Facebook Fiasco Drags UBS Profit Lower
UBS blamed its 349
million Swiss franc ($360 million)loss from Facebook's
botched U.S. market debut on exchange operator Nasdaq,
saying orders for the stock had been entered multiple times due
to a systems failure.
The End of An Era: ICE Closes NY Trading Floor
The exchange, depicted in the popular 1983 film Trading Places, has a history dating back to the New York Cotton Exchange, which was founded in 1870 and later became the Coffee, Sugar and Cocoa Exchange.
ICE to End New York Floor Trading After 142 Years
The 142-year-old tradition of
floor-based open-outcry trading at the former New York Cotton
Exchange is coming to an end as the last of its contracts --
options on futures tied to agricultural products such as sugar
and cocoa -- go exclusively electronic.
TMX Group Profit Hurt by Weakness in Equity Markets
TMX Group Inc reported a
drop in second-quarter profit on Friday, as weak equity markets
hurt trading volumes and dried up the pipeline for new listings
and financings just as the Toronto Stock Exchange operator gets
set to be acquired by Maple Group.
Nasdaq Quarterly Profit Boosted by Data Business
Nasdaq OMX Group said on
Wednesday its profit rose in the second quarter, which was
marked by the bungled Facebook IPO, as cost controls and growth
in the exchange operator's market data business helped offset a
slowdown in trading volumes.
The Danger of Too Much Dark Liquidity
Dark pools play a critical role in today's market. But rising dark pool volumes mean wider spreads and higher costs on the lit markets, according to researchers in the U.S. and abroad.
As Wall Street Turns: Portware Buys Pipeline Tech Assets
In a move that seems too close to the Pipeline soap opera, EMS provider Portware will integrate the predictive analytics that it acquired from the former dark pool, while offering customers a broker-neutral solution to improve trading performance.
Do Traditional Buy-Side Firms Need to Colocate?
Wedbush Securites' new low-latency trading platform recently scored a number of long-only buy-side clients. But experts disagree on whether traditional asset managers need such high-speed, and costly, market access.
Singapore Exchange Denies LSE Merger Talks
The Singapore Exchange (SGX) denied it was in talks to buy the London Stock Exchange, a sign there is little appetite for more large cross-border deals after several takeover attempts failed.
Canadian Exchange Deal Wins Final Clearance
The C$3.8 billion ($3.72
billion) acquisition of Canada's TMX Group cleared its
final regulatory hurdles on Wednesday, allowing a financial
consortium to take control of all of the country's major
securities exchanges and related businesses.
NYSE Goes Dark
NYSE gets its very own dark pool following approval by the SEC.