number30
04-28 12:43 PM
With my very best wishes to those of you waiting for your GC, this thread is created for the lucky among us who received it recently. I am putting together a list of things to do, and not do, to maintain our freshly minted PR status, which should also help during future citizenship application. The list is mostly about little things that others have learned from experience (and I am learning from their experience, by reading in immigration-related forums such as IV). The more obvious things that can be found for example in USCIS handbook (http://www.uscis.gov/files/nativedocuments/M-618.pdf) are not included here. Below is a snapshot of what I have gleaned from Internet so far, and please add your own input(s):
LIST of DO's :
1. Carry the original PR card on your person at all times (e.g. in your wallet), keep photocopies in different places, and also store A# on your computers. Note: This is a contentious issue (do a google on "carry green card" and see for yourself), despite being required by law (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=fe17e6b0eb13d010VgnVCM10000048f3d6a1RCR D&vgnextchannel=4f719c7755cb9010VgnVCM10000045f3d6a1 RCRD). Some people are naturally worried about losing wallet and the eventual hassle of replacing the lost card (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=b3f7ab0a43b5d010VgnVCM10000048f3d6a1RCR D&vgnextchannel=db029c7755cb9010VgnVCM10000045f3d6a1 RCRD), whereas others, including me, prefer to follow the law, in case I am suddenly asked to produce evidence of my legal status (e.g. in some border states, or unforeseen events, such as being involved in an out-of-state car accident where showing my DL might just not be enough). Failure to comply may result in, at best a fine, and at worst detention for breaking a law. (See comments by InTheMoment below for additional perspectives.)
2. Retain all original copies of USCIS documents related to your legal status during the entire period of stay in USA, and shred all photocopies (except when you have a photocopy but not its original).
3. Retain all employment-related documents, particularly original copies of appointment letters.
4. Retain copies of all tax return forms from the year of your first entry, or (at least) previous 10 years (you can request IRS (http://www.irs.gov/pub/irs-pdf/f4506.pdf), or your professional tax preparer, for any missing copy).
5. Maintain a detailed log of USA exit/entry, including dates, POE and countries traveled, beginning with the day of first entry.
6. Maintain a detailed list of all legal troubles, including minor traffic infractions such as speeding violations (ignore parking violations, because they do not constitute legal "detention"), going as far back as possible. Keep copies of all relevant court papers, traffic tickets, proof of any payment (e.g. scanned copies of personal checks used, credit card statements), and so on.
7. Update your social security card (http://www.ssa.gov/online/ss-5.html) to remove any restrictive clause about work authorization printed on it. Note: AFAIK, the procedure changes nothing as far as your privileges go, and some of you may not even have such a clause on your SS card (I don't have it either).
8. Return your I-94 cards to POE on your next trip outside USA, to "close the open files" on your past travels (I do not know what it means though). Note: AFAIK, this is also not required, and besides, you should have the chance to do this while applying for citizenship.
9. Renew DL to get rid of the annoying "Temporary" word (in case you are in one of those states that do this).
10. Update your status with your employer by filing new I-9 form (thanks to InTheMoment for this point).
11. Continue to inform USCIS (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=c1a94154d7b3d010VgnVCM10000048f3d6a1RCR D) about change of address within 10 days of moving, as before (thanks to seahawks for this point).
12. Keep a list of current and past residential addresses, including dates of stay. Retain all leases/ownership documents.
13. Remember the basics: Initiate your GC/passport renewal process at least 6 months before expiry/Intl travel (Thanks to pappu for this point.)
14. And yes, move the family first commitment at the top of your must-do list, now that you have less worry about re-entry, and make that long-delayed trip home to see your old folks one more time. (I am visiting my 83-yr old Dad, who still has more hair than I do, and less gray too, in June.)
LIST of DONOT's :
1. Do not sign up for voter registration card. In particular, never vote in national/state/local elections that are open only to citizens, because this is also a law (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=fe17e6b0eb13d010VgnVCM10000048f3d6a1RCR D&vgnextchannel=4f719c7755cb9010VgnVCM10000045f3d6a1 RCRD). Even an accidental mistake (e.g. voting out of ignorance) is a serious offense, which would not only derail your future citizenship plan, but may even result in deportation.
2. Do not develop a pattern of frequent and/or long absences from USA, unless you have taken prior permission for valid reasons (e.g., studying abroad, medical emergencies etc). Otherwise you may face trouble at POE on your next re-entry attempt, because DHS has become stricter in recent times about possible misuse of PR status, and POE folks are now trained to spot such patterns.
3. Do not switch job soon after getting GC. This is one of the most discussed, but least understood, issues because no one seems to agree on "how soon is soon". The rule of thumb appears to be "6 months", and a safer bet is "1 year" (here is a thread (http://forums.immigration.com/showthread.php?t=154533) on another forum). This again relates to USCIS being increasingly sensitive to possible misuse of PR status, and this question will come up during your citizenship application process. (But, as InTheMoment points out below, the issue becomes moot if you invoke AC21.)
4. Those of us who self-sponsored our GC via NIW or EB1A route are not bound by such employer-employee commitment, but you should continue working in "similar areas of expertise" that you claimed in your NIW/EB1A petition, and preferably on a longer time scale.
