Morning Coffee Jun 17 2010

The Trading Game

By julie steinberg

Remember the flash crash of May 6? (It's fuzzy, we admit.) What with BP imposing its own intelligent design on marine ecosystems and the FCIC conducting hearings left and right, it could be easy to forget about the day the Dow went on a rollercoaster ride.

Enter the SEC. The regulatory body is proposing new rules to prevent erroneous trades. Circuit breakers are currently being tested in the markets, and the new proposal is meant to work in conjunction with them. The rules would create levels at which trades would be broken depending on how the stocks move.

The new rules will be unveiled in a pilot program that will take effect through Dec. 10. (WSJ)

Mortgage-Backed Securities Are Back! (FINS)
The mortgage-backed securities market is surging back to pre-crisis levels. Finance shops and the U.S. government are hiring talent to deal with the increase in both issuance and trading of securities.

Indian Expansion (Bloomberg)
Morgan Stanley will hire 20 private bankers for its Indian team within a year. The firm is looking to increase its presence on the subcontinent markedly over the next few years.

Calming Down (Private Equity Beat)
The new managing director at Glocap, an executive search firm, says that hedge fund managers are beset by the same anxieties as sports coaches. The solution? Staying focused on the game itself, not on winning or losing it.

Breaking Up (TNR)
Obama and Dimon used to be best buddies, but something's happened. There was the time Obama effectively called him a fat cat and also the time Dimon wasn't invited to a state dinner. Will Dimon get to keep Obama's sweatshirt and CDs in the breakup?

Scaling Back (Pensions&Investments)
The board of CalPERS adopted a policy that will curtail bonuses to investment staff when the pension fund performs poorly. The move allows the fund to better synchronize payouts with fiscal realities.

Betty White? Betty Gold! (NYO)
Betty White's comeback is officially the stuff of legend. After starring in several movies and hosting SNL, she's now dominating Wall Street. White rang the NYSE opening bell to much fanfare.

Don't Scratch (ABC)
Besides doing God's work, Goldman bankers are also doing some exterminating work: rumor has it their Jersey City office is plagued by bedbugs. Don't worry, guys, so are all the apartments listed on Craigslist.

Racing Hares (Dealbook)
Volunteers from Wall Street turned out to compete on the track last night for JPMorgan's Corporate Challenge. JPMorgan had 1,200 runners turn out. Volunteerism: It's going around.

House for Sale (WSJ)
A former Goldmanite has put his house near Hilton Head on the market. Boasting seven bedrooms and 11 bathrooms, it will only set you back $29 million.

For more news you need to know throughout the day, follow FINSider on Twitter!



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