Government Sells £900 Million In Student Loans To Debt Collection Company

It measures the cash outflow as the disbursement of the principal loan amount and the inflowing money as the payments of interest and principal, minus amounts not paid, plus any fees the government receives from the borrower. But there are those who say this is a bad way to measure and predict what loans cost the government. They like something called “fair This summer, Congress directed the Government Accountability Office to conduct a study on the true cost of the federal student loan programs.value accounting,” which they say does a better job of factoring in the cost of collecting delinquent or defaulted loans and looking at the risk taken by the government when it lends out money. They say there is actually little to no profit. In his call with reporters this summer, Duncan did not get into which method of accounting he prefers, just that he believes the government isn’t running the student loan system in order to make money, but rather to help students afford college. The large debt numbers have sparked concerns about impact that debt is having on the nation’s economy.
Source: http://www.wltx.com/rss/article/256951/142/Govt-Shows-413-Billion-in-Student-Loan-Profits

Of the 250,000 loans sold, around 46% are earning below the repayment threshold, 14% of borrowers are still repaying and 40% are not repaying their loans in accordance with their terms. The project to find a buyer for the remaining mortgage-style loans was launched earlier this year, when Mr Willetts said the plan would “maximise the value of one of the Government’s assets”. The mortgage-style loans have a face value of around 890 million but the market value is significantly lower. The SLC will continue to manage the loan book until it is visit the website transferred to Erudio Student Loans in a few months’ time. Erudio is backed by a consortium led by CarVal Investors and Arrow Global, a consumer debt management firm. There will be no change to borrowers’ terms and conditions, including the calculation of interest rates for loans.
Source: http://home.bt.com/news/uknews/student-loans-sold-to-debt-company-11363852659506

College graduates struggle with student loan spiral

is an anomaly in Europe, though, says Holly Oberle, a Colorado native who is enrolled at the Berlin Graduate School for Transnational Studies. “It is quite unfathomable for most Europeans that you would start your adult life tens of thousands of dollars in debt,” says Oberle, who researched higher education systems in countries such as the U.K., Hungary, Argentina and Turkmenistan for her book “College Abroad.” “People always seem stunned that the American system even sustains itself under the current conditions,” she says. While American student loan debt shows no signs of slowing down, some lawmakers are attempting to streamline the repayment process by taking a page from the U.K. [Read up on student loan repayment options in the U.S. ] Monthly student loan payments in the U.K. are automatically deducted via a payroll withholding, similar to taxes or social security in the U.S.
Source: http://www.huffingtonpost.com/2013/11/20/student-loan-debt-around-the-world_n_4299782.html

Student loans worth nearly £900m sold off

We will never pass on your details to anyone else. I would like to receive additional offers and information from The Independent I would like to receive additional offers and information sent by The Independent on behalf of carefully selected partners Terms and Conditions * I have read, understood and agree to be bound by the terms and conditions of Independent Digital News and Media Limited Registration Government sells 900 million in student loans to debt collection company Sale made as part of an effort to improve the nation’s finances Simon Read Simon Read Simon Read is Personal Finance Editor at The Independent. He edits the Saturday Your Money section as well as writing for the news and business pages of the Independent and i newspaper. Your friend’s email address Your email address Note: We do not store your email address(es) but your IP address will be logged to prevent abuse of this feature. Please read our Legal Terms & Policies Email Some 300,000 former students could soon face a barrage of fresh debt demands after the Government announced it was flogging student loans worth 890m to a private company, renowned for its persistent debt recovery practices. Erudio Student Loans has agreed to pay 160m for the loans, taken out by students between 1990 and 1998.
Source: http://www.independent.co.uk/student/news/government-sells-900-million-in-student-loans-to-debt-collection-company-8961790.html

Student Loan Book Worth £890m Sold For £160m, Government Confirms

Could they be the next consumer bust? Education debt is soaring. Student loans stood at $1.2 trillion as of May, up 20 percent since the end of 2011, according to the Consumer Financial Protection Bureau. That doesnt include debt that students put on the credit card, or that their parents put on the house through home equity loans. Student debt is now second only to mortgages on the list of things weighing down family budgets. Tuition has been rising faster than personal income for decades, but thats the smaller factor behind the recent debt explosion.
Source: http://www.stltoday.com/business/columns/jim-gallagher/are-student-loans-the-next-big-bust/article_b371a567-6336-51ea-913f-47242585a289.html

