By Felix Salmon
April 13, 2011
Credit Slips

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“The rule of law is not even worth 20 basis points”: Levitin utterly dismantles Calomiris et al — Credit Slips

More and more Americans are dabbling in currency trading and losing in spectacular fashion — LAT

Evan Osnos joins a Chinese tour bus in Europe — TNY

Jed Rakoff’s lecture from last night — Reuters

Number of ads in the latest issue of Newsweek: 6 — TBI

On stock-market metaphors — Brooks

Surreal: Tech Giants Opposing Debit interchange reform — WSJ

4 comments so far

I’m still baffled how the currency markets like this are considered legal, yet sports gambling is still illegal.

The average loss figures on page 2 are ridiculous

Posted by djiddish98 | Report as abusive

The article estimates 800,000 Americans “dabble” in forex trading, yet cites two industry leaders as driving the trend — who combined have fewer than 100,000 accounts in the US.

The numbers simply don’t add up. My guess is that the 800,000 figure is both grossly inflated and includes a large number who use forex trading sensibly. Perhaps as a hedge for their business or as part of a comprehensive investment scheme? (I’ve considered such myself, though I’ve thus far figured it is more trouble than it is worth.)

The 100,000 customers of those companies are pretty typical dupes of a scam. It isn’t a particularly large number, however, in a country with 300 million people.

Posted by TFF | Report as abusive

There’s something weird about FXCM.

Do they show their customers stale markets, with big latencies, possibly enabling FXCM to cross their orderflow in house or to frontrun it altogether?

In any case FXCM does not trade a lot of volume. I’d advise aspiring FX traders to send their orders to the much bigger pools of liquidity at EBS, Hotspot, Currenex or Reuters.

Posted by dedalus | Report as abusive

Any insight on the improper-foreclosure settlement? Without details, I’m skeptical that anything real was accomplished. 11e0-9d40-00144feab49a,s01=1.html?ftcamp =rss#axzz1JSCWAWqh

Posted by TFF | Report as abusive
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