Thanks to the folks below whose inputs keep the list growing.
Cheers,
Stuck(no more)InTheMuck
Just One more in DOs.
File AR-11 whenever you move.
LIST of DO's :
1. Carry the original PR card on your person at all times (e.g. in your wallet), keep photocopies in different places, and also store A# on your computers. Note: This is a contentious issue (do a google on "carry green card" and see for yourself), despite being required by law (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=fe17e6b0eb13d010VgnVCM10000048f3d6a1RCR D&vgnextchannel=4f719c7755cb9010VgnVCM10000045f3d6a1 RCRD). Some people are naturally worried about losing wallet and the eventual hassle of replacing the lost card (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=b3f7ab0a43b5d010VgnVCM10000048f3d6a1RCR D&vgnextchannel=db029c7755cb9010VgnVCM10000045f3d6a1 RCRD), whereas others, including me, prefer to follow the law, in case I am suddenly asked to produce evidence of my legal status (e.g. in some border states, or unforeseen events, such as being involved in an out-of-state car accident where showing my DL might just not be enough). Failure to comply may result in, at best a fine, and at worst detention for breaking a law. (See comments by InTheMoment below for additional perspectives.)
2. Retain all original copies of USCIS documents related to your legal status during the entire period of stay in USA, and shred all photocopies (except when you have a photocopy but not its original).
3. Retain all employment-related documents, particularly original copies of appointment letters.
4. Retain copies of all tax return forms from the year of your first entry, or (at least) previous 10 years (you can request IRS (http://www.irs.gov/pub/irs-pdf/f4506.pdf), or your professional tax preparer, for any missing copy).
5. Maintain a detailed log of USA exit/entry, including dates, POE and countries traveled, beginning with the day of first entry.
6. Maintain a detailed list of all legal troubles, including minor traffic infractions such as speeding violations (ignore parking violations, because they do not constitute legal "detention"), going as far back as possible. Keep copies of all relevant court papers, traffic tickets, proof of any payment (e.g. scanned copies of personal checks used, credit card statements), and so on.
7. Update your social security card (http://www.ssa.gov/online/ss-5.html) to remove any restrictive clause about work authorization printed on it. Note: AFAIK, the procedure changes nothing as far as your privileges go, and some of you may not even have such a clause on your SS card (I don't have it either).
8. Return your I-94 cards to POE on your next trip outside USA, to "close the open files" on your past travels (I do not know what it means though). Note: AFAIK, this is also not required, and besides, you should have the chance to do this while applying for citizenship.
9. Renew DL to get rid of the annoying "Temporary" word (in case you are in one of those states that do this).
10. Update your status with your employer by filing new I-9 form (thanks to InTheMoment for this point).
11. Continue to inform USCIS (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=c1a94154d7b3d010VgnVCM10000048f3d6a1RCR D) about change of address within 10 days of moving, as before (thanks to seahawks for this point).
12. Keep a list of current and past residential addresses, including dates of stay. Retain all leases/ownership documents.
13. Remember the basics: Initiate your GC/passport renewal process at least 6 months before expiry/Intl travel (Thanks to pappu for this point.)
14. And yes, move the family first commitment at the top of your must-do list, now that you have less worry about re-entry, and make that long-delayed trip home to see your old folks one more time. (I am visiting my 83-yr old Dad, who still has more hair than I do, and less gray too, in June.)
LIST of DONOT's :
1. Do not sign up for voter registration card. In particular, never vote in national/state/local elections that are open only to citizens, because this is also a law (http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=fe17e6b0eb13d010VgnVCM10000048f3d6a1RCR D&vgnextchannel=4f719c7755cb9010VgnVCM10000045f3d6a1 RCRD). Even an accidental mistake (e.g. voting out of ignorance) is a serious offense, which would not only derail your future citizenship plan, but may even result in deportation.
2. Do not develop a pattern of frequent and/or long absences from USA, unless you have taken prior permission for valid reasons (e.g., studying abroad, medical emergencies etc). Otherwise you may face trouble at POE on your next re-entry attempt, because DHS has become stricter in recent times about possible misuse of PR status, and POE folks are now trained to spot such patterns.
3. Do not switch job soon after getting GC. This is one of the most discussed, but least understood, issues because no one seems to agree on "how soon is soon". The rule of thumb appears to be "6 months", and a safer bet is "1 year" (here is a thread (http://forums.immigration.com/showthread.php?t=154533) on another forum). This again relates to USCIS being increasingly sensitive to possible misuse of PR status, and this question will come up during your citizenship application process. (But, as InTheMoment points out below, the issue becomes moot if you invoke AC21.)
4. Those of us who self-sponsored our GC via NIW or EB1A route are not bound by such employer-employee commitment, but you should continue working in "similar areas of expertise" that you claimed in your NIW/EB1A petition, and preferably on a longer time scale.
Thanks to the folks below whose inputs keep the list growing.
Cheers,
Stuck(no more)InTheMuck
Just One more in DOs.
