Cool

Images from the edge of a black hole:

An important thing to remember about science is that some of the stuff we talk about in the general public as “fact” — like, say, black holes — haven’t actually been seen by anybody. Instead, black holes exist on paper, as part of theoretical astrophysics. They also exist in indirect evidence — we can look for things in the universe that should exist in a certain way, in a certain place, if our theoretical astrophysics is correct. So far, that lines up, too.


And then there’s this thing. Like I say, it’s not a photo. It’s more like a model. Telescopes — the kind we point at deep space — don’t collect images, they collect information. This is a digital rendering made based on information collected when researchers pointed four different telescopes at a galaxy called (poetically) galaxy M87. What you’re looking at (in the big image) is a jet of photons shooting out of galaxy M87. The smaller picture is a zoomed-in shot, showing massive ribbons of gas undulating and spinning around the something at the galaxy’s center. If the theoretical astrophysics is right, this is the closest we’ve ever gotten to seeing a black hole.

No thanks

So the U.S. has become the model for what other countries don’t want to do with their markets. You’d think our craven regulators might buy a clue from that:

Industry leaders and regulators in several countries including Canada, Australia and Germany have adopted or proposed limits on high-speed trading and other technological developments that have come to define United States markets.


The flurry of international activity is particularly striking because regulators have been slow to act in the United States, where trading firms and investors have been hardest hit by a series of market disruptions, including the flash crash of 2010 and the runaway trading in August by Knight Capital that cost it $440 million in just hours. While the Securities and Exchange Commission is hosting a round table on the topic on Tuesday, the agency has not proposed any major new rules this year.


In contrast, the German government on Wednesday advanced legislation that would, among other things, force high-speed trading firms to register with the government and limit their ability to rapidly place and cancel orders, one of the central strategies used by the firms to take advantage of small changes in the price of stocks. A few hours later, a committee at the European Parliament agreed on similar but broader rules that would apply to all 27 member states of the European Union if governments also give their approval.


In Australia, the top securities regulator recently stated its intention of bringing computer-driven trading firms under stricter supervision and forcing them to conduct stress testing, to protect “against the type of disruption we have seen recently in other markets.”


The broadest and fastest changes have come out of Canada, where this spring regulators began increasing the fees charged to firms that flood the market with orders. The research and trading firm ITG found that the change had already made trading more efficient by reducing the crush of data burdening the market’s computer systems.


Now Canadian trading desks are preparing for rules that will come into effect on Oct. 15 and curtail the growth of the sophisticated trading venues known as dark pools that have proliferated in the United States. While the regulation has been hotly debated, many Canadian bankers and investors have said they don’t want to go any further down the road that has taken the United States from having one major exchange a decade ago to having 13 official exchanges and dozens of dark pools today.

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