“The private sector’s expertise makes it well-placed to collect this debt and the sale will also help the Student Loans Company (SLC) to concentrate on providing loans to current students.” The low recovery rate on the 1990s loans means the sale price is likely to be only in the tens of millions of pounds, reflecting the distressed nature of the debts, people close to the situation said on Sunday. The deal will come at a sensitive time, just weeks after Royal Mail was floated with a valuation of 3.3bn. On Wednesday, Royal Mail will present its maiden results as a listed company, while Vince Cable, the Business Secretary, will make a further appearance before the BIS Select Committee amid allegations that the postal operator was sold too cheaply. The Government insisted that bidders for the 900m loan portfolio, which was given the codename Project Ariel, would be assessed against a strict set of criteria, although it did not say publicly what these would be. It added that the terms and conditions for borrowers whose loans were included in the sale would not change.
Source: http://news.sky.com/story/1173070/student-loans-ministers-to-unveil-900m-sale

“The private sector is well placed to maximise returns from the book which has a deteriorating value. The sale will allow the Student Loans Company to focus on supplying loans to current students and collecting repayments on newer loans. Borrowers will remain protected and there will be no change to their terms and conditions, including the calculation of interest rates for loans. But as noted in a HuffPost UK blog earlier this week, speaking to a parliamentary select committee last June, universities minister David Willetts told MPs: “In the letter that every student gets there are some words to the effect that governments reserve the right to change the terms of the loans.” Toni Pearce, President of NUS, said the move was “incredibly problematic” and would affect everyone who had taken out a student loan. This announcement is extremely concerning and is one that will see the public subsidising a private company making a profit from public debt, which is incredibly problematic,” she said. The impact of this sale wont only affect borrowers, but will affect everybody. “The simple fact is that having these loans on the public books would be better off for the government in the long run.
Source: http://www.huffingtonpost.co.uk/2013/11/25/student-loan-book-sold-160m-government_n_4336301.html?ir=UK+Politics

“I did not realize, like I said, about the $10,000 fee,” Ursula Nelson said. Nelson did not even know her $22,000 loan had ballooned to more than $30,000 until FOX 4 sat down with her. She put her loan in deferment while working on her master’s degree in criminal justice. “The interest is so high, it seems like I will be paying this until the day I die,” Nelson said. Nelson may be right.
Source: http://www.myfoxdfw.com/story/24067269/college-graduates-struggle-with-student-loan-spiral

The mortgage-style loans, which were taken out by students who began courses between 1990 and 1998, have been sold to a debt management consortium for 160 million. Universities Minister David Willetts said the private sector was best placed to collect the outstanding debt Credit: PA Wire Universities Minister David Willetts said the move represents “good value for money”, and would enable the Student Loans Company to concentrate on administering more recent loans. NUS president Toni Pearce said it was “extremely concerning” that the public would be subsidising a private company to make a profit from public debt. More top news
Source: http://www.itv.com/news/update/2013-11-25/student-loans-worth-nearly-900m-sold-off/


Forex Trading Is No Game

The euro fell against the dollar, however, after European Central Bank Governing Council member Ardo Hansson said he saw more room for the central bank to cut interest rates. The euro fell 0.5 percent to $1.3498, with analysts and traders also saying lower oil prices may exacerbate concern about disinflationary pressures in the euro zone. Last week the euro fell as low as $1.3398 after a media report suggested the ECB could opt for negative deposit rates. ECB Executive board member Benoit Coeure said in Tokyo that slowing price growth, or disinflation, would continue for now, but would not progress to deflation. Falling oil prices weighed on commodity-linked currencies, with the Canadian dollar last trading up 0.4 percent at C$1.0554. The Australian dollar was down 0.1 percent at $0.9154, having earlier hit a 2-1/2 month low of $0.9117 due to the threat of intervention by the Reserve Bank of Australia to stem the currency’s recent gains.
Source: http://www.reuters.com/article/2013/11/25/markets-forex-idUSL2N0JA11020131125