File AR-11 whenever you move.
wallpaper f16
seekerofpeace
09-15 09:14 PM
What works for someone may not work for us. VXG and others were lucky we are not as simple as that which does not mean that we left any stone unturned...it just doesn't work that way.....but again will keep on trying...
has anybody tried calling USCIS as the proxy applicant..I mean has anyone as a primary called USCIS for their dependent....the reason I am asking is I need to do that....I am sure there is no "sex" in the file and there is no way for them knowing that I am the primary applicant or not.
SoP
has anybody tried calling USCIS as the proxy applicant..I mean has anyone as a primary called USCIS for their dependent....the reason I am asking is I need to do that....I am sure there is no "sex" in the file and there is no way for them knowing that I am the primary applicant or not.
SoP
sertasheep
07-19 04:54 PM
I'm not writing this in my capacity as a core member, but just as a regular individual. Aman has selflessly worked towards EB immigration reform, at the cost of precious personal time with family, as well as taking vacation time in order to make the numerous trips to Washington DC. He has not asked for reimbursement for expenses incurred during numerous previous trips to DC.
The skilled professional community, those who are members of IV, and those aren't yet, must be extremely grateful to Aman for this selfless act.
He may not like me stating this, but this is true.
Several volunteers have spent hundreds of dollars out of their own pockets without disturbing IV funds for press releases, travel and so on.
One important thing: Money is an enabler for several things including operating expenses, infrastructure mobilization, etc., However, at the end of the day, solidarity and efforts count.
While IV will continue to require funds, members are encouraged to assist in other non-monetary ways as well. That would be even more powerful information for us when we get in touch with policy influencers. A recent example was the stories requested by Cong. Loefgren's office, for which we had to prepare several stories, requring us to get in touch with you all. Completed information will help easen this process
a) Please discard your cloaks of anonymity and complete your profiles with your information. That's the first step.
b) The next step is to increase awareness among the community, law makers and influencers.
c) Get more members to enroll.
d) Assist in non-monetary ways: How many of you have non-working spouses, friends, et al who can contribute focused time and effort(not money). In other words, volunteer time and effort?
Please write to info@immigrationvoice.org
The skilled professional community, those who are members of IV, and those aren't yet, must be extremely grateful to Aman for this selfless act.
He may not like me stating this, but this is true.
Several volunteers have spent hundreds of dollars out of their own pockets without disturbing IV funds for press releases, travel and so on.
One important thing: Money is an enabler for several things including operating expenses, infrastructure mobilization, etc., However, at the end of the day, solidarity and efforts count.
While IV will continue to require funds, members are encouraged to assist in other non-monetary ways as well. That would be even more powerful information for us when we get in touch with policy influencers. A recent example was the stories requested by Cong. Loefgren's office, for which we had to prepare several stories, requring us to get in touch with you all. Completed information will help easen this process
a) Please discard your cloaks of anonymity and complete your profiles with your information. That's the first step.
b) The next step is to increase awareness among the community, law makers and influencers.
c) Get more members to enroll.
d) Assist in non-monetary ways: How many of you have non-working spouses, friends, et al who can contribute focused time and effort(not money). In other words, volunteer time and effort?
Please write to info@immigrationvoice.org
2011 USAF F16 Falcon - The
jetflyer
06-11 10:54 AM
Sorry to hear your accident case.
Folks here have already given best suited solutions.
These days law suits after car accidents are increasing, I have heard of so many in last 2 years or so, so it nots something alien to justice system, attorney, or insurance provider.
In most cases that I have heard the amount is between $500k-1M, the good thing is that in your case amount is humongous, that could the most appealing reason for denial itself (remember DC Laundry case for $54M).
For worst case scenario, start trasnfering money to India (western union - cash) in smaller chunk, so you will be left the minimal to run your daily life (one of my friend did so while dealing with IRS tax fraud by desi consulting company). Good that you don't have any asset, they can't ask for asset in India, if you have not used that asset for US-tax, might be better not to mention from yourside. So if you loose the case you can show you have no money to pay (even outside the court) and can legaly leave US and go to any other country Singapore/Australia etc or back home... endless possibilities.
Folks here have already given best suited solutions.
These days law suits after car accidents are increasing, I have heard of so many in last 2 years or so, so it nots something alien to justice system, attorney, or insurance provider.
In most cases that I have heard the amount is between $500k-1M, the good thing is that in your case amount is humongous, that could the most appealing reason for denial itself (remember DC Laundry case for $54M).
For worst case scenario, start trasnfering money to India (western union - cash) in smaller chunk, so you will be left the minimal to run your daily life (one of my friend did so while dealing with IRS tax fraud by desi consulting company). Good that you don't have any asset, they can't ask for asset in India, if you have not used that asset for US-tax, might be better not to mention from yourside. So if you loose the case you can show you have no money to pay (even outside the court) and can legaly leave US and go to any other country Singapore/Australia etc or back home... endless possibilities.
more...
indyanguy
11-09 05:51 PM
bump
samnay
04-08 09:14 AM
Just contributed $100 and asked several of my friends to join.
Btw, I do not see anthing in the amendments to address labor backlog reduction problem? Is that not goal of IV any more?
