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Ivy Schmerken
94 followers -
Financial Writer/Reporter, Wall Street Watcher, Mom, Tennis Fan
Financial Writer/Reporter, Wall Street Watcher, Mom, Tennis Fan

94 followers
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There has been speculation that #ICE   could sell the New York Stock Exchange business because U.S. equities trading doesn't fit in with the parent's focus on derivatives . But during an earnings call, ICE CEO Jeff Sprecher clarified that it's committed to the NYSE for "two years" since it expects to reap the benefits  of the NYSE's earnings growth through listings and data services. But if the NYSE becomes a "drag" and is unable to grow its parent's earnings, according to #Reuters , Sprecher told analysts and media that ICE has a history of unloading businesses that didn't perform. So only days after the CME announces its decision to close trading floors, ICE is giving an ultimatum about the NYSE"s business. Does that mean the NYSE floor has two more years?

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With the rise of electronic trading in futures, this week CME Group said it plans to shutter its open-outcry trading pits in July where traders stand shouting bids and offers, gesticulating with hand signals. The exchange will keep its S&P 500 index futures and options pits running,  as well as two index products based on the Dow Jones Industrial Average and the Nasdaq index. While decision was expected, it still marks the end of a floor-based culture and the ascent of machines. Market makers and customers now prefer the speed and efficiency of screen-based trading so the pits are much quieter.  If not now, then maybe someday the jackets will be collector's items - like a Van Gogh painting that sells for millions at Sothebys.

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CFTC ranked as the No. 6 worst place to work as compared to 29 federal agencies. A sad state of affairs for professionals who oversee derivatives and whose cash-strapped agency had to borrow money from the Treasury dept. 

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Powerful op/ed piece for parents and anyone who has been taught to be perfect and not to take risks, try new things.. Parents should let their kids fail young and it's good for the economy, says the author.

60 Minutes will  feature Michael Lewis, author of Flash Boys, a new book making waves on Wall Street. Brad Katsuyama, CEO of IEX, figured out that his orders were disadvantaged when he was head of trading at #RBC.  RBC trading floor images in @60Minutes"Rigged" from @wallstreettech http://goo.gl/QkIj7T #FlashBoys #HFT #IEX

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New York's Attorney General is pressuring companies that provide high-speed traders with an information edge to discontinue the practice. However, a Canadian company, Marketwired, claims it acted on its own.
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