• Exchanges

    There’s Always A Bull Market Somewhere!

    How big has the global sell-off that began last summer been? Simply huge. Record numbers of stocks have traded hands on exchanges in Chicago, London, New York and Frankfurt, according to Bloomberg. But don’t get too long the exchanges yet. Fees are down, and many investors may simply be exiting the market altogether. The news […]

    / Jan 28, 2008 at 9:08 AM
  • Exchanges, John Thain, Merrill Lynch, NYSE

    Merrill Lynch Taps Thain
    New York Post Reports Announcement Will Come This Afternoon

    It looks like it’s Merrill Lynch that is nabbing New York Stock Exchange chief executive John Thain. The New York Post has just reported that Merrill is expected to announce that it has hired Thain to replace ousted CEO Stan O’Neal sometime this afternoon. Zach Kouwe, whose reporting has scooped the world on this story, […]

    / Nov 14, 2007 at 12:20 PM
  • Exchanges, NYSE, Reader Poll

    NYSE Meeting: A Reader Poll

    Let’s assume for a moment that the rumors (and CNBC’s Bob Pisani) are right and the board of the New York Stock Exchange is holding an unscheduled meeting right now. Views about what is happening are divided, so we figured we’d go to the experts: our readers. What do you think is going on at […]

    / Nov 14, 2007 at 11:05 AM
  • Exchanges

    Sao Paulo Stock Exchange Owners Plan Public Offering

    Well would you look at that? Yesterday we made Bovespa as our random index of the day for Closing Bell. And today—obviously looking to take advantage of the new visibility the Sao Paulo Stock Exchange now enjoys after being mentioned on DealBreaker—the owners of the exchange have announced that they plan to raise $2.5 billion […]

    / Oct 5, 2007 at 9:00 AM
  • Exchanges

    ISE Founder Sells Nearly 5% Of His Stake In Electronic Exchange

    William Porter earlier this week sold nearly 5% of his shares in the International Securities Exchange, one of the leading electronic options exchanges, according to documents obtained by DealBreaker. Porter, who also founded E*Trade and sits on its board, was one of the founders of ISE. He served on the board until term limits forced […]

    / Aug 30, 2007 at 3:18 PM
  • Chicago, Exchanges, Mergers & Acquisitions

    Exchange Love Triangle: Chicago Exchanges to Merge

    Chicago Board of Trade shareholders accepted an $11.8bn merger proposal from the Chicago Mercantile Exchange yesterday, ending nine months of negotiations and an unremitting rival bid from IntercontinentalExchange. The results of yesterday’s shareholder vote, which will create the world’s largest futures exchange, were announced simultaneously by CBOT and CME last night. CME Group will come […]

    / Jul 10, 2007 at 12:56 PM
  • CBOT, Chicago, Exchanges

    Exchange Love Triangle: Merc Ups Offer Before Shareholder Vote

    With a shareholder vote on Monday, the Chicago Mercantile Exchange increased its bid for the Chicago Board of Trade again today, all but securing a deal set to create the largest derivatives exchange in the world. The new Merc bid is valued at $11.3bn, still short of the rival $11.4bn offer from the Atlanta based […]

    / Jul 6, 2007 at 12:22 PM
  • Exchanges

    Philly Kerfluffle May Soon Be Over

    A “bitter” lawsuit involving several former Philadelphia Stock Exchange owners, PHLX board members, Merrill Lynch, Citadel and others may soon be resolved. Ex-seatholder Chuck Ginsburg alleges that he and older people in the possession of seats weren’t consulted before a deal to sell Archipelago for $50 million in 2004 was rejected because CEO Meyer “Sandy” […]

    / Jun 18, 2007 at 10:00 AM
  • Exchanges

    ICE to CBOT: We Can Make That CBOE Problem Go Away

    IntercontinentalExchange poured a little extra honey on its bid for the Chicago Board of Trade today, throwing a settlement over a longstanding dispute with the Chicago Board Options Exchange on top of its bid. ICE has been locked in a bidding war with the Chicago Mercantile Exchange for the Board of Trade. Since its first […]

    / May 30, 2007 at 8:58 AM
  • Exchanges, M&A

    Chicago Merc Now Loves Chicago Board of Trade 16% More

    The Chicago Mercantile Exchange “sweetened” its bid for the Chicago Board of Trade this morning.* The new offer would exchange each CBOT share for a 0.35 share of the CME, which adds up to a 16% increase from the original merger agreement. The CME is also promising a buyback of its own shares after the […]