Btw, I do not see anthing in the amendments to address labor backlog reduction problem? Is that not goal of IV any more?
more...
shana04
04-20 10:28 PM
I'm sure its a routine check as ur prev employer wudn't have notified USCIS that u have left them. Check with a popular attorney like Murthy or Khanna who may have come across such cases.
thank you
thank you
2010 of the F16 - fully armed
trueguy
06-13 02:51 PM
If they don't want to bring more people in US then they should stop accepting New H1Bs. Every year 85K families come here on H1B and that add to this bad economy.
All people who are waiting for GC are already in US and issuing them GC doesn't affect the Labor market for US.
Thanks
Guys!!!
Had it been the year like 1999 with all the efforts from IV, I am defintely sure the CIR reforms would have passed by now.
Issue here is the economy, recession looming large on our face, unemployment level rising, and no one knows whats going to happen in the next two-three years becuase of credit crisis and oil price going above the roof. If this continues for another year, we will be in deep s***.
Thats why no will dare to increase the workforce by issuing more grren cards. Atleast we should feel happy that they havent stopped issuing the cards.
I know its painful to be waiting for years to get a GC. But you do not know how green that card will stay if the current financial crisis continues for 2-3 years.
Fact is, this country is going thru a difficult period of uncertainty. Because of election year rhetoric, no one is going to accept it. But clearly, its not in their interest to get more workforce into this country. They know we have been waiting, and will continue to wait. Look at 2002/2003/2004, when they issued only 20K visas for the entire year. So just hope that things will get bright for this country soon else, we are in for an another hell ride.
All people who are waiting for GC are already in US and issuing them GC doesn't affect the Labor market for US.
Thanks
Guys!!!
Had it been the year like 1999 with all the efforts from IV, I am defintely sure the CIR reforms would have passed by now.
Issue here is the economy, recession looming large on our face, unemployment level rising, and no one knows whats going to happen in the next two-three years becuase of credit crisis and oil price going above the roof. If this continues for another year, we will be in deep s***.
Thats why no will dare to increase the workforce by issuing more grren cards. Atleast we should feel happy that they havent stopped issuing the cards.
I know its painful to be waiting for years to get a GC. But you do not know how green that card will stay if the current financial crisis continues for 2-3 years.
Fact is, this country is going thru a difficult period of uncertainty. Because of election year rhetoric, no one is going to accept it. But clearly, its not in their interest to get more workforce into this country. They know we have been waiting, and will continue to wait. Look at 2002/2003/2004, when they issued only 20K visas for the entire year. So just hope that things will get bright for this country soon else, we are in for an another hell ride.
more...
gc28262
01-18 03:17 PM
Hi Guys,
Please join the donor forum. We got some direction and plan how to go about this. We can not post the message in the open forum. We need trusted volunteer to work on this. Please send me your phone number and contact details in pvt message. pls check the donor forum for updates.
^^^^^
Please join the donor forum. We got some direction and plan how to go about this. We can not post the message in the open forum. We need trusted volunteer to work on this. Please send me your phone number and contact details in pvt message. pls check the donor forum for updates.
^^^^^
hair F-16 Falcon
bugsbunny
04-22 11:26 AM
A question -- has IV considered challenging the country quota in court? Because the Constitution forbids discrimination based on country of origin..
another nice topic to debate....i know that i debated with people about this a while ago and they made good arguments why setting immigration limits/controls by country origin is not discrimination.
Besides the limit is the same for all countries so very difficult to argue for discrimination
another nice topic to debate....i know that i debated with people about this a while ago and they made good arguments why setting immigration limits/controls by country origin is not discrimination.
Besides the limit is the same for all countries so very difficult to argue for discrimination
more...
smisachu
08-01 05:34 PM
Hi smisachu,
Could you explain what you mean by this? Are you referring to "Flash Trading"
or the whole of HFT?
Yes Flash trading, ELP (enhanced liquidity program), direct access trading and even other program trading. The programs seek out discreet blocks that are being routed into the market and front run them. The main culprit according to many is GS. And to acheive a significant alpha the size and leverage are huge. Some program with a bug will dump a lot of shares on the market some day and before any one can react. Here is an article on some info that was made available only to bloomberg users.
"Lime Brokerage: "The Next 'Long Term Capital' Meltdown Will Happen In
A Five-Minute Time Period."
Posted by Tyler Durden at 11:25 AM
A recent Bloomberg piece that for some reason was made available only
to terminal subscribers, provides a very interesting discussion on the
dangers of sponsored access, how the associated pre-trade vs post-
trade monitoring deliberations by "regulators" will influence short
selling curbs, and not surprisingly, the desire by Goldman to not only
dominate this yet another aspect of high-frequency trading, but to
dictate market policy at will.
What is sponsored access:
In sponsored access, a broker-dealer lends its market participation
identification (MPID) number to clients for them to trade on exchanges
without going through the broker's trading system, to avoid slowing
down the execution. That places responsibility on the broker-dealer to
make sure the participant abides by securities regulations, and that
its trading, which can involve hundreds or thousands of orders a
second, does not run amok.
Is it thus surprising, that none other than Goldman Sachs is muscling
its way into providing not only a sponsored access platform to its
clients, but a new form of sponsored access that needs the blessing of
regulators:
Wall Street heavyweight Goldman Sachs, now launching its own sponsored-
access service to lend clients its identification to access securities
exchanges directly, said last week it favors monitoring client orders
prior to execution.
