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Dec 23, 2014

U.S. retail brokers warn ‘tick size’ plan to boost investor costs

NEW YORK, Dec 23 (Reuters) – A plan by the U.S. Securities
and Exchange Commission to widen the minimum trading increments
of some small-cap stocks to test if that would spur more trading
could end up harming mom-and-pop investors, retail brokerages
said in letters to the regulator.

The potential cost of the program to all investors could be
up to $455 million dollars annually, TD Ameritrade Holding Corp
said in a letter dated Dec. 22, and posted to the SEC’s
website on Tuesday. The No. 1 retail broker by client trading
volume estimated the potential cost to its customers between $11
million and $18.4 million.

Dec 17, 2014

BlackBerry woos keyboard loyalists with launch of Classic

NEW YORK/TORONTO, Dec 17 (Reuters) – BlackBerry Ltd
launched its long-awaited Classic on Wednesday,
a smartphone it hopes will help it win back market share and woo
those still using older versions of its physical keyboard
devices.

The Canadian mobile technology company said the new device,
which bears striking similarities to its once wildly popular
Bold and Curve handsets, boasts a larger screen, longer battery
life, an expanded app library with access to offerings from
Amazon.com Inc’s Android App store, and a browser three
times faster than the one on its legacy devices.

Dec 17, 2014

BlackBerry woos keyboard loyalists with Classic device launch

NEW YORK, Dec 17 (Reuters) – BlackBerry Ltd
launched its long-awaited Classic device on Wednesday, a
smartphone it hopes will help it win back market share and woo
those still using older versions of its physical keyboard
devices.

The Waterloo, Ontario-based mobile technology said the new
device, which bears a striking similarity to its
once-bestselling Bold and Curve handsets, boasts a larger
screen, longer battery life, expanded app library with access to
he offerings from Amazon.com Inc’s Android App store,
and a browser three times faster than the one on its legacy
devices.

Dec 11, 2014

SEC chair lays out plan to oversee systemic risk of asset managers

WASHINGTON/NEW YORK (Reuters) – The top U.S. securities
regulator unveiled sweeping plans on Thursday to step up its
scrutiny of the risks posed by large asset managers, saying more
must be done to protect the markets in the event of a major
crisis.

Securities and Exchange Commission Chair Mary Jo White laid
out a three-pronged plan in a major policy speech at The New
York Times Dealbook conference in New York, saying the current
regulations on the books for advisers and funds do not go far
enough in overseeing how fund managers deal with risk.

Dec 10, 2014

ICE CEO says no immediate plans to sell New York Stock Exchange

By John McCrank

(Reuters) – Intercontinental Exchange Inc (ICE.N: Quote, Profile, Research, Stock Buzz) has no immediate plans to sell the New York Stock Exchange, which it expects to become more profitable as a result of extensive ongoing restructuring, ICE Chief Executive Officer Jeffrey Sprecher said on Wednesday.

The NYSE, which exchange and clearing house operator ICE bought for $11 billion in November 2013 in order to gain control of Liffe, Europe’s No. 2 derivatives market, may have the fastest earnings per share (EPS) growth of all of the businesses ICE operates, Sprecher said at a Goldman Sachs conference.

Dec 10, 2014

Morgan Stanley fined $4 million over rule lapse

Dec 10 (Reuters) – U.S. regulators on Wednesday fined Morgan
Stanley $4 million for failing to enforce rules that
would have prevented the unauthorized buying of Apple Inc
shares by a trader at one of the bank’s customer
trading firms that led to the demise of that firm.

Morgan Stanley did not have the required risk management
controls in place to prevent the trader from entering orders
that exceeded pre-set trading thresholds, violating “market
access” rules, the U.S. Securities and Exchange Commission said.

Dec 2, 2014

Exclusive: IEX expands sales team to court more trading volume

NEW YORK (Reuters) – IEX Group, the upstart stock-trading venue featured in Michael Lewis’s book “Flash Boys,” has beefed up its sales team to expand its customer base as it seeks to become a full-fledged exchange, IEX’s chief executive told Reuters on Tuesday.

The hires include Peter Gallo, a former head of electronic trading at Cantor Fitzgerald & Co who also once worked for Citigroup and Bear Stearns. Rob Leff joined from Quad Capital, after previous jobs at SAC Capital and Millennium Partners, and Julie Huhn came from Bloomberg after working at Deutsche Bank before that.

Dec 2, 2014

Exclusive: Citigroup to shutter LavaFlow stock trading venue

NEW YORK (Reuters) – Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) is shutting down its alternative stock trading venue LavaFlow, the bank said on Tuesday, at a time when regulatory scrutiny has increased around broker-run trading platforms, forcing banks to rethink the costs.

“Following a recent review of the LavaFlow ECN, we have decided that our capital, resources and efforts would be better redeployed to other areas within Citi’s Equities Division,” Citi said in a statement. The decision was first reported by Reuters.

Dec 2, 2014

Citigroup to shutter LavaFlow stock trading venue

NEW YORK, Dec 2 (Reuters) – Citigroup Inc is shutting
down its alternative stock trading venue LavaFlow, the bank said
on Tuesday, at a time when regulatory scrutiny has increased
around broker-run trading platforms, forcing banks to rethink
the costs.

“Following a recent review of the LavaFlow ECN, we have
decided that our capital, resources and efforts would be better
redeployed to other areas within Citi’s Equities Division,” Citi
said in a statement. The decision was first reported by Reuters.

Nov 21, 2014

‘Flash Boys’ executive says U.S. regulators making progress

NEW YORK, Nov 21 (Reuters) – The trading executive at the
center of Michael Lewis’ book “Flash Boys” said U.S. regulators
have made progress in protecting investors against abusive
trading practices.

Brad Katsuyama, chief executive of IEX Group, has spent
years figuring out how high-speed traders collect a few cents on
every trade in the U.S. stock market, and is building a business
to protect longer-term investors from these traders, an effort
chronicled in “Flash Boys: A Wall Street Revolt” published in
March.