The US equity market is about to start a two-year programme testing changes for small-cap equity trading. This guest post from Richard Johnson, a market-structure and technology strategist with Greenwich Associates, argues that the costs of the programme may outweigh the benefits. _____
In 1789 the French revolution signaled to Europe and the rest of the world that monarchy was on its way out and new democratic age was beginning. Now, with Online Public Offerings made possible thanks to the JOBS ACT, Washio can raise capital directly from the public. So why did they not do it ? – from a Medium blog post by Howard Marks, executive chairman at StarEngine and co-founder at Activision/Blizzard.
Have you ever got bored shopping online, tried to close the window and basically been told by the computer that you can’t leave? Well, apparently that bit where your computer tells you to keep shopping is a product itself, one that has won British technology startup Ve Interactive plaudits in the press, £55m of investment and a coveted “unicorn” valuation of over $1bn along the way.
Citi’s Matt King has some harsh words for central bankers ahead of this week’s gathering in Jackson Hole, Wyoming: he says they’ve broken the market. King echoes a group of fund managers who say central banks’ stimulus efforts are distorting the way global markets function. The problem is this: with negative yields on $13 trillion of safe assets, investment managers are crowding into the shrinking group of investments with yield — or into securities they may be able to sell to central banks.
This state-owned thing is massive. China massive. Fifth largest bank in China by assets and largest by number of branches massive — 40,000 branches nationwide and “about 500 million clients or nearly half of China’s population” massive at that. Its plan is to IPO in September in Hong Kong…
PageGroup shows referendum jitters while Asos bucks the UK retail trend with strong sales and housebuilder Galliford Try expects postive results. FT Opening Quote is your early Square Mile briefing, with deputy companies editor Matthew Vincent. You can sign up for the full newsletter here.