Has The IFSC Attracted Dubious Activities ?

[PaddyJoe]

Not too well versed in quote stuffing but sure as hell we're getting stuffed by the IFSC Clearing House Group:

The financial services industry successfully lobbied Government to have IFSC-based international insurers excluded from the Quinn Insurance levy amid concerns about overseas policyholders being forced to pay for the insurer’s losses.

The Government changed the legislation so foreign policyholders whose insurance companies were based in the IFSC would not be levied.

A 2 per cent levy has been imposed on all non-life Irish insurance policyholders to cover the cost of Quinn Insurance which could reach €1.65 billion.

Minutes of eight meetings of the IFSC Clearing House Group, seen by The Irish Times, also reveal the extent of the industry’s access to senior Department of Taoiseach and Department of Finance officials, and the Central Bank, the industry’s regulator

http://www.irishtimes.com/newspaper/...327835561.html

[Dr. FIVE]

We should be thankful for the focus but why all this reference to lobbying when the highest mandarins in country are on this thing.

Who's side are they supposed to be on when lobbying?

[DCon]

from 2010

http://online.wsj.com/article/SB1000...338633984.html



DCon, Captain, anyone?

Don't know enough about this but it seems to be an Algo (computer trading algorithm) trick. Would have to be done by an Irish broker to be successful here, I think.

Interestingly, Cantor Fitzgerald, a large US broker, purchased an Irish brokerage recently.

tactic of quickly entering and withdrawing large orders in an attempt to flood the market with quotes that competitors have to process, thus causing them to lose their competitive edge in high frequency trading. This tactic is made possible by high-frequency trading programs that can execute market actions with incredible speed. Only market makers and other large players in the market are capable of executing these tactics, since they require a direct link to the exchange in order to be effective.

Read more: http://www.investopedia.com/terms/q/...#ixzz2Ez0nNcwr

More on the practice here: http://www.zerohedge.com/article/how...market-any-mom