You can trade anywhere these days. So why not demand a bribe?
Fresh from their success sinking the CMDX, the CDS clearinghouse founded by the Chicago Mercantile Exchange and Citadel Investment Group, the Wall Street oligarchs are now insisting upon tribute from the New York Stock Exchange.
The Big Board is selling a “significant stake” in its U.S. futures exchange, NYSE Liffe U.S., hoping to drum up business after seeing its revenue and profit plummet in the third quarter. It’s worked before: NYSE Euronext sold off a stake of its NYSE Amex Options platform last year, quickly boosting its market share. And while Citadel and the CME tried—and failed—to go it alone, the Intercontinental Exchange built a dominant CDS clearinghouse with the backing of nine banks.
Hell, even Citadel is getting in on the action, with its headless securities business joining Getco, Goldman Sachs, Morgan Stanley and UBS in getting its slice of NYSE Liffe U.S.
“History clearly shows that some of the most successful ventures have come out of a semi-mutualized approach with the dealers,” Duncan Niederauer, the NYSE Euronext chief, said, explaining the pandering. Hard to imagine that an exchange’s users would want to “extract value and liquidity from their order flow.” It’s like putting your call options on a Discover card.
Lower Sales Weigh on NYSE Euronext Results [WSJ]
Citadel, CME Shutter CDS Platform, Bring In New Partners [FINalternatives]
Citadel-Backed CDS Clearinghouse Gets Cold Shoulder [FINalternatives]
Posted by guest , Nov 02, 2009 1:24PM
Shazzam,
Thank you for killing Greg. I will JO&C now.
Posted by guest , Nov 02, 2009 1:25PM
For reference: "DealBreaker is an online business tabloid and Wall Street gossip site that covers the personalities and culture that shape the financial industry, offering original commentary, news and entertainment"
Tabloid... gossip... get it?
Posted by guest , Nov 02, 2009 1:29PM
Which is better? MBA or Yahoo! Finance msg boards?
Posted by guest , Nov 02, 2009 1:35PM
holy shit this Shaz guy has a brain! thx for killing greg.
Posted by guest , Nov 02, 2009 1:41PM
SHAZANUS hath arived.
All hail, SHAZANUS!
Posted by guest , Nov 02, 2009 1:45PM
Who recommended this? Greg's mom?
Posted by guest , Nov 02, 2009 1:52PM
It's unpossible that you are as bad as Greg. Bess - who runs HR? Helen Keller?
Posted by guest , Nov 02, 2009 2:00PM
Shazar, I am going to give you a grace period of one week in which no physical harm will come from my bare hands. Instead, I plan to rub Cheetos deep into your berber carpet, which will hopefully give you self inflected mild back pain as you wipe up the mess.
-Jeff Macke
Posted by guest , Nov 02, 2009 2:05PM
Macke -
You magnificent bastard.
Love,
Greg's Mom
Posted by guest , Nov 02, 2009 2:32PM
It is hereby decreed that every Shazam post shall contain a rhetorical question and a series of words in "air quotes".
Posted by guest , Nov 02, 2009 2:33PM
@10 You left out multiple links back to finalternatives.com
Posted by guest , Nov 02, 2009 2:36PM
@10 Also: at least 1 "Recommend This" before any comments
Posted by guest , Nov 02, 2009 2:46PM
@12
To be fair don't we need to give the guy a few weeks to get a few DB posts to link back to?
Posted by guest , Nov 02, 2009 2:51PM
SHAZANUS Recommended This
Posted by guest , Nov 02, 2009 2:55PM
@13: "No"
Posted by guest , Nov 02, 2009 4:13PM
everyone should recommend this magnificent specimen of a post.
Posted by Anal_yst , Nov 02, 2009 4:15PM
just like with greggums, new guy gets a month to figure it out. after that, its anybody's guess
Posted by guest , Nov 02, 2009 6:19PM
Who is this infidel Shazar?
Posted by guest , Nov 02, 2009 6:56PM
I think Shaz is Bess' boytoy or something. Aren't those two kids an item?