"Our view is that there is a real need for pre-trade checks in the use
of sponsored access to fulfill [broker-dealers'] regulatory
responsibilities," said Greg Tusar, managing director at Goldman.
Goldman's stand in favor of pre-trade instead of post-trade monitoring
of sponsored clients' activity is one side of a debate in which
regulators may choose a middle ground. The regulators' decision on how
to monitor sponsored access may also influence their deliberations on
restricting short sales.
What is the difference between pre-trade and post-trade monitoring? In
brief:
Pre-trade
Compliant with Reg SHO
Nip problems before they happen
View activity across exchanges
Post-trade
Faster order executions
Pre-trade systems still fallible
And another tidbit:
In traditional sponsored-access arrangements, a broker-dealer
determines a client's suitability to access market centers directly
and then allows the client to trade without monitoring its individual
orders prior to execution.
In other words, the Goldman endorsed pre-trade approach will allow
"monitoring of individual orders prior to execution." Whether or not
pre-trade checks provide the capacity to observe not just wholesale
exchange activity in the context of sponsored access but from a much
broader market angle is a discussion for another time, although this
could be one place where Sergey Aleynikov could shed an infinite
amount of light, especially as pertains to Goldman's sponsored-access
service. Conveniently, his gag order will prevent him from saying much
if anything until such time as there is an appetizing settlement to
keep him gagged in perpetuity. The bottom line is that with a pre-
trade environment, the sponsored access providers will be able to have
the potential to front run all those who use their platforms. The
residual question of how far they go to comply with regulations to
prevent this from happening, and remain true to their ethics standards
is also a topic for another day.
Going back to the topic at hand. Here is why sponsored access could
easily be quite a bother to capital markets sooner rather than later:
Unchecked errors or unintended repeat orders could deplete broker-
dealers' capital, and potentially wreak havoc in the broader market.
Concerns have arisen, however, about whether all broker-dealers are
able to fulfill that duty in today's electronic trading environment,
and according to which standards.
And here Goldman chimes in to not only promote their proposed
architecture but to expound on the virtues of pre-trade checking.
"In the case of high-frequency trading, in particular guarding against
technology failures, oversized orders and other situations where
there's potentially systemic market impact, we believe strongly that
pre-trade checks are a prerequisite," Tusar says.
Nasdaq's proposal as well as Securities and Exchange Commission
officials' speeches a few months ago appeared to lean toward
bolstering the traditional approach.
"We don't believe that's strong enough or what the regulators want
now, because of the potentially dire consequences, and because we-as
broker-dealers-bear much of that risk," Tusar says.
Now the reason why this is very relevant in the context of not just
potential front running, but also market structure is that Regulation
SHO, which is the primary regulatory framework for short selling (and
the purvey of potential Uptick Rule reinstatement, which will happen
once the market is allowed to hit a bid) is a post-trade
architecture.
Wedbush [Morgan] routinely tests clients' systems to ensure they are
compliant with Reg SHO. In addition, he says, the brokerage sets
limits on clients available locates-as well as credit and trading
limits--before the start of each trading day that its system tracks,
prohibiting shorts without locates and providing a type of pre-trade
check.
Or as has recently become the case, seeing rolling buy ins in the
middle of the day as borrowable shares in even the most liquid stocks
mysteriously disappear (look at today's market action for yet another
blatant example of this practice).
Anticipating the regulators' likely response, one should not be
surprised to see them siding with Goldman and against shorters:
As the SEC also seeks to appease investor concerns over rampant short
selling, especially naked short selling, new sponsored-access
standards may provide part of the solution. Given that day-traders may
be the last remaining culprits of such activity,, increasing and
standardizing scrutiny over their trading may reduce uncovered (and
illegal) shorts even further.
How about appeasing concerns over rampant, unjustified buying? When
will the downtick buy rule be implemented? But we jest.
And I digress again. Why should all this be concerning to advocates of
stability of high-frequency trading:
The mother of all concerns is a sponsored firm's algorithm going awry
and executing thousands of problematic trades across a range of
securities and market centers.
Well, this is not really a problem when it happens to the upside as
has been the case for months now - it is only a threat when Joe
Sixpack's 401(k) may be impacted, i.e., to the downside.
And here is where a SEC Comment submitted by broker Lime Brokerage is
a very troubling must read by all who naively claim that High-
frequency trading is a boon to an efficient market (which doesn't
provide . Well, yes and no - it is, until such moment that it causes
the market to, literally, break. I will post a critical excerpt from
the Lime submission, and leave the rest to our readers' independent
analysis:
Lime's familiarity with high speed trading allows us to benchmark some
of the fastest computer traders on the planet, and we have seen CDT
(Computerized Day Trading) order placement rates easily exceed 1,000
orders per second. Should a CDT algorithm go awry, where a large
amount of orders are placed erroneously or where the orders should not
have passed order validation, the Sponsor will incur a substantial
timelag in addressing the issue. From the moment the Sponsor�s
representative detects the problem until the time the problematic
orders can be addressed by the Sponsor, at least two mintues will have
passed. The Sponsor�s only tools to control Sponsored Access flow are
to log into the Trading Center�s website (if available), place a phone
call to the Trading Center, or call the Sponsee to disable trading and
cancel these erroneous orders � all sub-optimal processes which
require human intervention. With a two minute delay to cancel these
erroneous orders, 120,000 orders could have gone into the market and
been executed, even though an order validation problem was detected
previously. At 1,000 shares per order and an average price of $20 per
share, $2.4 billion of improper trades could be executed in this short
timeframe. The sheer volume of activity in a concentrated period of
time is extremely disruptive to the process of maintaining a �fair and
orderly� market. This shortcoming needs to be addressed if the
practice of Naked Access is going to be permitted to continue;
otherwise, the next �Long Term Capital� meltdown will happen in a five-
minute time period.