The safer prediction would be sometime in the first quarter of 2014. ECB Chief Downplays Negative Interest Rates This week, the EUR has fallen foul on a number of occasions to central bank antics surrounding the possible implementation of negative deposit rates. The 17-member single currency was able to finally pick itself up off the floor after European Central Bank (ECB) President, Mario Draghi, publically stated in Berlin that the possibility of negative interest rates had not been discussed since the last ECB policy meeting. Also aiding a currency in distress is this mornings German data. Business sentiment in Europes most dominant country rebounded sharply this month.
Source: http://www.forbes.com/sites/deanpopplewell/2013/11/22/forex-draghis-words-german-data-lifts-euro/

Just make your bet on the boxing ring / forex market. I picked Obama and he won of course. The ad showed me that the dollar gained against the Pound and that I instantly made $1122 dollars. I just need to fill a http://www.etftradingsignals.com/ small form and the money is mine..but wait This was of course an advertisement to a forex broker. Nobody makes money instantly.
Source: http://www.fxstreet.com/education/forex-basics/forex-trading-is-no-game/2013/11/25/

Forex Trading Forecast: Can USD Continue Surge, Yen and Gold Tumble?

A risk for the bearish view comes though from persistence in the US tapering debate, after the latest FOMC minutes showed a lack of consensus among members. The markets will thus stay extra vigilant ahead of pending US data, which could prove decisive in the Feds readiness, or otherwise, to announce a reduction of asset purchases in December. Morgan Stanley expects the greenback to remain supported inasmuch as the October FOMC minutes have tipped the balance to an earlier than hitherto anticipated taper. In addition, the Fed is widely expected to strengthen its forward guidance on interest rates over the long-run, which should support the USD.
Source: http://invezz.com/news/forex/7049-forex-sell-aud-usd-on-rebounds-morgan-stanley

Forex: Sell AUD/USD on rebounds – Morgan Stanley

View gallery Daily Chart – Created Using FXCM Marketscope 2.0 — Written by Ilya Spivak, Currency Strategist for DailyFX.com Contact and follow Ilya on Twitter: @IlyaSpivak For live market updates, visit the Real Time News Feed DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Learn forex trading with a free practice account and trading charts from FXCM . Finance Trading
Source: http://finance.yahoo.com/news/forex-gbp-usd-technical-analysis-115600597.html

Forex – NZD/USD steady with focus still on Fed

NZD/USD hit 0.8230 during late Asian trade, the session high; the pair subsequently consolidated at 0.8201, adding 0.23%. The pair was likely to find support at 0.8124, the low of November 22 and a 10-week low and resistance at 0.8272, the high of November 21. The greenback remained supported after last week’s minutes of the Fed’s October meeting said the bank could start tapering its USD85 billion-a-month asset purchase program in the ‘coming months’ if the economy continues to improve as expected. The kiwi was higher against the Australian dollar with AUD/NZD retreating 0.54%, to hit 1.1138. The Aussie remained under pressure after Reserve Bank of Australia Governor Glenn Stevens last Thursday said the central bank was “open-minded” about intervention to weaken the currency.
Source: http://www.moneycontrol.com/news/rupee/forex-nzdusd-steadyfocus-stillfed_996596.html

Forex: GBP/USD Technical Analysis – Resistance Seen Above 1.62

By David Rodriguez , Quantitative Strategist ; Ilya Spivak , Currency Strategist ; Michael Boutros , Currency Strategist ; David Song , Currency Analyst and Christopher Vecchio , Currency Analyst 23 November 2013 00:01 GMT Talking Points – Dollar Index (ticker: USDOLLAR) finishes near multi-month highs on Yen and Aussie Dollar tumbles – Volatility might slow in the week ahead, but keep an eye on key event risk in Japan – Have a strong opinion on the Dollar? Voice it through FXCM currency baskets US Dollar Forecast – US Dollar Likely to Continue Higher, but Against Which Currencies? The Dow Jones FXCM Dollar Index (ticker: USDOLLAR) rallied for its third week of the past four and finished near multi-month highs. A holiday-shortened week suggests the Dollar price action may slow, but why might the Greenback see big moves in the days ahead?
Source: http://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2013/11/23/Weekly_Forecast_Can_USD_Continue_Surge_Yen_and_Gold_Tumble.html