    / May 11, 2007 at 9:16 AM
  • Exchanges

    CBOT Wars: New York Versus Chicago

    The latest twist in the battle to control the Chicago Board of Trade is a kind of conspiracy theory. According to this theory, New York and London banks are attempting to buy CBOT through their proxy, the Intercontinental Exchange, in order to capture the derivatives trading business from Chicago. The Chicago Tribune plays the Chicago […]

    / Apr 10, 2007 at 9:34 AM
  • Exchanges, NYSE, SEC

    NYSE And REG NMS: The Mystery Continues

    Why can’t we get a straight answer on this? Last week we reported that a source familiar with the market regulation work at the Securities and Exchange Commission had told DealBreaker that the New York Stock Exchange is still not in compliance with government regulations meant secure the best price available for stock traders. The […]

    / Apr 9, 2007 at 3:57 PM
  • Exchanges, NYSE, Regulators, SEC

    NYSE: Still Not Complying With Reg NMS?

    The New York Stock Exchange is still not in compliance with government regulations meant secure the best price available for stock traders, a source familiar with the SEC’s regulatory work says. The National Market System regulation—known as “Reg NMS” to regulators and securities industry insiders—requires stock exchanges to provide smaller traders and individuals with access […]

    / Apr 5, 2007 at 10:13 AM
  • Apollo, Banks, Blackstone, Blackstone Group, Exchanges, Goldman Sachs, JPMorganChase, KKR, Private Equity

    The Rumored KKR IPO Is Rumored To Be Kaput

    An initial public offering has been ruled out by Kohlbeg Kravis & Roberts, sources tell DealBreaker. “KKR is next” was one of the most persistent rumors that arose in the wake of news that Blackstone would offer $4 billion of limited partnership equity to the public was. There were published reports claiming that bankers at […]

    / Apr 5, 2007 at 9:29 AM
  • Exchanges

    CBOT War: Brokers Versus Exchanges

    At some point in the mythical past the relationship between the exchanges and broker-dealers could supposedly be described as “cozy” but that was before the exchanges started piling on the fees and brokers started sleeping around with alternative trading platforms. The top guy covering this little lovers-spat-turned all-but all-out war is Reuter’s Jonathan Keehner, and […]

    / Apr 3, 2007 at 11:35 AM
  • Electronic Trading, Exchanges, Glitch, John Thain, Market Plunge, NYSE, Regulators, SEC, Wall Street Journal

    Thain: There Is No Investigation! Hybrid Rocks!

    Apparently no one at the SEC tipped off John Thain that they are looking into the alleged problems with the hybrid trading system. John Thain, head of the New York Stock Exchange, told CNBC’s Bob Pisani that there is no investigation by the Securities and Exchange Commission of trading problems at the the Big Board […]

    / Mar 1, 2007 at 1:05 PM
  • Electronic Trading, Exchanges, Glitch, Market Plunge, NYSE, Specialists

    GlitchWatch: John Thain In Defense of Specialists?

    Reading the remarks of John Thain is the new Kremlinology. As we noted in our earlier item, Thain defended the hybrid system yesterday. But one thing we didn’t get around to noticing until we re-watched the interview this morning is that hain defended not just the electronic aspects of the hybrid system but the human […]

    / Mar 1, 2007 at 11:34 AM
  • Electronic Trading, Exchanges, Glitch, John Thain, Market Plunge, NYSE

    GlitchWatch: Was Thain’s Defense of Hybrid Pure Spin?

