Citadel tops list of private U.S. trading venues in new report (Reuters)
Citadel LLC, which also has a hedge fund, executed just over 1.1 billion shares in its brokerage the week of April 4, according to the Financial Industry Regulatory Authority. At that scale, if Citadel was a public stock exchange, it would be the seventh-largest out of 13, ahead of some exchanges run by Intercontinental Exchange Inc's (ICE.N) NYSE Group, Nasdaq Inc (NDAQ.O), and Bats Global Markets (BATS.Z), which operate multiple trading platforms, according to data from Bats.
Exxon Mobil Loses Top Credit Rating It Held Since Depression (Bloomberg)
Exxon Mobil Corp. was demoted from the top credit rating by Standard & Poor’s for the first time since the Great Depression as the collapse of the biggest oil-market rally in history strangled cash flows.
Citigroup to Put 1,000 More Employees in Florida Amid Cost Cuts (Bloomberg)
The bank, which has reduced its workforce in 13 of the past 14 quarters, plans to add about 1,000 people in the state as it shifts more operations there, Chief Executive Officer Michael Corbat told shareholders Tuesday at an annual meeting in Coral Gables, near Miami.
Presidential Campaign Rancor Begins to Infect the Economy (Bloomberg)
Manufacturing companies this month reported the smallest improvement in business since 2009, with a growing number citing political uncertainty as a reason for the sluggishness. Pre-election jitters also are turning households more cautious, with consumer confidence as measured by the University of Michigan at its lowest level since September. “The level of anxiety is rising,” said Nariman Behravesh, chief economist for consultants IHS Inc. “It’s become a small negative for the economy.”
Nashville man ordered to remove zombie statue from front yard (UPI)
Jim Grinstead said he and his wife have occupied their Nashville home for nearly 10 years, and the zombie statue they affectionately dubbed "Clawed" has been in their front yard for the past five years. He said he was surprised to receive a letter from the homeowners association ordering him to do away with the statue, which depicts the head and arms of a zombie climbing up out of the ground. "During a recent inspection of the community on April 19, 2016, it was noted that there is a zombie in your yard that needs to be removed," the letter reads. "At first I was pissed, but then I thought about it for a second and I said, 'this is utterly ridiculous,'" Grinstead told the New York Daily News.
New Rule Proposed for Big U.S. Banks’ Liquidity (WSJ)
Large U.S. banks will have to prove they have enough cash for up to a year to avert a crippling liquidity crunch that led to the collapse of Wall Street firms in 2008 under a new rule proposed Tuesday. The rule, while stricter than the previous nonbinding requirements from global regulators, apparently won’t force much change in current business practices at the biggest U.S. banks. Regulators said that, looking at banks’ balance sheets, there was a small shortfall of stable funding compared with current requirements, and banks would need to boost such funds by 0.5%. That means the rule would require an additional $39 billion in funding among the largest U.S. banks to meet the new requirement, according to the proposal.
Demand for U.K. Debt Soars as Investors Relax on ‘Brexit’ (WSJ)
Bumper demand for a multibillion pound sale of U.K. government debt issued on Tuesday and a sharp rally in sterling, appeared to show that investors are more relaxed about Britain’s June vote on its membership of the European Union. The £4.75 billion ($6.9 billion) debt sale attracted £21 billion of orders, according to a notice released on Tuesday by banks underwriting the deal. The pound, meanwhile, rose 1% against the dollar on the day, reaching its highest level against the greenback since early February. The currency rallied as recent opinion polls showed the U.K. leaning toward a vote to stay in the EU.
Citigroup shareholders endorse executive pay; nix breakup study (Reuters)
In the so-called "say-on-pay" referendum, 63.6 percent of votes were cast to approve 2015 compensation awards, according to a preliminary count announced by the company at its annual general meeting in Miami...In another vote, only 3.5 percent of votes cast favored a breakup study of the bank, which is the fourth biggest in the United States by assets.
Surfing dogs compete for spot on Rose Parade float (UPI)
Talented canines rode the waves in California to show off their surfing skills and compete for a place on the 2017 Rose Parade float. The Saturday surfing contest, part of the three-day America's Family Pet Expo in Costa Mesa, involved the agile canines testing out their surfing skills in a wave machine. The surfing contest was sponsored by Lucy Pet Products, which said the contest is helping the company to choose surfing dogs to appear on its float in Pasadena Jan. 1.