Could you explain what you mean by this? Are you referring to "Flash Trading"
or the whole of HFT?
Yes Flash trading, ELP (enhanced liquidity program), direct access trading and even other program trading. The programs seek out discreet blocks that are being routed into the market and front run them. The main culprit according to many is GS. And to acheive a significant alpha the size and leverage are huge. Some program with a bug will dump a lot of shares on the market some day and before any one can react. Here is an article on some info that was made available only to bloomberg users.
"Lime Brokerage: "The Next 'Long Term Capital' Meltdown Will Happen In
A Five-Minute Time Period."
Posted by Tyler Durden at 11:25 AM
A recent Bloomberg piece that for some reason was made available only
to terminal subscribers, provides a very interesting discussion on the
dangers of sponsored access, how the associated pre-trade vs post-
trade monitoring deliberations by "regulators" will influence short
selling curbs, and not surprisingly, the desire by Goldman to not only
dominate this yet another aspect of high-frequency trading, but to
dictate market policy at will.
What is sponsored access:
In sponsored access, a broker-dealer lends its market participation
identification (MPID) number to clients for them to trade on exchanges
without going through the broker's trading system, to avoid slowing
down the execution. That places responsibility on the broker-dealer to
make sure the participant abides by securities regulations, and that
its trading, which can involve hundreds or thousands of orders a
second, does not run amok.
Is it thus surprising, that none other than Goldman Sachs is muscling
its way into providing not only a sponsored access platform to its
clients, but a new form of sponsored access that needs the blessing of
regulators:
Wall Street heavyweight Goldman Sachs, now launching its own sponsored-
access service to lend clients its identification to access securities
exchanges directly, said last week it favors monitoring client orders
prior to execution.
"Our view is that there is a real need for pre-trade checks in the use
of sponsored access to fulfill [broker-dealers'] regulatory
responsibilities," said Greg Tusar, managing director at Goldman.
Goldman's stand in favor of pre-trade instead of post-trade monitoring
of sponsored clients' activity is one side of a debate in which
regulators may choose a middle ground. The regulators' decision on how
to monitor sponsored access may also influence their deliberations on
restricting short sales.
What is the difference between pre-trade and post-trade monitoring? In
brief:
Pre-trade
Compliant with Reg SHO
Nip problems before they happen
View activity across exchanges
Post-trade
Faster order executions
Pre-trade systems still fallible
And another tidbit:
In traditional sponsored-access arrangements, a broker-dealer
determines a client's suitability to access market centers directly
and then allows the client to trade without monitoring its individual
orders prior to execution.
In other words, the Goldman endorsed pre-trade approach will allow
"monitoring of individual orders prior to execution." Whether or not
pre-trade checks provide the capacity to observe not just wholesale
exchange activity in the context of sponsored access but from a much
broader market angle is a discussion for another time, although this
could be one place where Sergey Aleynikov could shed an infinite
amount of light, especially as pertains to Goldman's sponsored-access
service. Conveniently, his gag order will prevent him from saying much
if anything until such time as there is an appetizing settlement to
keep him gagged in perpetuity. The bottom line is that with a pre-
trade environment, the sponsored access providers will be able to have
the potential to front run all those who use their platforms. The
residual question of how far they go to comply with regulations to
prevent this from happening, and remain true to their ethics standards
is also a topic for another day.
Going back to the topic at hand. Here is why sponsored access could
easily be quite a bother to capital markets sooner rather than later:
Unchecked errors or unintended repeat orders could deplete broker-
dealers' capital, and potentially wreak havoc in the broader market.
Concerns have arisen, however, about whether all broker-dealers are
able to fulfill that duty in today's electronic trading environment,
and according to which standards.
And here Goldman chimes in to not only promote their proposed
architecture but to expound on the virtues of pre-trade checking.
"In the case of high-frequency trading, in particular guarding against
technology failures, oversized orders and other situations where
there's potentially systemic market impact, we believe strongly that
pre-trade checks are a prerequisite," Tusar says.
Nasdaq's proposal as well as Securities and Exchange Commission
officials' speeches a few months ago appeared to lean toward
bolstering the traditional approach.
"We don't believe that's strong enough or what the regulators want
now, because of the potentially dire consequences, and because we-as
broker-dealers-bear much of that risk," Tusar says.
