John's Feed
Feb 24, 2015

Exclusive: BATS Global Markets names Concannon CEO as of March 31

NEW YORK (Reuters) – BATS Global Markets is appointing Chris Concannon, who recently joined it from electronic trading firm Virtu Financial LLC, to succeed Joseph Ratterman as chief executive officer of the exchange operator, Ratterman said in an interview on Tuesday.

Concannon, 47, who until December was chief operating officer of Virtu, said BATS was mulling expansion moves including opening a second U.S. options exchange. He will take over as CEO from Ratterman, 48, on March 31.

Feb 5, 2015

ICE profit tops forecasts, CEO touts NYSE’s potential

NEW YORK, Feb 5 (Reuters) – Intercontinental Exchange Inc
on Thursday reported higher-than-expected quarterly
earnings as the exchange and clearing house operator further
integrated its $11 billion purchase of NYSE Euronext from the
year-earlier quarter.

ICE said it earned $288 million in the fourth quarter, or
$2.54 a share, compared with a loss of $176 million a share, or
$1.83 a year earlier following the purchase of the New York
Stock Exchange owner.

Feb 3, 2015

Credit Suisse exits U.S. retail market making business

NEW YORK, Feb 3 (Reuters) – Credit Suisse Group is
getting out of the U.S. equity retail market making business by
the end of the first quarter after failing to gain enough scale
to make a go of it, the bank confirmed on Tuesday.

The decision was part of Credit Suisse’s ongoing review of
its investment banking business and does not affect the rest of
its retail execution services operations, the Swiss bank said in
a statement. Credit Suisse also runs Crossfinder, the largest
non-exchange U.S. stock trading platform, or “dark pool.”

Feb 2, 2015

Exclusive – U.S. retail brokers, to avoid regulators’ wrath, disclose more

NEW YORK (Reuters) – U.S. retail brokers, looking to combat claims that they fail to get the best possible prices on trades for their mom-and-pop customers, plan to give clients more information about how their trades are executed.

Regulators at the U.S. Securities and Exchange Commission are looking at whether discount brokers have conflicts that result in individual investors missing the best possible deal when buying or selling shares.

Jan 27, 2015

Wall Street back to ‘business as usual’ as storm wanes

NEW YORK (Reuters) – Wall Street was largely back to business as usual on Tuesday after a storm that had threatened to blanket New York with a few feet of snow ended up dumping several inches instead.

Major U.S. stock and bond markets were open, with trading volumes higher than they had been the previous day, when ominous weather forecasts and transit shutdowns put a chill on business activity.

Jan 27, 2015

Wall Street ready for ‘business as usual’ as storm wanes

NEW YORK, Jan 27 (Reuters) – Wall Street geared up for a
regular securities trading session on Tuesday as a snow storm
that effectively shut down New York City was downgraded from a
blizzard to a winter storm in the immediate metro area.

The New York Stock Exchange, a unit of Intercontinental
Exchange Inc. and one of the main cogs of the U.S.
financial markets complex, expected to be open for “business as
usual,” spokesman Eric Ryan said.

Jan 27, 2015

Wall Street left with skeleton crews down as blizzard bears down

NEW YORK (Reuters) – A blizzard bearing down on New York hollowed out Wall Street offices on Monday, leaving most investment banks and fund managers with skeleton staffs as many employees opted to work from home.

The storm, which threatens to dump up to 3 feet (90 cm) of snow on the East Coast and disrupt travel for tens of millions of people, prompted some retail banks to close branches in the region, though major exchanges said they would remain open as usual.

Jan 26, 2015

Wall Street hunkers down as blizzard roars into region; exchanges open

NEW YORK (Reuters) – Wall Street traders scrambled to get home or booked hotel rooms on Monday as a potentially historic blizzard bore down on the U.S. northeast, prompting some banks to close branches in the region, though major exchanges said they would remain open as usual.

Financial professionals planned to work from home or in remote offices, as the storm threatens to dump up to 3 feet (90 cm) of snow on the East Coast and disrupt travel for tens of millions of people.

Jan 26, 2015

Wall Street braces for storm; exchanges to stay open

NEW YORK (Reuters) – Some Wall Street traders booked hotels, while banks and brokerages prepared to get by with bare bones staffing, but major exchanges said it was business as usual as a potentially historic blizzard bore down on the northeast.

Brokers and dealers snapped up hotel rooms in Manhattan in anticipation of problems on the road and with public transportation due to the storm, which threatens to dump up to 3 feet (90 cm) of snow on the East Coast and disrupt travel for tens of millions of people.

Jan 16, 2015

BATS in talks to buy KCG’s FX trading platform Hotspot

NEW YORK (Reuters) – Exchange operator BATS Global Markets
is in discussions to buy institutional foreign exchange trading
platform Hotspot from KCG Holdings Inc for nearly $400
million, three sources close to the situation said on Friday.

Jersey City, New Jersey-based KCG said in October it had
begun to explore strategic options for Hotspot and that it would
sell the unit if doing so would create the best value for its
shareholders. KCG also owns a 16.5 percent stake in privately
held BATS and has said on several occasions that it might
consider selling the stake for the right price.