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Tag Archives: IPO

Markets as Guinea Pigs (and Other Notes from STA’s 84th Annual Market Structure Conference) Blog,Commentary,Feature,Regulation & Enforcement

The STA’s 84th Annual Market Structure Conference was held in Washington D.C. last week and its theme was “The Challenge of Change.” SEC Commissioner Michael Piwowar was the first in the spotlight, highlighting those challenges which would be discussed over the course of the conference — the plight of ma and pa investors (now dubbed Mr. and Mrs. 401(k) courtesy of Commissioner Jay Clayton’s comments), capital formation for small and mid-cap companies and an array of regulatory qualms pertaining to the Consolidated Audit Trail (CAT), MiFID II and pilot programs.   The decrease in IPOs and inflated stock prices among…

Long-Term Investors are Gamblers?; Insider Trading Case Tests Friendship; Math Geeks Scramble to Defend Index Boon John Lothian Newsletter,Newsletter

First Read Hits & Takes By JLN Staff People lined up on LaSalle Street at midday yesterday like there was a sports championship parade happening. Instead, it was just an eclipse.~JJL John M. Ruth has joined Grey Street Capital as Chief Operating Officer. Ruth was formerly the CEO of ABN AMRO Clearing Chicago LLC.~JJL Check out SGX‘s Bull Charge, Climb for Charity.~JJL Cinnober has taken over the @MovetoStockholm Twitter handle for the week.~JJL Bruce Tuckman was appointed chief economist at the CFTC yesterday. And tells us he couldn’t be Chicago Mayor Rahm Emanuel‘s older brother. ~SD At the NFA yesterday,…

Are we seeing the end of Wall Street and the beginning of a new one? Blog,Feature,Mwiki

Silicon Valley icon, investor and entrepreneur Vinod Khosla told an audience last week at the Commonwealth Club of California that technological disruption is coming to most of the top industries in the United States. And while he didn’t mention Wall Street, he could have. “Citibank won’t solve financial inclusion, Square will if anybody does it,” he said. “Volkswagen and GM won’t solve transportation. Whether it’s Waymo or somebody else who does it, it will be a technology driven, non-institutional, ‘let’s break the rules,’ radical kind of approach. This non-institutional way of doing things, though less predictable, is much more fun…

Forget an IPO, Coin Offerings Are New Road to Startup Riches; Silver Futures Plunge, Rebound in Flash Crash; CFTC commodity swap data goes from bad to worse John Lothian Newsletter,Newsletter

First Read Crypto-innovations Jim Kharouf, JLN One look at today’s newsletter will tell you something – the traditional Wall Street system is ripe for disruption. The JLN piece on Overstock.com’s subsidiary Round One: How Overstock.com and tzero aim to knock out Wall Street shows how that firm is focused on using blockchain and its new Alternative Trading System ATS to do everything from trading securities via a blockchain, to finding an after hours trading niche. But tzero aims to create much more than that. While it’s still early days, it is not hard to imagine using the blockchain technology for…

John Lothian Newsletter: Nasdaq Aims to Pay Up in SEC Facebook Probe; AX trading to shut dark pool platform; SHFE Copper Volume Rises to Record as LME Competition Heats Up John Lothian Newsletter,Newsletter

A ten million dollar payment to the SEC and a promise not to use duckface pictures appears to be on the way for Nasdaq OMX for its handling of Facebook’s IPO. Dark pool operator AX Trading says it will drain the pool and possibly look for a buyer or licenser for its platform. Copper volume in Shanghai hits a new record and sounds the Horn of Competition in the general direction of the London Metal Exchange.

John Lothian Newsletter: Asia’s Oldest Bourse Plans IPO As Third India Rival Opens; FSA Mulls Tougher HFT Controls; Bowles Will Oppose Libor Repo Market Replacement John Lothian Newsletter,Newsletter

BSE in India plans an IPO in the coming months, as newer competitors open their doors. In England, the FSA concludes a four-month look at high frequency trading and considers new rules to define that sector. A European reform agency has taken a look at the state of LIBOR in recent weeks, and believes that replacing it with repo market alternatives would be a mistake. If your company is looking for good people to hire, consider posting your job on the MarketsWiki Job Postings page. There’s no cost to list the openings there, and it’s a popular page with the…

John Lothian Newsletter: Futures Overseer Plots Revamp; Singapore Exchange Chief Eyes Asia IPOs; NYSE Seeks Clearing Expansion, Cost Cuts John Lothian Newsletter,Newsletter

Regulators in various financial centers are showing, for the moment, energy and motivation for reviewing and upgrading policies and practices. The Singapore Exchange’s head continues to work on organic growth rather than mergers, and has his eye on boosting Asian IPOs. Following their failed merger, NYSE Euronext looks to cost cutting and increased clearing services to light its way forward.  In First Read today, Jim Kharouf experiences the pain of theft, and finds it’s not much different being ripped off by a financial thief or a common household burglar.

Guest Commentary: Will Nasdaq Face Liability for the Facebook IPO? Commentary,Tech / HFT

Neal L. Wolkoff

NOTE: The following commentary by Neal L. Wolkoff  was originally published on his blog. When a publicly listed for-profit exchange handles the initial public offering or IPO of a legendary company, should it be held responsible for investors’ losses if the offering goes badly because of trading glitches caused by the exchange’s technology? Intuitively, the answer appears to be yes, because companies of all stripes have had to compensate victims who suffered losses caused by the corporation’s negligence. However, since 1934 the securities markets have operated in large part as surrogates for the federal regulator, the Securities and Exchange Commission,…

A note from the BATS CEO to our customers Blog,Tech / HFT

Dear BATS Customers and Members of the Trading Community, It is with great humility that I write to you for the first time in quite some while.  As you are probably aware, we have been working towards a planned IPO for many months, and as a result of the quiet period restrictions I did not reach out as often as I would have liked recently. Let me get right to the point … BATS experienced a serious technical failure Friday morning and I want to apologize for not measuring up to the level of excellence that you have come to…