JP Morgan Great PR Stunts through Social Media - Twitter

[edwardsnowden]

PDF Readers,

Dudes, you all should read those amazing twits about the planned JP Morgan Q&A session on November 14th, 2013 at the newly great IPO-ed social media tool Twitter at #askJPM

A sample page

_

 

[edwardsnowden]

 

[edwardsnowden]

Dear #AskJPM - is this your price discovery algo at work in $JNJ ?

Nanex ~ Order Routing Animation ~ 02-May-2013 ~ JNJ
Published on 3 May 2013

We made another video that slows things down even more and shows 1/100th of a second of trading in Merck:

1/2 second of trading activity in Johnson & Johnson (symbol JNJ) on May 2, 2013

This video was featured at Wired Business Conference (watch it now: Nanex CEO Eric Hunsader: Flash Trading Detective - FORA.tv)
Follow us on twitter @nanexllc for Wall Street Breaking coverage.

Set to lowest resolution for an "artistic rendering", or highest resolution for science.

The animation tool that created this video was written in "C" using Windows GDI - simple lines, polygons and ellipses. We wrote it to explain to the SEC and CFTC (the regulators) how our markets work. We got the idea after realizing, in face to face meetings with them, they didn't understand market structure or the importance of latency and the consolidated feed. That was several years ago. We still aren't sure if they get it, or are just playing dumb.

The bottom box (SIP) shows the National Best Bid and Offer. Watch how much it changes in the blink of an eye.

Watch High Frequency Traders (HFT) at the millisecond level jam thousands of quotes in the stock of Johnson and Johnson (JNJ) through our financial networks on May 2, 2013. Video shows 1/2 second of time. If any of the connections are not running perfectly, High Frequency Traders can profit from the price discrepancies that result. There is no economic justification for this abusive behavior.

Each box represents one exchange. The SIP (CQS in this case) is the box at 6 o'clock. It shows the National Best Bid/Offer. Watch how much it changes in a fraction of a second. The shapes represent quote changes which are the result of a change to the top of the book at each exchange. The time at the bottom of the screen is Eastern Time HH:MM:SS:mmm (mmm = millisecond). We slow time down so you can see what goes on at the millisecond level. A millisecond (ms) is 1/1000th of a second.

Note how every exchange must process every quote from the others -- for proper trade through price protection. This complex web of technology must run flawlessly every millisecond of the trading day, or arbitrage (HFT profit) opportunities will appear. It is easy for HFTs to cause delays in one or more of the connections between each exchange.



Is the National Best Bid or Offer (NBBO) being Ignored?
Executive Summary

The NBBO lies at the heart of Regulation NMS (Reg. NMS) and is the key concept that assures investors are getting the best price when buying or selling stocks. However, due to the recent industry trend that emphasizes speed at all costs, the NBBO, in practical terms, no longer exists. There is no audit trail that can show definitively whether an investor received the best price on their trade. The regulators do not appear to understand the root of the problem because they continue to promote new regulation, when a simple and effective solution exists: enforce Reg NMS. Likewise, getting rid of quotes that only serve to manipulate others is as easy as enforcing Section 9 of the Securities Exchange Act of 1934.

If any new regulations are needed after enforcing existing ones, we think a minimum quote life of 50 ms makes the most sense. Just the discussion of implementing such a rule would expose how deeply flawed the system is today and would be sure to raise a lot of eyebrows. But to be clear, we do not advocate new regulation.

The Death of the NBBO

As the lifetime of a quote approaches zero, the arguments for and against a minimum-quote-life rule become more interesting. Let’s suppose, for example, that the day has arrived where a few of the top HFT systems are able to send and cancel quotes in 1 nanosecond (ns). For reference, light travels 30 cm (1 foot) in 1 ns. At this rate, we could see 1 billion quotes per second per stock (qpss). A thousand active stocks trading at this rate would generate 1 trillion quotes per second (qps).

We admit that was extreme, but given the hyperbole from some HFT marketing groups, we couldn't resist. So let’s slow things down by a factor of 1,000 and imagine a world where HFT systems can send and cancel a quote in 1 microsecond (us). At this speed we could expect 1 million qpss and a thousand stocks would generate 1 billion qps. Put another way, an active market with a speed limit of 1 microsecond would generate 1 billion quotes per second, requiring everyone receiving CQS to spend about 1,000 times more for telco and equipment.

Still extreme? Let's make things 1,000 times slower again and imagine a world where HFT systems can send and cancel a quote in 1 millisecond (ms). At this speed, we could expect 1,000 qpss and a thousand stocks would generate 1 million qps. Even at this rate, many quotes will expire before leaving exchange networks. Today we frequently see qpss rates of 2,000, with peaks in the 5,000 - 30,000 range. These numbers are growing at alarming rates, and within a year, if left unchecked, recipients of CQS will need to upgrade their telco to 10 gigabit.