Now the reason why this is very relevant in the context of not just
potential front running, but also market structure is that Regulation
SHO, which is the primary regulatory framework for short selling (and
the purvey of potential Uptick Rule reinstatement, which will happen
once the market is allowed to hit a bid) is a post-trade
architecture.
Wedbush [Morgan] routinely tests clients' systems to ensure they are
compliant with Reg SHO. In addition, he says, the brokerage sets
limits on clients available locates-as well as credit and trading
limits--before the start of each trading day that its system tracks,
prohibiting shorts without locates and providing a type of pre-trade
check.
Or as has recently become the case, seeing rolling buy ins in the
middle of the day as borrowable shares in even the most liquid stocks
mysteriously disappear (look at today's market action for yet another
blatant example of this practice).
Anticipating the regulators' likely response, one should not be
surprised to see them siding with Goldman and against shorters:
As the SEC also seeks to appease investor concerns over rampant short
selling, especially naked short selling, new sponsored-access
standards may provide part of the solution. Given that day-traders may
be the last remaining culprits of such activity,, increasing and
standardizing scrutiny over their trading may reduce uncovered (and
illegal) shorts even further.
How about appeasing concerns over rampant, unjustified buying? When
will the downtick buy rule be implemented? But we jest.
And I digress again. Why should all this be concerning to advocates of
stability of high-frequency trading:
The mother of all concerns is a sponsored firm's algorithm going awry
and executing thousands of problematic trades across a range of
securities and market centers.
Well, this is not really a problem when it happens to the upside as
has been the case for months now - it is only a threat when Joe
Sixpack's 401(k) may be impacted, i.e., to the downside.
And here is where a SEC Comment submitted by broker Lime Brokerage is
a very troubling must read by all who naively claim that High-
frequency trading is a boon to an efficient market (which doesn't
provide . Well, yes and no - it is, until such moment that it causes
the market to, literally, break. I will post a critical excerpt from
the Lime submission, and leave the rest to our readers' independent
analysis:
Lime's familiarity with high speed trading allows us to benchmark some
of the fastest computer traders on the planet, and we have seen CDT
(Computerized Day Trading) order placement rates easily exceed 1,000
orders per second. Should a CDT algorithm go awry, where a large
amount of orders are placed erroneously or where the orders should not
have passed order validation, the Sponsor will incur a substantial
timelag in addressing the issue. From the moment the Sponsor�s
representative detects the problem until the time the problematic
orders can be addressed by the Sponsor, at least two mintues will have
passed. The Sponsor�s only tools to control Sponsored Access flow are
to log into the Trading Center�s website (if available), place a phone
call to the Trading Center, or call the Sponsee to disable trading and
cancel these erroneous orders � all sub-optimal processes which
require human intervention. With a two minute delay to cancel these
erroneous orders, 120,000 orders could have gone into the market and
been executed, even though an order validation problem was detected
previously. At 1,000 shares per order and an average price of $20 per
share, $2.4 billion of improper trades could be executed in this short
timeframe. The sheer volume of activity in a concentrated period of
time is extremely disruptive to the process of maintaining a �fair and
orderly� market. This shortcoming needs to be addressed if the
practice of Naked Access is going to be permitted to continue;
otherwise, the next �Long Term Capital� meltdown will happen in a five-
minute time period.
hot Pakistan F-16 Discussions 2
ndbhatt
11-01 05:15 PM
I hear people say that there is reverse brain drain. But this is not completely true. I cannot quantify in numbers but there are certainly few people, I know of, who have migrated to countries like Canada and Australia.
I will not call it as reverse brain drain but diversion of brain drain to other pastures that may be worthy from individuals standpoint.
Reasons could be endless, to name a few - stagnancy in career growth, frustration for wait for GC, inability to invest further in housing for job insecurity, longer time for family union (ageing parents), save kids from western culture, etc.. etc.
I have heard one of the above reasons, while there could be more, from people who want to vent out their frustations. But rest assured very few choose to put it to action at the end of the day.
My two cents - don't bash others. I believe that all of us go through this turmoil at some point or the other.
Let's stay focussed on what you want. Most of us, if not all, are here for better life, career growth, money ;), etc and if other countries offer better prospects and meet majority of ones expectations, most likely, we will consider the options. I think, to a certain extent, we are patriotic to our ownself or if may call - opportunist.
Given a scenario. EU Blue card gives better option (though not sure if it will :p) flow to newer pastures is inevitable and unstoppable. This may not appeal to 100% of the readers but it's one of the faces of dice.
I will not call it as reverse brain drain but diversion of brain drain to other pastures that may be worthy from individuals standpoint.
Reasons could be endless, to name a few - stagnancy in career growth, frustration for wait for GC, inability to invest further in housing for job insecurity, longer time for family union (ageing parents), save kids from western culture, etc.. etc.
I have heard one of the above reasons, while there could be more, from people who want to vent out their frustations. But rest assured very few choose to put it to action at the end of the day.
My two cents - don't bash others. I believe that all of us go through this turmoil at some point or the other.
Let's stay focussed on what you want. Most of us, if not all, are here for better life, career growth, money ;), etc and if other countries offer better prospects and meet majority of ones expectations, most likely, we will consider the options. I think, to a certain extent, we are patriotic to our ownself or if may call - opportunist.