Charter Communications Becomes #4 Most Shorted Nasdaq 100 Component, Replacing Garmin


The days to cover at 10/31/2013 was 11.27 for CHTR, and 10.85 for GRMN; this compares to the average across all Nasdaq 100 components of 4.12 (down from the average back on the 10/15/2013 settlement date of 4.33). The chart below shows the movement over time of the days to cover values of both CHTR and GRMN, versus the average Nasdaq 100 component. Below is a chart showing the relative positions of CHTR versus GRMN over time within http://www.todayhotstocks.com/ the 100 Nasdaq 100 components, with #1 representing the component with the highest days to cover value (most heavily shorted) and #100 representing the component with the lowest days to cover value (least heavily shorted): A stock with a high days to cover value compared to its peers would be considered to have a higher level of short interest as compared to those peers. This could mean short sellers are using the stock to hedge a long bet elsewhere, or could also mean that short sellers believe the price of the stock will decline.
Source: http://www.forbes.com/sites/dividendchannel/2013/11/12/charter-communications-becomes-4-most-shorted-nasdaq-100-component-replacing-garmin/

NYSE and Nasdaq Plan to Back Up One Another’s Data Streams

U.S. exchanges issued a joint statement November 12, saying they had reached a broad agreement on ways they can work together to make markets more stable. The statement, however, was short on details. Several other ideas for strengthening market infrastructure are under consideration.
Source: http://blogs.wsj.com/cio/2013/11/15/nyse-and-nasdaq-plan-to-back-up-one-anothers-data-streams/

Merged US airlines to land on Nasdaq

1 Ask Matt: Should I invest in the Nasdaq 100? Matt Krantz, USA TODAY 5:59 p.m. EST November 11, 2013 Investing The Nasdaq 100 hold the 100 most valuable non-financial stocks on the Nasdaq The Nasdaq 100 has performed relatively well this year Long-term investors are better served with other investments SHARE 4 CONNECT 9 TWEET 1 COMMENTEMAILMORE USA TODAY markets reporter Matt Krantz answers a different reader question every weekday. To submit a question, e-mail Matt at mkrantz@usatoday.com. Q: Should I invest in the Nasdaq 100?
Source: http://www.usatoday.com/story/money/columnist/krantz/2013/11/11/invest-nasdaq-100-qqq/3195505/

Ask Matt: Should I invest in the Nasdaq 100?


Upon closing of the merger and AMRs emergence from Chapter 11, the combined company will be renamed American Airlines Group Inc and will use the ticker symbol AAL, the companies said in a joint statement. US Airways and AMR common stock will be cancelled and current investors will receive shares in the combined group under the merger terms. The companies expect to complete the merger in December. Today we moved another step closer in our preparations to launch the new American Airlines.
Source: http://main.omanobserver.om/?p=30878


How To Pay Your Student Loans

Applicable Criteria and Related Research: –‘Global Structured Finance Rating Criteria’ dated May 24, 2013; –‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ dated May 17, 2013. Applicable Criteria and Related Research: Global Structured Finance Rating Criteria http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=807679 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: http://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS . IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE http://WWW.FITCHRATINGS.COM . PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES.
Source: http://finance.yahoo.com/news/fitch-maintains-rating-watch-two-214200830.html