[...]

Nanex - Is the National Best Bid or Offer being Ignored?


READ ALSO: Nanex ~ 20-Sep-2013 ~ Einstein and The Great Fed Robbery
_

 

[edwardsnowden]

JPMorgan Shame Tracker
Infographic: JP Morgan Shame Tracker | Infogram

* interactive infographics and data visualizations

Total = $31.28 billion in fines and other legal costs since 2009

 

[edwardsnowden]

 

[edwardsnowden]

 

[edwardsnowden]

And the famous stories of JP Morgan in 2012, the London Whale as depicted in this kid-style painting

 

[edwardsnowden]

 

[edwardsnowden]

J.P. Morgan cancels Twitter Q&A after “insulting” questions
Posted by Matthew Keys - 2013-11-14

J.P. Morgan, the investment and services portion of financial giant J.P. Morgan Chase, canceled a planned question-and-answer session on Twitter with the bank’s vice chairman James Lee, Jr. after receiving “insulting” questions, the financial news organization Reuters reported.

The company had been promoting the Twitter Q&A with the investment banker since at least November 6, encouraging people to ask questions about the bank’s operations with the hashtag #AskJPM.

Hardly anyone noticed the event until J.P. Morgan sent out a follow-up tweet Tuesday promoting the Q&A with Lee. After being flooded with questions, J.P. Morgan canceled the Twitter event. Some of the questions the bank received:

[...] more at J.P. Morgan cancels Twitter Q&A after “insulting” questions | The Desk

 

[edwardsnowden]

How can a company spend $100,000,000 PER DAY on legal expenses and not be a criminal enterprise??

#AskJPM

"So much for the JPM "fortress balance sheet." Moments ago the bank which 18 months ago stunned the world with the biggest prop trading loss in history, just reported its first quarterly loss under Jamie Dimon, missing expected revenue of $24 billion with a print of $23.88 billion, but it was net income where the stunner was in the form of a $0.4 billion net income. The reason: the fact that from the government's best friend, Jamie Dimon has become the punching bag du jour, and having to pay $9.15 billion in pretax legal expenses, the biggest in company history."

[...]

More at JPM Hammered By Massive $9.2 Billion In Legal Expenses, Posts First Loss Under Dimon; Takes $1.6 Billion Reserve Release | Zero Hedge

 

[edwardsnowden]

▶ #AskJPM tweets performed by voice of American Greed & @PuppetsOH - YouTube

Uploaded by: ThePuppetsCan HearYou

Published on 14 Nov 2013

Someone at JP Morgan said, "Let's ask the American public what they'd like to say to one of our top bankers on Twitter." Turns out that wasn't such a great idea. The tweets generated from #AskJPM range from funny to down-right nasty. So someone at CNBC said, "Let's have award-winning actor, Stacy Keach...the voice from American Greed read them verbatim." Almost a brilliant idea. Then they had the good sense to add me... the blue puppet. And BOOM now it's brilliant.

Tweet @PuppetsOH
Like us: The Puppets Can Hear You | Facebook
Email: ThePuppetsCanHearYou@gmail.com

 

[edwardsnowden]

 

[edwardsnowden]

JPMorgan's 'TwitterTakeover' Turns Into PR Nightmare

Nick Summers for Businessweek / 2013-11-15

JPMorgan is reportedly considering banning its employees from Wall Street chat services because of the unsavory stuff that can be said there. After Wednesday, the bank may want to steer clear of public chat areas, too.

Smarting, perhaps, from the barrage of government investigations into its activities — eight from the Department of Justice alone — JPMorgan took to Twitter on Nov. 6 to declare an upbeat “#TwitterTakeover”:

J.P. Morgan @jpmorgan

It’s a #TwitterTakeover: We'll host our 1st live Q&A on leadership & career advice w/a leading $JPM exec on 11/14. Use #AskJPM to submit a Q
3:41 AM - 7 Nov 2013

As countless companies and political candidates have already learned, you can’t force a hashtag, and often you risk it being turned into a weapon against you. That’s what’s happened over the last few days, and especially Wednesday afternoon, with some of the public’s undiminished rancor against the big banks getting thrown back at whatever poor soul(s) staff the lender’s social media accounts. At the meme’s peak, dozens of tweets were pouring in every few minutes. Here are some choice ones that the executive in question, Vice Chairman Jimmy Lee, likely won’t be addressing:

[...]

