Global bank regulators call for more risk controls around algo trading NEW YORK, April 30- Banks need to put in place more stringent standards around algorithmic trading to help reduce risks to the financial system as trading becomes more electronic and increasingly complex, a group made up of global regulators said on Thursday. Another example was the 2012 Facebook Inc initial public offering, when market makers lost around $500...
| By: John McCrank
Flash crash trader's CME seat: bought for $435,000, now worth just $69,500 SAN FRANCISCO/ CHICAGO, April 24- The UK- based trader accused by U.S. authorities of making more than $40 million manipulating markets and contributing to the 2010 Wall Street flash crash was on the losing end of at least one trade: his purchase of the CME Group seat that helped to make the alleged scheme possible. Navinder Sarao bought the seat in May 2008 for...
| By: Ann Saphir and Tom Polansek
Wall Street eyes data, Greece meeting U.S. stock index futures indicated a higher open on Friday, as investors cheered a record Nasdaq close spurred by positive earnings.
| By: Jenny Cosgrave
UPDATE 1-Nasdaq to settle Facebook IPO lawsuit for $26.5 million NEW YORK, April 23- In a first for a U.S. stock exchange, Nasdaq OMX Group on Thursday agreed to pay $26.5 million to settle a class-action lawsuit involving its bungling of Facebook Inc's $16 billion initial public offering, the plaintiffs' lawyers said. "This is the first case that we are aware of where a class of investors has sued an exchange for market disruption,...
| By: John McCrank
Nasdaq OMX beats 1Q profit forecasts NEW YORK- The Nasdaq OMX Group Inc. on Thursday reported first-quarter net income of $9 million. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share. Nasdaq OMX shares have risen almost 2 percent since the beginning of the year, while the Standard& Poor's 500 index has increased slightly more than 2...
Source: The Associated Press
Exchanges, SIFMA go to SEC trial in battle over market data fees In a hearing before a Securities and Exchange Commission administrative law judge, an attorney for the Securities Industry and Financial Markets Association tried to undercut testimony from an employee at Intercontinental Exchange's NYSE Arca. At the heart of the case is a fundamental question about whether competition between NYSE and Nasdaq OMX is...
| By: Sarah N. Lynch