Tag Archives: White Shoe Boys

Goldman Set Out to Automate IPOs and It Has Come Far, Really Fast

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“A computer-based interface called Deal Link has replaced informal checklists that were once tended and passed down between generations of rainmakers. It now arranges and tracks legal and compliance reviews, fills in forms and generates reports.  The industry is under intense pressure to improve profitability, while contending with young workers less willing to put in 18-hour days. At Goldman Sachs, managers say they’re looking to new technology to free up junior bankers in particular, letting them focus on more satisfying work.”

Read more: https://www.bloomberg.com/news/articles/2017-06-13/goldman-set-out-to-automate-ipos-and-it-s-come-far-really-fast

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“Due To Popular Demand” Goldman Starts Covering Bitcoin

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“It’s official: not only has bitcoin officially made its way to Wall Street, but confirming rumors that emerged over the weekend, ‘hedge’ funds – starved of volatility in virtually all other asset classes –  are now not only actively trading the volatile digital currency, but as clients of the vampire squid, have petitioned Goldman’s chief technician, Sheba Jafari to start covering it.”

Read more: http://www.zerohedge.com/news/2017-06-12/due-popular-demand-goldman-starts-covering-bitcoin

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Wall Street Can’t Agree on When to Halt the U.S. Stock Market

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“On Thursday, the nation’s three major exchange operators upgraded their rules to help prevent a repeat of the chaos seen on Aug. 24, 2015, when many securities suddenly sank. But a major sticking point remains, according to an official who spoke at an event hours after NYSE Group, Nasdaq Inc. and Bats Global Markets Inc. announced their changes.  The U.S. stock market has a circuit breaker that briefly stops all trading when there’s a big enough decline. It imposes a 15-minute pause when a 7 percent drop occurs, another 15-minute suspension at 13 percent, and a full-day halt at 20 percent.”

http://www.bloomberg.com/news/articles/2016-08-12/wall-street-can-t-agree-on-when-to-halt-the-u-s-stock-market

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Nasdaq rejects pot startup MassRoots

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“MassRoots, a social networking platform for cannabis users, said Tuesday that Nasdaq has rejected its request to trade shares on the exchange.  The Denver-based startup had hoped to become the first cannabis company to be listed on Nasdaq.  Nasdaq determined that listing the company could have been seen as aiding the distribution of an illegal substance, MassRoots said.  Isaac Dietrich, a co-founder of MassRoots, said the decision sets a ‘dangerous precedent’ that will prevent other legal marijuana companies from getting listed on national stock exchanges.”

http://money.cnn.com/2016/05/24/smallbusiness/massroots-nasdaq/

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Hedge Funds Suffer First Quarterly Net Outflows in 4 Years

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“Investors pulled a net $1.52 billion from the $2.9 trillion industry in the fourth quarter of last year, Chicago-based Hedge Fund Research said Wednesday. The typical hedge fund lost 1 percent in 2015, even after rising 0.8 percent in the fourth quarter, according to the firm’s HFRI Fund Weighted Composite Index.  Investors are ‘looking for strategies that will help preserve capital’ in a volatile market environment, Hedge Fund Research president Ken Heinz said at a press briefing in London. ‘They are positioning for anything but the S&P 500 Index making 30 percent in 2016.'”

http://www.bloomberg.com/news/articles/2016-01-20/hedge-funds-suffer-their-first-quarterly-net-outflows-in-4-years

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Gold Is Back in Fashion After a $15 Trillion Global Selloff

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“The $15 trillion rout in global equity markets since May is reawakening the lure of gold for investors seeking safety.  Hedge funds more than doubled their net-long position in bullion last week, just three weeks after they were the most-bearish ever. Investor holdings of gold through exchange-traded products are expanding at the fastest pace in a year, and the value of the ETPs has jumped by $3 billion in 2016.  Fed Bank of Boston President Eric Rosengren said this month that the central bank’s projected path for more policy tightening is at risk, citing falling estimates for U.S. economic growth. Gold reached a five-year low in December as the dollar strengthened and U.S. inflation stayed stagnant.”

http://www.bloomberg.com/news/articles/2016-01-24/gold-is-back-in-fashion-after-15-trillion-global-equity-decline

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Hedge Fund That Called Subprime Crisis Urges 50% Yuan Drop

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“Mark Hart, the hedge fund manager whose bets against U.S. subprime mortgages and European sovereign debt proved prescient, said China should weaken its currency by more than 50 percent this year. Hart, whose prescription clashes with consensus forecasts for the yuan and recent comments from senior government officials, said China would be justified in weakening the currency after central banks in Europe and Japan fueled declines in their exchange rates to stoke economic growth in recent years. Such a move would likely come as a surprise to global investors, who were rattled by a drop of less than 3 percent in the yuan last August.”

http://www.bloomberg.com/news/articles/2016-01-19/hedge-fund-that-called-subprime-crisis-says-yuan-should-fall-50-

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Saudis ‘will not destroy the US shale industry’: hedge funds

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“Hedge funds and private equity groups armed with $60bn of ready cash are poised to snap up the assets of bankrupt US shale drillers, almost guaranteeing that America’s tight oil production will rebound as soon as prices start to recover.  Mr Yergin said groups with deep pockets such as Blackstone and Carlyle will take over the infrastructure when the distressed assets are cheap enough, and bide their time until the oil cycle turns. Many shale bonds are trading at distress level below 50 cents on the dollar, even for mid-risk companies. Banks are being careful not to push them into receivership but they themselves are under pressure.”

http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/12118594/Saudis-will-not-destroy-the-US-shale-industry.html

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Some Bankrupt Oil and Gas Drillers Can’t Give Their Assets Away

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“Winners and losers are emerging from the energy bust. What’s a meal for Clark is indigestion for banks that financed the boom using oil and gas properties as collateral. The four biggest U.S. banks — Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. — have set aside at least $2.5 billion combined to cover souring energy loans and have said they’ll add to that if prices stay low.  There’s plenty to keep Clark bargain-hunting. Last year, 42 U.S. energy companies went bankrupt, owing more than $17 billion, according to a report from law firm Haynes & Boone.

http://www.bloomberg.com/news/articles/2016-01-20/some-bankrupt-oil-and-gas-drillers-can-t-give-their-assets-away

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The SEC Pulled the Plug on Stop-Loss Orders – What You Can Do About It

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“The policy, subject to U.S. Securities and Exchange Commission (SEC) rule filings, goes into effect on Feb. 16, 2016, so there’s plenty of time to prepare. Besides, GTC orders usually expire in 90 days, anyway. And of course the brokerages will continue to offer these types of orders. They’ll simply trigger in-house and then be sent as limit or market orders for execution.  But it is a very big deal. Partly for its effect on investors – though I’m going to show you how to get around it – but even more so for what the NYSE and its regulator, the SEC, are telegraphing with this decision: That they’re essentially washing their hands of what’s about to happen.”

http://moneymorning.com/2015/12/04/the-truth-behind-the-nyses-decision-to-end-stop-orders/

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