Student loan expert Mark Kantrowitz expects the numbers aren’t high. “About 10 percent of borrowers who sought my help obtaining a settlement ultimately were able to get a settlement,” said Kantrowitz, senior vice president and publisher of college planning resource Edvisors.com. “Keep in mind that I hear from borrowers in extreme cases.” Even those who can scrounge up a lump sum by borrowing from a family member, for example, or through a windfall such as a lawsuit settlement or an inheritance aren’t guaranteed success. That’s because student loan collectors, in general, and federal student loan collectors, in particular, have so many ways to wring payments out of borrowers. Federal student loan collectors can garnish wages, grab federal tax refunds and take a portion of government benefits, including Social Security, all without taking a borrower (visit) to court. Indeed, the U.S.
Source: http://www.reuters.com/article/2013/11/04/us-weston-studentloans-idUSBRE9A30Q920131104

Student loan rates will feed federal profits

Really?? I am speechless and disgusted and losing sleep over this. I am very sure there are thousands and thousands of others struggling too. She does NOT want to file bankruptcy – she want to pay what she owes…she is a good kid… My daughter borrowed $35,000 in PRIVATE school loans..She has paid at least $15,000 back-yet her total debt is now >$45,000!!!!
Source: http://www.huffingtonpost.com/steve-rhode/my-daughters-life-is-over_b_4256568.html

Some borrowers miss out on this benefit because they put their loans on a military deferral, which halts payments while they are on active duty. Instead of stopping payments, troops should explore options to lower the amount due each month, such as income-based, income-contingent and pay-as-you-earn repayment plans. Each option bases monthly payments on annual earnings and family size . The reduced amount still counts as a full payment for public service loan forgiveness, even if the total amount due each month is zero dollars. Service members who leave the military before the 10-year mark can retain this benefit, as long as they move to another qualifying position. Any employment with federal, state or local government agencies, or a nonprofit organization with 501(c)(3) tax-exempt status, falls under this relief program, according to the Department of Education.
Source: http://www.huffingtonpost.com/2013/11/11/student-loan-relief-service-members_n_4254872.html

This is because their six-month grace period on their student loans will end. As they will begin repaying their loans, they will need to learn repayment strategies to strike the best “work/loan” balance, and also learn to budget. Here is some important advice on how to manage and repay student loans, to help recent grads who are coming out of their six month grace period: Understand Your Loans. There are many different types of student loans and most recent graduates have more than one. You don’t need to be an expert on all the various types, but you do need to have an expert understanding of yours. Review the terms, interest rates and payment schedules.
Source: http://www.cbsnews.com/8301-505144_162-57611290/how-to-pay-your-student-loans/

Jennifer, her mom, will take a $6,000 parent loan. Under the law passed this summer, both will save a little bit from what they would have paid in interest rates. But if they continue to take out loans in subsequent years, they are likely to pay more. The law set rates for all the loans at different levels, but based them all on the 10-year Treasury rate and allowed rates to change each year. For Stafford loans, both the subsidized and unsubsidized, the interest rate is the Treasury rate plus 2.05%, with a cap of 8.25%. Graduate student loan rates are the Treasury rate plus 3.6%, with a cap of 9.5%, and the parent loans are the Treasury rate, plus 4.6%, with a cap of 10.5%.
Source: http://www.usatoday.com/story/news/nation/2013/08/25/student-loan-rates-will-feed-fed-profits/2696241/


Global Forex Probe Ensnares Banks Like Barclays, Hsbc, Jp Morgan And Others

FX trading with MIG BANK: Swiss banking standards, secure trading environment, cutting-edge technology, world-class research and friendly client support. An online trading service provider, http://www.etftradingsignals.com/ Prime4x supplies a unique and individualized service to Forex traders worldwide For every winner, there are dozens of losers. Become a better FX trader with FX Instructor’s international learning programs. Daily foreign exchange rates, information about currencies and currency markets. Looking for asset management? We are the professional HGNFX asset management to help you to grow your funds in a safe and a secure way.
Source: http://de.ibtimes.com/forex/services/fx_directory.htm

FOREX-Dollar climbs vs euro, yen after U.S. jobs data

bank Morgan Stanley has been asked by the U.K.’s financial regulator, the Financial Conduct Authority, to provide details in relation to its foreign exchange investigation, according to sources with knowledge of the situation. The investigation into the 3.4 trillion dollar forex market by regulators both in the U.K. and the U.S. has sparked fears that banks could be hit with another scandal as big as LIBOR.
Source: http://www.cnbc.com/id/101175614

