Tuesday, 30 September 2014
Last updated 55 min ago
Jun 30 2011 | 4:35pm ET
NYSE Euronext has sold a majority stake in the former American Stock Exchange to a group of broker-dealers, including Citadel Investment Group’s investment-banking unit.
The deal was approved by the Securities and Exchange Commission on last week. In exchange for 52.8% of the NYSE Amex Options exchange, the seven brokers agreed to send a portion of their options-trading orders to the Amex.
“By finalizing this partnership agreement, NYSE Amex Options has the unique opportunity to deliver a new paradigm in exchange management and functionality by aligning our core business operations with that of our key customers,” the exchange’s CEO, Steve Crutchfield, said.
NYSE Amex has more than doubled its share of U.S. options trading since the deal with the broker group was announced almost two years ago.
The seven new owners of the exchange are Citadel Securities, Bank of America Merrill Lynch, Barclays Capital, Citigroup, Goldman Sachs, TD Ameritrade and UBS, with NYSE Euronext remaining the bourse’s largest single shareholder. NYSE will adjust each firm’s share of the 52.8% of the exchange each year based on their trading targets; none will be permitted to own more than 19.9% of NYSE Amex.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...