January 11, 2012 |
European regulators appear set to shoot down a controversial deal that would have seen Germany's largest stock exchange buy the New York Stock Exchange. In a video message sent to employees of the Big Board on Wednesday, the chief executive of NYSE Euronext, Duncan Niederauer, acknowledged the growing rumors that European regulators are preparing to reject the deal due to fears that the new company would violate antitrust laws. NYSE Euronext and the German exchange, the Deutsche Boerse, announced in February that the German company would acquire the New York exchange and its web of global subsidiaries in an exchange of stock. Niederauer said Wednesday morning that he and his counterpart at the Deutsche Boerse had not received a final decision from the European Commission, but he expressed his disappointment that the combined company is being viewed as a monopoly threat.
February 14, 2011 |
New York's senior U.S. senator wants assurance that a merger between the New York Stock Exchange and Germany's Deutsche Boerse would keep "New York" first in the combined parent company's name. Sen. Charles E. Schumer said Sunday that although there were "a number of things to like" about the potential combination, the name of the new entity could be a deal breaker for him. "It is totally logical to keep the NYSE name first," Schumer, a Democrat, said in a statement. "If for some reason, the Germans sought an alternative option, it could be an indication that they are trying to wield an upper hand in the new company and would seek to make other business decisions that could go against New York.
July 21, 2010 |
Federal Reserve Chairman Ben Bernanke's dour assessment of the U.S. recovery hit U.S. stocks Wednesday, as the Fed chief's comment on "unusually uncertain" economic prospects discouraged investors. Stocks sank after Bernanke acknowledged the labor market's continued weakness while offering few specific options to stimulate lending and investment. "The market sold off because unfortunately there is no remedy provided in Bernanke's commentary to the rising threat of deflation, the excess capacity in the economy and the malfunctioning of the credit system," said Joe Battipaglia, market strategist at Stifel Nicolaus in Yardley, Pennsylvania.
June 25, 2010 |
The stock of Hudson Pacific Properties Inc., a real estate investment trust founded by Los Angeles investor Victor Coleman, closed up 2.4% from its initial offering price in its first day of trading on the New York Stock Exchange. The company, based in West Los Angeles, said it priced its shares at $17 apiece and raised $210.5 million after fees in its initial public offering. Shares closed Thursday at $17.40. Hudson Pacific, which trades under the ticker symbol HPP, said it intends to use the proceeds to repay mortgage debt, to fund acquisitions and for general corporate and working capital purposes.
June 3, 2010 |
Federal regulators still haven't been able to pinpoint the cause of Wall Street's so-called flash crash a month ago, but more than two dozen experts Wednesday told the Securities and Exchange Commission what might work to prevent a repeat — and what won't work. SEC Chairwoman Mary L. Schapiro said the agency was "making progress" in its ongoing review of the market turmoil of May 6, when the Dow Jones industrial average plummeted 700 points in just 15 minutes. Schapiro last month proposed changes to stem future nose dives, most notably a temporary plan for a circuit-breaker mechanism that would halt trading for five minutes in all shares of companies in the Standard & Poor's 500 index should any single stock price change at least 10% during a five-minute period.
May 19, 2010 |
In an attempt to prevent a repeat of this month's rapid market plunge, the Securities and Exchange Commission on Tuesday proposed a new circuit-breaker mechanism that would briefly halt trading in individual stocks that experience a 10% price change over a five-minute period. The move came as the SEC and the Commodity Futures Trading Commission said they still had not determined exactly what caused the Dow Jones industrial average to plummet 700 points in just 15 minutes on May 6. In a 151-page report released Tuesday, the agencies said they were focused on six areas as they continued to collect and analyze huge amounts of information.
May 16, 2010 |
The cramped computer room in an office building overlooking the Harbor Freeway can't match the color and tradition of the New York Stock Exchange. No traders, opening bell or operatic din. Just floor-to-ceiling racks of Dell and Hewlett-Packard computers spitting out a monotonous drone. The only people passing through are janitors and the occasional programmer or electrician. But while the NYSE remains the cynosure of the global markets, much of the world's stock trading emanates from drab computer rooms such as this one in downtown Los Angeles, or in outposts such as Kansas City, Mo., or Jersey City, N.J. These are the epicenters of high-frequency trading, a breed of lightning-fast computerized trading that dominates today's stock market, but which critics say carries risks for investors and for the market itself.
May 15, 2010 |
For 15 minutes last week, the New York Stock Exchange was bustling like it was 1999. There was shouting and jostling. A few traders found themselves picking up the clunky black phones that had been relegated years before to serving as historical set pieces. The cause of all the excitement was the mysterious "flash crash" that sent the Dow Jones industrial average plunging 700 points in a matter of minutes, prompting the Big Board to stop its computers from automatically executing trades and forcing human traders to step into the breach.
May 9, 2010 |
So much for the biggest, safest, most liquid securities market in the world. Of course we're talking about the U.S. equities market, which used to be described in those glowing terms. But now, after Thursday's trading debacle, the market looks more like a casino — and not just any casino, but one of those smelly joints with sawdust on the floor, ripped felt on the blackjack tables and loaded dice. I've been inside casinos like that. I wouldn't think of laying a 10-cent bet with the dealer.