More at: JPMorgan's 'TwitterTakeover' Turns Into PR Nightmare

 

[edwardsnowden]

Wed Nov 13, 2013 at 05:35 PM PST

JP Morgan PR Stunt #AskJPM Cancelled Due to Viral Mockery
by ericlewis0

It all started when, this morning, JP Morgan tweeted this out:

Tomorrow at 1pm ET $JPM Vice Chairman Jimmy Lee takes over @JPMorgan to answer your questions for 1 hour. Tweet your Q early using #AskJPM

How JPMorgan's Latest PR Stunt Blew Up In Its Face | Zero Hedge

And though the TBTF bank has since cancelled the Twitter event, the derisive tweets are still pouring in. Several are shared after the jump...

Are you proud of being one of the largest welfare recipients on the planet? #AskJPM
Retweeted by Dana Kagis

Anyone in your family ever been foreclosed on?
#AskJPM
Retweeted by Alejandro Ramirez

umair haque @umairh
How come you guys aren't in jail? #AskJPM
about 2 hours ago

Sorry we ruined your hashtag event, if you could just apologise for your plunder of the global economy,. I think we'd be even. #askjpm
7:37pm - 13 Nov 13

"Hmm. Maybe we should get us one o' them--what you call 'em? 'Socialized Media Managers?'" -- @jpmorgan, after seeing results of #AskJPM

When Jamie Dimon eats babies are they served rare? I understand anything above medium-rare is considered gauche. #AskJP

Hey, @jpmorgan: What's it like knowing that you've escaped punishment for securities fraud again & again? #AskJPM other98.com/dont-negotiate

Is it the ability to throw anyone out of their home that drives you, or just the satisfaction that you know you COULD do it? #AskJPM

#askJPM do you think you'll be more successful than Michael Corleone was in transitioning your crime family to a one that is totally legit

If you were a shameless financial predator profiting off of the misery of your customers, what kind of predator would you be? #AskJPM

What's your favorite type of whale? #AskJPM

Here's one from @emptywheel

Why aren't you in jail for sending a literal ton of gold bullion to Iran in violation of sanctions? #AskJPM

To watch the hilarity as it comes in on Twitter, or to "ask JPM" your own question, go here:
http://www.twitter.com/search?q=#AskJPM&s=tyah

Originally posted to Animal Nuz on Wed Nov 13, 2013 at 05:35 PM PST.

Also republished by Hellraisers Journal.

Source: Daily Kos: JP Morgan PR Stunt #AskJPM Cancelled Due to Viral Mockery

 

[edwardsnowden]

Funniest #AskJPM tweets reveal pitfalls of social media

Bad idea.

by Sabri Ben-Achour

Marketplace for Thursday, November 14, 2013


JP Morgan Chase invited the world of Twitter to ask questions of its Vice Chair Jimmy Lee using hashtag #AskJPM. Questions on leadership, career advice.

It didn’t go well:

IS IT TRUE "JPM STANDS FOR "JUST PAY MORE"?

WHAT'S THE BEST WAY TO GET BLOOD STAINS OUT OF A CLOWN SUIT?

DOES JAMIE DIMON PET A SMALL CAT AND LAUGH OMINOUSLY WHILE HE'S RUINING POOR PEOPLE'S LIVES?

But maybe the most apt question was:

WHY DID U THINK THIS WOULD BE A GOOD IDEA?

It was basically as if Count Dracula decided to do social media engagement with the villagers.

Robin Carey, CEO of Social Media Today, says you have to understand how people perceive you.

“When I’m told that it’s really important to develop a personal brand,” she says, “I always say what if your personal brand is that you really are a jerk?”

Carey isn’t saying that JP Morgan Chase is a jerk, but some people think it is. And a company needs to listen to social media in order to know that. As William Ward, professor of social media at Syracuse’s Newhouse School puts it, it’s a two way street. “If they were using social media and monitoring the conversations around their brand and their industry, maybe they would’ve thought better of this.”

[...]

It’s not impossible for a controversial brand to put itself out there. But it needs two things. First, FANS, who can shout down the negative people.

“A good example is Dove Unilever,” says Carey, “Greenpeace went after them over palm oil, but the company had developed a league of supporters who beat back the Greenpeace Initative.”

JPMorgan Chase has only been on twitter for a year, which clearly wasn’t long enough.

“With enough time,” says Carey, “they could’ve developed their own network.”

And if you don’t have fans, at least hire people to counter the negatives.

Bank of America, says Carey, is a good example. “They have a huge team in New York sitting in a room looking at what’s being said about the bank all the time and respond appropriately in real time.”

Sometimes companies can rely on employees to be social media cheer leaders, but JPMorgan is hesitant to allow its employees to tweet over regulatory concerns, says Carey.

Jonah Berger, professor at the Wharton School, says authenticity is key, and for now too many people don’t view JPMorgan as authentic, even though it has been trying in some ways.

And to the bank’s credit, they were fairly authentic in their response.

“Tomorrow’s Q&A is cancelled. Bad Idea. Back to the drawing board”

Funniest #AskJPM tweets reveal pitfalls of social media | Marketplace.org