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TRENDING TAGS
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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NewsMakers: E*Trade, Goldman, TD Bank, CIBC, Cantor, Barclays
- E*Trade Not Renewing Routing Arrangement with Citadel.
- Goldman to Buy Stake in Hedge Fund.
- TD Bank, CIBC Had Weaker Earnings.
- Cantor Continues Full-Service Investment Banking Transformation.
- Barclays: Diamond to Take Reins Earlier Than Expected.
1. E*Trade Not Renewing Routing Arrangement with Citadel. E*Trade Financial Corp announced it will not renew an agreement with Citadel Derivatives Group which, for 3 years has acted as E*Trade's chief market maker. The "payment for order flow" deal between E*Trade and hedge fund Citadel, its biggest shareholder, is set to expire at the end of the year. In January, the broker will begin routing its orders to "various 3rd parties in accordance with the company's best execution practices," - which includes its in-house market making operations. E*Trade will have more flexibility to shop orders to large market makers - e.g., Knight, Citigroup, UBS - who regularly pay online brokers fees to transact with them. [Reuters, 12/8]
2. Goldman to Buy Stake in Hedge Fund. Goldman Sachs’s Petershill Fund has agreed to buy a minority stake in Mount Lucas, a PA-based hedge fund firm that manages about $1.8 billion. — as industry deal-making remains strong. Terms of the deal weren't disclosed. The Petershill Fund was set up to invest in an array of hedge funds, and in April it took a stake in NY-based Level Global Investors, which last month was raided by federal agents as part of the insider trading investigation. Hedge fund M&A continues remains very active. [NYT Dealbook, 12/27]
3. TD Bank, CIBC Had Weaker Earnings. Earlier this month, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported weaker quarterly earnings due to a drop investment banking income. Trading fees at both banks fell sharply, while expenses at both pushed higher, overshadowing the impact of lower provisions for bad loans and stronger retail banking revenue. Unlike many U.S. and European banks, Canadian lenders did not cut their dividends or require government bailouts during the crisis. Investors now are waiting for more dividend hikes before they push stock prices higher. [Reuters, 12/2]
4. Cantor Continues Full-Service Investment Bank Transformation. Cantor Fitzgerald named Jarred Kessler of Credit Suisse as its global head of equities, replacing Kenneth Savio, who will remain with the firm. Savio was a Bear Stearns veteran and joined Cantor in 2009. Cantor, a 65-year old private partnership with about 1,400 employees, is transforming itself from a bond broker to a more diversified investment bank. [Bloomberg, 12/17]
5. Barclays: Diamond to Take Reins Earlier Than Expected. Bob Diamond will become CEO on 1/1/11, instead of in March. He replaces John Varley, who will step down from that position and from the boards, and will become a senior advisor on regulatory matters to Diamond and the board. Mr. Diamond, 59, has overseen Barclays's huge expansion of its investment banking business. [NYT Dealbook, 12/17]
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