Given a scenario. EU Blue card gives better option (though not sure if it will :p) flow to newer pastures is inevitable and unstoppable. This may not appeal to 100% of the readers but it's one of the faces of dice.
more...
house F-16 Block 60.
$eeGrEeN
01-30 10:36 AM
alipac FAIR.
SteinReport
SteinReport
tattoo fonds d#39;écran : Avion F16
thrill
01-16 07:29 PM
Voted 3 more times on the above four and other related issues using three different accounts.
Always ask for something more demanding than your actual demand , then you might get your actual wish.
You want 5% raise ? ask for 10% then you might get 5% you wanted.
Want GC ? ask for Citizenship then we might get GC .
This way the Giver always feels that he got off easy as the other demand was too big.
Also if illegals can rally and ask for citizenship and amnesty why won't we .
We fulfill all the duties of a model citizen.
Always ask for something more demanding than your actual demand , then you might get your actual wish.
You want 5% raise ? ask for 10% then you might get 5% you wanted.
Want GC ? ask for Citizenship then we might get GC .
This way the Giver always feels that he got off easy as the other demand was too big.
Also if illegals can rally and ask for citizenship and amnesty why won't we .
We fulfill all the duties of a model citizen.
more...
pictures f16 crashes
HRPRO
03-29 04:26 PM
I suggest to focus on getting a job and you can nail him any time later.
Was my initial suggestion Nathan but he has decided to go back home
Was my initial suggestion Nathan but he has decided to go back home
dresses F-16 Multirole Aircraft,
sangarmool
10-08 04:56 PM
Someone gave me red dot with following comment --
please look at your very H-1 visa application and interview, you would have also said to the visa officer that you DO NOT have immigrant intent. I dont know of a single person who said that they HAVE an intention to immigrate.
Yes buddy, you lied....for a long time and now you are talking!
H1 is a dual intent. So you can always say that you intent to immigrate. I have said the same many times to the immigration officers and usually they have said no problem.
please look at your very H-1 visa application and interview, you would have also said to the visa officer that you DO NOT have immigrant intent. I dont know of a single person who said that they HAVE an intention to immigrate.
Yes buddy, you lied....for a long time and now you are talking!
H1 is a dual intent. So you can always say that you intent to immigrate. I have said the same many times to the immigration officers and usually they have said no problem.
more...
makeup F-16
Gravitation
07-12 11:44 AM
Friends,
There is a rumor going around now. One of my colleagues here claims that he got a call from his attorney that there is going to be a new bulletin for july, released either tomorrow or on Monday. Can someone talk to their attorney and confirm this?
I'm unable to reach my attorney now.
Rumors seem to be getting stronger by the hour. And all the info is coming from lawyers who are usually conservative in releasing such information.
Don't get your hopes up... just wait and watch. Never worry about anything that's not in your control! That's the way to living nirvana...
There is a rumor going around now. One of my colleagues here claims that he got a call from his attorney that there is going to be a new bulletin for july, released either tomorrow or on Monday. Can someone talk to their attorney and confirm this?
I'm unable to reach my attorney now.
Rumors seem to be getting stronger by the hour. And all the info is coming from lawyers who are usually conservative in releasing such information.
Don't get your hopes up... just wait and watch. Never worry about anything that's not in your control! That's the way to living nirvana...
girlfriend F16 Fighter PSP Wallpaper
trueguy
11-04 09:02 PM
Bump
hairstyles F 16 Falcon wallpapers
villamonte6100
11-02 01:48 PM
Let us all have a rally to move back to our countries on 4July2008 to symbolically show that we want our Freedom and Independence and never return back.
If all the articles about reverse brain drain we are reading about is true they would do something to solve this GC situation. Otherwise the anti-immigrants will come to see us off while we depart this country and never to return back as H1B's trying to get GC's and live here. This will go into history, 30yrs from now and our grandchildren will read about it. And may be we will get some special pension at our home countries for returning back and helping it to do better.
Please take the poll to indicate if you would participate in this QUIT AMERICA MOVEMENT FOR OUR FREEDOM AND INDEPENDENCE
Dude.
You already got freedom. You should thank America for letting you come here and work and earn dollars probably more than their citizens.
If all the articles about reverse brain drain we are reading about is true they would do something to solve this GC situation. Otherwise the anti-immigrants will come to see us off while we depart this country and never to return back as H1B's trying to get GC's and live here. This will go into history, 30yrs from now and our grandchildren will read about it. And may be we will get some special pension at our home countries for returning back and helping it to do better.
Please take the poll to indicate if you would participate in this QUIT AMERICA MOVEMENT FOR OUR FREEDOM AND INDEPENDENCE
Dude.
You already got freedom. You should thank America for letting you come here and work and earn dollars probably more than their citizens.
gc_on_demand
06-17 04:03 PM
Do we have any agenda for EB3-I?
Participate in IV actions. Call the lawmakers
Participate in IV actions. Call the lawmakers
jthomas
11-02 02:44 PM
With H1B quota getting over in a day. Do u think its going to make a difference. We can just send roses and request for country quota when selecting H1B so H1B guys are not tortured.
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