Friday, April 10, 2020

BofA Refugees Said to Join Ex-Knight CEO Joyce for Market Maker

BofA Refugees Said to Join Ex-Knight CEO Joyce for Market Maker
Bank of America Corp. traders who left as the lender dismantled their electronic market-making unit are attempting to recreate the business as an independent firm with former Knight Capital Group Inc. chief Tom Joyce.

ITG Finds 1-Percent Solution

ITG Finds 1-Percent Solution
Self-clearing will provide lower trading costs for a big publicly traded agency broker and boost its bottom line. This is what officials of Investment Technology Group (ITG) said as the firm recently implemented a program of self-clearing. ITG will no longer use Jefferies & Co.'s clearing platform.

RETAIL REPORT: Schwab Set to Buy TD Ameritrade

RETAIL REPORT: Schwab Set to Buy TD Ameritrade
The deal would create a mega-retail brokerage of $5.1 Trillion in assets.

Options Market Makers Get Relief from SEC Ban on Short-Selling

Options Market Makers Get Relief from SEC Ban on Short-Selling
Reversing course after Friday's emergency ban on short-selling, the Securities and Exchange Commission this morning granted options market makers permission to sell stocks short to support their market-making activities. The turnabout came in the wake of dire warnings Friday that the U.S. options market would not function today without relief from the ban.

’Second Revolution’ In Electronic Bond Trading

’Second Revolution’ In Electronic Bond Trading
Financial services are in the earliest days of the AI era.

Ex-JPMorgan Executive Barred for Passing Friend Inside Tips

Ex-JPMorgan Executive Barred for Passing Friend Inside Tips
(Bloomberg) -- A former JPMorgan Chase & Co. executive was barred from the brokerage industry for allegedly passing inside information on corporate mergers to a friend, the Financial Industry Regulatory Authority said.

On The Move

On The Move
Here are recent hires and promotions in the equities and derivatives trading world, as Wall Street pros make that move, right now. Read about who's now heading sales trading at Mizuho USA, plus a group of traders in Boston who have joined Saratoga Capital, as well as new hires at Raymond James, Exegy and Toro Trading.

SLIDESHOW: San Francisco Security Traders Association

SLIDESHOW: San Francisco Security Traders Association
Here are some images from the recent Security Traders Association confab held recently at the Inn at Spanish Bay in Monterey, Calfornia.

Merrill Lynch Fined $6 Million for Short-Selling Violations

Merrill Lynch Fined $6 Million for Short-Selling Violations
Bank of America Corp.s Merrill Lynch was fined a total of $6 million by the Financial Industry Regulatory Authority over U.S. short-selling rules.

SIFMA 2011: Volatility Not Markets’ Fault. And Not Going Away.

SIFMA 2011: Volatility Not Markets’ Fault. And Not Going Away.
The whipsaw of stock prices this year is not due to faulty functioning of markets, say exchange operators. Tinkering with market data or other parts of a "highly tuned engine" must be carried out carefully, as a result, said Goldman Sachs' head of U.S. equities trading.

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