Drinks and socializing will be very much part of this laid-back event which concludes the inaugural activities of the Summit. HFT The Challenge Day two is set to commence on Tuesday, with delegates making a bright and early start at 8.00am for coffee and registration, followed by the 10.30am discussion panel centered on the challenges faced by participants in high-frequency trading (HFT). John Howard, Editor of Automated Trader Magazinewill moderate a one hour discussion during which five highly experienced and respected innovators and HFT participants and consultants will discuss the comparison between the Equities and FX markets from an FX perspective. The key differences between the two will be examined in detail along with what kinds of FX-specific challenges exist both for HFT firms and for the wider market. Panelists will be asked about market data, co-location, use of FIX, low-latency connectivity between venues, news feeds/algorithms, currency-specific strategies and more. The Institutional FX Debate Tuesdays lunch will be followed by coffee and desserts, after which delegates will begin an afternoon of discussion surrounding many aspects of the institutional FX sector, an appropriate industry segment within which many firms call London home.
Source: http://forexmagnates.com/london-calling-forex-magnates-summit-commences-tomorrow-brings-the-entire-industry-together/

“It’s an impressively strong jobs number in the face of a government shutdown and underlying weakness in the U.S. economy. This number has totally re-written the outlook for the U.S.,” said Richard Franulovich, senior currency strategist at Westpac in New York. “I have been dismissive of a December taper from the Federal Reserve, and now it looks like a possibility.” The dollar index, which tracks the greenback versus a basket of six currencies, rose 0.4 percent to 81.179, edging back towards a near two-month high of 81.46 on Thursday. The euro fell 0.4 percent to $1.3368, having hit a session low of $1.3355, according to Reuters data, still above a seven-week low of $1.3295 struck on Thursday. Negative sentiment on the euro grew after the European Central Bank shocked investors by cutting the interest rate on Thursday and Standard & Poor’s downgraded France’s credit rating to AA from AA+.
Source: http://www.reuters.com/article/2013/11/08/markets-forex-idUSL2N0IT0VC20131108?feedType=RSS

Forex-Metal Now Offers Customer Support in French

Regulators from across the world, including in India, are cooperating with each other in the probe into the worldwide forex markets, which is estimated to clock trades worth USD 5.3 trillion a day. This includes trades worth over USD 50 billion a day involving Indian rupee, although nearly half of these trades take place outside India and in markets like London, Singapore, Dubai, Switzerland, the UK, Hong Kong and the US. The manipulations are suspected to have taken place in both spot market rates and the forward markets, although Indian regulators do not have any jurisdiction over rupee trades taking place outside the country. Within India, RBI regulates spot forex markets, while currency derivatives market is regulated by Sebi.
Source: http://zeenews.india.com/business/news/international/global-forex-probe-ensnares-banks-like-barclays-hsbc-jp-morgan-and-others_88559.html

In the past year Forex-Metal support team has grown to include Chinese-, Japanese-, Portuguese-, Spanish-, German-, and Arabic-speaking support agents. The continued expansion of our Customer Support Department clearly demonstrates our commitment to better serve our rapidly growing client base. We are sure that the addition of French support agents will improve customer experience of our clients from French-speaking countries , says Mark Kaye, Head of Sales and Marketing. French-speaking support agents can be accessed by email francais@forex-metal.com To connect on Facebook please visit https://www.facebook.com/ForexMetalFrance About Forex-Metal: The Company offers online Forex and CFD trading for beginners and advanced traders. Formed in 2007 by a group of professional dealers with many years of experience trading for various financial institutions and banks, Forex-Metal is recognized as one of the leading Forex and CFD brokers.
Source: http://www.live-pr.com/en/forex-metal-now-offers-customer-support-r1050178206.htm


