting Fund Out the Door’
Illinois lawmakers on Tuesday approved a bill they and Gov. Pat Quinn (D) say will fix the state’s worst-in-the-nation pension system and which many analysts say will do no such thing.
Illinois has the lowest credit ratings among the 50 states. The state's huge unfunded pension obligations are the main reason.
The bill in the Democrat-dominated General Assembly enjoyed bipartisan support, as many Republicans jumped on board. Among other things, the law aims to reduce the state’s $100 billion...