Bloomberg offers cheaper chat to silence Symphony (FT)
For years, the financial information powerhouse has had a rigid pricing structure, offering terminals that provide services ranging from financial data to messaging for a fixed price — currently $22,000 a year for a bulk deal, over a two-year term. But Bloomberg has unbundled a core feature, say people familiar with its sales efforts, offering a chat-only service for $10 a month per user. The company began offering the service, known as Enterprise IB, to certain customers this year and plans to roll it out more broadly by the end of this year.
US regulator declares ‘dead’ moves to seize HFT code (FT)
Brian Quintenz, a new member of the CFTC, said in his first public remarks that the agency must start from scratch on its embattled automated trading rule, meant to reduce the risk of market chaos from software going haywire. The most controversial aspect of that regulation dealt with “source code”, the closely guarded programs that contain a firm’s proprietary strategies. “The prior administration’s massively overreaching and highly concerning ‘source code repository’ proposal is D-E-A-D,” Mr Quintenz told a conference Wednesday.
Wall Street Regulator Is Also an Investor—With Meager Returns (WSJ)
From its inception in 2004 through the end of 2016, Finra’s $1.6 billion investment portfolio has brought in $440 million less than what a balanced mix of global stocks and U.S. bonds would have yielded, according to Wall Street Journal calculations. It has returned 3.4% annually, versus 6% for the half-stock, half-bond portfolio, according to the Journal’s analysis of figures disclosed in Finra’s annual reports.
Too Many Empty Chairs at the Federal Reserve (WSJ)
Failure to manage these vacancies creates two problems. First, an understaffed Fed cannot perform all the tasks Congress has placed before it. Using aspects of its emergency authority to respond to financial crisis requires five governors; other quorum rules require four. More important, failure to maintain a full board erodes one of the essential mechanisms of public accountability.
Wu-Tang Clan’s Ghostface Killah co-founded a cryptocurrency venture (CNBC)
A cryptocurrency firm co-founded by U.S. rapper Ghostface Killah hopes to raise $30 million in a digital coin sale. Cream Capital said Wednesday it would raise the funds through an initial coin offering ... The name of the firm was inspired in part by Wu-Tang Clan's hit "C.R.E.A.M." – which stands for Cash Rules Everything Around Me. "Although in this sense it stands for Crypto Rules Everything Around Me of which we have been granted a trademark," Cream CEO Brett Westbrook said.
Unarmed Security Guard Took On Las Vegas Killer Stephen Paddock (Daily Beast)
Jesus Campos had no firearm when he found Stephen Paddock and approached his room on the 32rd floor of Mandalay Bay on Sunday night. Paddock, who had rigged cameras in the hallway and on the peephole of the door, saw Campos coming and fired through the door, hitting him in the leg, said Dave Hickey, president of the International Union, Security, Police and Fire Professionals of America.
Hey Facebook, you got a problem with New Jersey or what? (FT Alphaville)
Last month, analyst Brian Wieser found out that Facebook claims to reach 33 per cent more Americans in the 18-to-34-year-old demographic than actually exist. On closer look, that’s also true for most individual states — except for New Jersey, home of The Boss, Chris Christie and the formerly imprisoned patriarch of the Kushner family. Facebook’s estimated reach with 18-to-34-year-old New Jerseyans is almost spot on, just 3 per cent above its estimated 2016 population, according the Census Bureau and the social network’s ad manager.
Physicists find we’re not living in a computer simulation (Cosmos)
In a paper published in the journal Science Advances, Zohar Ringel and Dmitry Kovrizhi show that constructing a computer simulation of a particular quantum phenomenon that occurs in metals is impossible – not just practically, but in principle.
Arrested drunk man claims he time traveled to warn of aliens (AP)
Police say a central Wyoming man they arrested for public intoxication claimed he had traveled back in time to warn of an alien invasion. The man told police he was only able to time travel because aliens filled his body with alcohol. He noted that he was supposed to be transported to the year 2018, not this year.