    Late yesterday afternoon we reported on New York Stock Exchange chief executive John Thain’s interview on CNBC explaining why traders had been told to keep their books open past 4 PM. But there was more than just that to the Thain interview. The NYSE chief also came out swinging—or what passes for swinging for the […]

    / Mar 1, 2007 at 11:09 AM
  • Exchanges, Glitch, NYSE

    Circuit Breakers, Trading Curbs: A Refresher

    This infographic from the New York Stock Exchange is just about the clearest illustration of when the NYSE will put the breaks on a plummeting market. (Or a skyrocketing market, but that’s unlikely to be an issue today.) The circuit breakers don’t kick in until there is a 1,250 point drop in the Dow Jones […]

    / Mar 1, 2007 at 10:04 AM
  • Electronic Trading, Exchanges, Glitch, NYSE, Regulators, SEC

    Feds Looking Into “The Glitch”

    Federal authorities are looking into the Glitch, the Wall Street Journal’s “Heard on the Street” column reported this morning. Or at least one of the glitches. It seems that lawmakers and investigators at the SEC are wondering whether the New York Stock Exchange’s move to a hybrid system combining specialists on the trading floors with […]

    / Mar 1, 2007 at 9:28 AM
  • Electronic Trading, Exchanges, Glitch, Market Plunge, NYSE, Specialists

    The Vinnys Fight Back!

    Color us skeptical when it comes to all the blather blaming yesterday’s sell-off on a computer glitch. Or glitches. Why? Because it seems the main thing that caused the computer glitch was so many sell-orders pushing through the system at once. If selling caused the glitch, how could the glitch cause the selling? Okay, maybe […]

    / Feb 28, 2007 at 12:40 PM
  • Exchanges

    It’s Covered In The ‘Subject’ Line, Plus Totally Unsubstantiated $H 411

    We’d planned to just COMPLETELY ignore what’s probably the biggest story of today—the massive market tank correction—but Tim Sykes was getting a little stale, I needed to post something substantive so I could use the space to say– “sidebar: I plan to keep up the ‘say something chick-like and then claim to be Carney jokes’ […]

    / Feb 27, 2007 at 4:16 PM
  • Exchanges

    Jeers Greet The End Of A Very Volatile, Very Down Day

    Some people definitely made money on the volume and volatility today–we got some gloating instant messages from them–but you wouldn’t know it from the sound from the floor as the closing bell rang out at the New York Stock Exchange. This is the first time we remember hearing actual boo-ing from the exchange floor. There’s […]

    / Feb 27, 2007 at 4:00 PM
  • Banks, CEOs, CNBC, Electronic Trading, Exchanges, Goldman Sachs, NYSE, Specialists

    Niederauer, For One, Welcomes Our New Robotic Masters

    Word hit last night that the New York Stock Exchange would as of right now be a wholly-owned subsidiary of Goldman Sachs and specialists would be scheduled for immediate extermination. That, at least, was the reaction coming from a couple of specialists we spoke to today about the news that Goldman Sachs managing partner Duncan […]

    / Feb 27, 2007 at 3:09 PM
  • Exchanges, legal, NYSE, Specialists

    Finnerty Is Free!

    The controversial conviction of NYSE specialist David Finnerty was thrown out by a federal judge this morning. Finnerty was convicted back in October after a surprisingly brief jury deliberation that led some to wonder whether the verdict would stand up on appeal. Now we know it didn’t. U.S. District Judge Denny Chin in New York […]

    / Feb 21, 2007 at 1:16 PM
  • Exchanges, Morgan Stanley, NYSE

    Rounding Error: How Morgan Stanley Turned a $10.5 Million Trade Into A $10.5 Billion Trade

    So a few years ago, a Morgan Stanley trader placed a $10.5 billion order for shares to cover a short position. The problem is that he was only trying to buy $10.5 million of the stock. You can only imagine what this did to the markets. But, believe it or not, this kind of “rounding […]

    / Feb 7, 2007 at 4:11 PM
  • Banks, Exchanges, Goldman Sachs, Jon Corzine, NYSE

    John Thain: Assassin?

    The New York Magazine article on New York Stock Exchange CEO John Thain mostly concentrates its energy on the growth of hybrid trading the the expected extinction of specialists and floor traders. Yawn. But it does contain a few gems, including a lede that fantasizes a world in which all the poor and unstylish people […]

    / Jan 3, 2007 at 11:05 AM
  • Exchanges, NYSE, traders

    More Rumbling On Wall Street

    The New York Post reports on yesterday’s NYSE trading floor brawl: Veteran floor trader Bob Tomasulo, a 57-year-old grandfather, was assaulted and barraged with obscenities in front of stunned co-workers after kidding with Stephen Mara about the Giants’ embarrassing 36-22 loss to the Philadelphia Eagles on Sunday, witnesses and Tomasulo told The Post. “Mara started […]

    / Dec 20, 2006 at 4:07 PM

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