Nasdaq Options-market Outage Continues

I dont think this market is cheap by any means, said Brad McMillan, chief investment officer for Commonwealth Financial. Weve been urging caution for some time now. In the bond market, the yield on the 10-year Treasury note rose to 2.60 percent from 2.56 percent. Among stocks making big moves: Chevron fell $1.83, or 1.5 percent, to $118.20. The worlds second-largest publicly-traded oil company said its third-quarter income fell 6 percent, missing analysts estimates, due to weakness in the companys refining business.
Source: http://www.washingtonpost.com/business/stocks-start-november-with-a-gain-building-on-octobers-rise-as-us-manufacturing-expands/2013/11/01/f67a2210-4302-11e3-b028-de922d7a3f47_story.html

NASDAQ Welcomes Qunar (NASDAQ:QUNR) to The NASDAQ Stock Market

Log In By Kaitlyn Kiernan A Nasdaq OMX Group Inc. options-market breakdown stretched into a second hour during midsession trade Friday, the latest in a series of technical problems at the exchange operator. Nasdaq said in a notice to traders it halted trading on its Nasdaq Options Market, known as NOM, at 10:56 a.m. Eastern time. The halt came after an alert earlier in the morning that said Nasdaq was investigating problems with the market erroneously canceling some orders. The NOM is one of three options markets owned by Nasdaq OMX /quotes/zigman/86035/delayed/quotes/nls/ndaq NDAQ -0.27% .
Source: http://www.marketwatch.com/story/nasdaq-options-market-outage-continues-2013-11-01

NASDAQ Has Halted Trading In Its Options Market

Here’s a timeline of events from today courtesy of Nasdaq. From Nasdaq Trader: 14:06 ET: On Friday, November 1st at 10:36:57 a.m. ET, NASDAQ OMX halted trading on the NASDAQ Options Market (NOM), one of the exchange groups three U.S. options markets. A significant increase in order entries inhibited the systems ability to accept orders and disseminate quotes on a subset of symbols, which resulted in the NOM halt. As equities options trading continues on eleven other venues, including NASDAQ OMX PHLX and BX Options, NASDAQ OMX has determined it is in the best interest of market participants and investors to cancel all free open orders on the NOM book at 10:36:57 a.m. ET, and to continue the market halt through the close.
Source: http://www.businessinsider.com/nasdaq-options-market-halted-2013-11

The optimistic corporate line is that the strong year reflects successful reorganization after the return of former CEO Stephen Luczo. The more cynical take is that their main competitor, Western Digital, had a lot of factories destroyed by floods in Thailand. Lefty Gomez famously said hed rather be lucky than good, and the same thing applies in the business world. 8.
Source: http://www.huffingtonpost.com/2013/10/29/nasdaq-frozen-index_n_4174161.html

Nasdaq: NOM halted after ‘significant increase in order entries’

By listing with NASDAQ OMX, Qunar joins leading internet and technology companies such as Google, Priceline, and TripAdvisor. About NASDAQ OMX: The inventor of the electronic exchange, The NASDAQ OMX Group, Inc., fuels economies and provides transformative technologies for the entire lifecycle of a trade – from risk management to trade to surveillance to clearing. In the U.S. and Europe, we own and operate 26 markets, 3 clearinghouses and 5 central securities depositories supporting equities, options, fixed income, derivatives, commodities, futures and structured products. Able to process more than 1 million messages per second at sub-40 microsecond speeds with 99.99% uptime, our technology drives more than 70 marketplaces in 50 developed and emerging countries into the future, powering 1 in 10 of the world’s securities transactions. Our award-winning data products and worldwide indexes are the benchmarks in the financial industry.
Source: http://finance.yahoo.com/news/nasdaq-welcomes-qunar-nasdaq-qunr-163633992.html

Nasdaq Composite And Nasdaq 100 Indexes Frozen: Report

The Nasdaq decided to cancel all orders on the book as of 10:36 a.m. EDT, and keep trading halted through the end of the day. “A significant increase in order entries inhibited the system’s ability to accept orders and disseminate quotes on a subset of symbols, which resulted in the NOM halt,” the exchange said. A source familiar with the situation told CNBC that there was no indication that the increase in order entries was related to any nefarious activity, like high-frequency traders trying to mess with the system. The source was less sure if it might be due to some non-nefarious activity, like an order gone wild.
Source: http://www.cnbc.com/id/101159469