Plan for New Stock Exchange Stirs Furious Debate (Dealbook)
The proposal comes from the Investors Exchange, or IEX, a company that became a symbol of the fight against high-frequency trading detailed in Michael Lewis’s book “Flash Boys.” Simply put, the application submitted by IEX to regulators in September explains that as an exchange it intends to use a 350-millisecond “speed bump” to stand in the way of traders that place and cancel orders more frequently than that...But the proposal has also drawn criticism from the other large stock exchange companies, a coalition of high-speed-trading firms and, perhaps most troublesome for IEX, one of the largest companies handling retail stock trades from ordinary investors, Citadel, the huge Chicago-based investment firm founded by Kenneth C. Griffin. Those companies have all said that IEX will introduce one more complex wrinkle that will end up benefiting one set of market participants over another, rather than leveling the playing field.
Security Issues Threaten Global Economy (WSJ)
The global economy is facing an array of headwinds, including slowing growth in China and a number of large developing economies, and a fresh recession in Japan and a still-anemic recovery in Europe. The attacks are likely to add another layer of anxiety around the globe already jittery over many risks. “The G-20 does not have the luxury of turning a blind eye to issues that directly impact the global economy,” said President Recep Tayyip Erdogan of Turkey, which held the group’s presidency this year. “It is impossible to talk about a strong global economy without establishing worldwide peace and stability.”
Exclusive: After market crash, China mulls single 'super-regulator' - sources (Reuters)
The three regulatory agencies that may be merged are the CSRC, the China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC)...Beijing is looking at Britain's regulatory set-up as a model, among other options, the senior regulator source said. Britain reformed its regulation after the global financial crisis, handing the Bank of England more control over the financial system, partly in the hope of avoiding future bank failures.
DraftKings, FanDuel Fail to Stave Off Court Case (WSJ)
DraftKings Inc. and FanDuel Inc. asked a state court to prevent New York Attorney General Eric Schneiderman from following through with a cease-and-desist order he sent to the businesses last week. A judge denied that request Monday. A court hearing on the matter is scheduled for Nov. 25. The attorney general had demanded DraftKings and FanDuel shut down, saying daily fantasy games constitute illegal gambling and are subject to criminal penalties. Mr. Schneiderman called the companies, which dominate the daily-fantasy industry, “leaders of a massive, multibillion-dollar scheme intended to evade the law and fleece sports fans across the country.”
Woman Battered Beau Over Sex Position Dispute (TSG)
According to cops, Wendy Luper and Michael Vaccaro--who were married for 12 years--drove together to retrieve some of his belongings from their storage unit in Bradenton. While parked in the rear of the facility, “Luper got undressed, and asked Vaccaro if he wanted to have sexual intercourse,” police reported. “Vaccaro agreed, and told Luper to lay down.” But Luper, a court filing notes, “did not want to have sexual intercourse in that position and stated no.” It is unclear where the pair was planning to tryst, or the position that was rejected by Luper. During a subsequent argument, Luper allegedly struck Vaccaro in the head with a thrown object. As Vaccaro sought to remove some of his belongings from the car’s rear seat, Luper allegedly accelerated the auto “with Vaccaro still half way inside the vehicle.” As Vaccaro “pulled out of the vehicle,” Luper drove over his right foot.
Top Hedge Funds Are Cutting Back U.S. Stocks (Bloomberg)
Some of the most closely watched money managers are retreating from U.S. stocks after the market has more than tripled from its 2008 low. Druckenmiller, who produced average annual returns of 30 percent from 1986 through 2010 at his Duquesne Capital Management, told an investor conference earlier this month that his outlook on equities could turn negative. Tepper, Appaloosa’s billionaire founder, said in September that he’s not as optimistic on the stock market as he could be because expectations for corporate earnings were high.
Soros Fund Management exits its bet on Herbalife (Reuters)
Soros Fund Management, one of the hedge funds industry's most closely watched investors, exited its bet on Herbalife (NYSE: HLF), the nutrition company that rival investor William Ackman has called a fraud. Soros, which has been betting on Herbalife for roughly two years, said in a regulatory filing that it liquidated its position by selling nearly 2 million shares during the third quarter.
Icahn exits eBay stake, opts for PayPal after spinoff (Reuters)
The filings with the Securities and Exchange Commission showed that Icahn sold his stake of 46.3 million shares in eBay and reported the same number of shares in PayPal (PYPL.O), which completed its spinoff from eBay in mid-July.
Shooting Suspect Snorts Heroin Pulled From Butt While in Custody: DA (DNAI)
The suspect believed to be involved in a fatal shooting during a failed bid to take over [a] drug trade in a Manhattan McDonalds (NYSE: MCD) snorted drugs in a precinct interrogation room from a bag he pulled from his own butt on Saturday, authorities said. Vincent Arcona, 27, snorted the drug and threw the bag on the ground, before admitting to Midtown South Precinct Detective Adrian Calemmo that the bag was full of heroin, according to an affidavit.