High-Frequency Trader Hudson River to Execute Retail Stock Trades [WSJ]
The firm—which handles around 8% of daily U.S. stock-trading volume—has been building out a so-called retail wholesaler business. It aims to launch later this year or in early 2022…. By entering the business, New York-based Hudson River is setting its sights on two huge rivals: Citadel Securities and Virtu Financial Inc. Together, the two firms handle more than 70% of individual investors’ stock orders….
Scandal-hit Credit Suisse considers creating single private bank -sources [Reuters]
Such a change would reel local managers in Asia and internationally, who have enjoyed considerable autonomy, under tight Swiss control as well as making it easier to cut costs….
The executives are concerned that Switzerland's second-largest bank, which has been hit by two scandals this year, could face break-up calls from investors, or that its shrinking stock-market value makes it a foreign takeover target.
A domestic merger with UBS, something that has been discussed in the past, is viewed as a more palatable option, three sources also told Reuters last week.
Daniel Loeb-backed SentinelOne raises over $1 billion in upsized U.S. IPO [Reuters]
The company sold 35 million shares priced at $35 per share. It had earlier planned to sell 32 million shares priced between $31 and $32 per share…. SentinelOne protects laptops and mobile phones from security breaches by using artificial intelligence technology to identify unusual behavior in enterprise networks….
Morgan Stanley and Goldman Sachs were the lead underwriters for the offering.
N.J. attorney general is appointed director of enforcement at the S.E.C. [NYT]
[SEC Chairman Gary] Gensler, the S.E.C. chairman, announced on Tuesday that he had picked Gurbir Grewal, New Jersey’s attorney general since 2018, to run the all-important division at the nation’s top securities regulator. Mr. Grewal previously served as a federal prosecutor in Brooklyn and New Jersey, and was the chief prosecutor for Bergen County, one of New Jersey’s most populous counties…. Mr. Gensler’s first pick for the job, Alex Oh, a former Paul Weiss partner, had to resign just days after being named because of a controversy involving a federal judge’s ruling in a case for one of her corporate clients.
Berkshire's Munger says China right to clip Ma's wings [Reuters]
The 97-year-old told CNBC in an interview alongside Berkshire CEO and billionaire investor Warren Buffett that the United States should take a leaf out of China's book and "step in preemptively to stop speculation".
"I don't want the, all of the Chinese system, but I certainly would like to have the financial part of it in my own country," he said in the interview aired on Tuesday in the United States….
"Communists did the right thing. They just called in Jack Ma and say, "You aren't gonna do it, sonny," Munger said.
Trump Organization expects to be charged Thursday in Manhattan criminal case [CNBC]
It is not yet clear whether any other people, particularly Trump Organization Chief Financial Officer Allen Weisselberg, also will be charged Thursday. Trump himself is not expected to be charged Thursday…. Any charges filed Thursday or later in the week are not expected to be the end of the case. Vance’s office is continuing to investigate allegations that the Trump Organization misstated the value of various real estate properties for financial benefit.