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(27-04-2011)
  • Deutsche Bank Q1 earnings fall to $610M, hurt by penalties
    FRANKFURT, Germany (AP) — Deutsche Bank says net profit fell to 559 million euros ($610 million) in the first quarter as legal penalties ate into stronger revenues from trading stocks and bonds.More

  • SEC's stock market reform club locks out retail brokers

    To match Special Report SEC/INVESTIGATIONSBy John McCrank NEW YORK (Reuters) - The U.S. Securities and Exchange Commission is convening a group of financial industry veterans for the first time next month to consider stock market reforms, but one group will be conspicuously absent: retail brokerages. The SEC's 17-member Market Structure Advisory Committee includes representatives of fund companies, an exchange, off-exchange trading venues, dealers, and academia, among others. The group, which meets four times a year, will review old rules, and advise the SEC on a range of new regulations designed to make sure the market is as stable and fair as possible. Still, given that the SEC has said its main priority is to protect retail investors, the omission of retail brokers raises questions, because without their point of view the panel may recommend changes that favor institutional investors, analysts said.


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  • Analysis - SEC's stock market reform club locks out retail brokers

    A tourist mounts the "Charging Bull" statue as he poses for a photo near Wall Street, in the Manhattan borough of New YorkBy John McCrank NEW YORK (Reuters) - The U.S. Securities and Exchange Commission is convening a group of financial industry veterans for the first time next month to consider stock market reforms, but one group will be conspicuously absent: retail brokerages. The SEC's 17-member Market Structure Advisory Committee includes representatives of fund companies, an exchange, off-exchange trading venues, dealers, and academia, among others. The group, which meets four times a year, will review old rules, and advise the SEC on a range of new regulations designed to make sure the market is as stable and fair as possible. Still, given that the SEC has said its main priority is to protect retail investors, the omission of retail brokers raises questions, because without their point of view the panel may recommend changes that favour institutional investors, analysts said.


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  • MIDEAST STOCKS-Strong oil supports Saudi Arabia; Egypt slips
    (Updates with Saudi Arabia, Egypt open) DUBAI, April 26 (Reuters) - Saudi Arabia's stock market rose in early trade on Sunday, supported by stronger oil prices, while Egypt's bourse edged down. Brent crude hit a 4-1/2-month high of $65.80 on Friday because of continued fighting in Yemen and, although U.S. crude fell on concerns about another upcoming stock build, both benchmarks posted weekly gains. The main Saudi equities index added 0. ...More

  • Factbox - Deutsche Bank's puzzle pieces for restructuring
    Deutsche Bank faces a tough task as it aims to pare its investment banking, dump its Postbank retail chain and slash costs in a restructuring plan designed to restore profitability. POSTBANK RETAIL NETWORK The ubiquitous retail chain serves 14 million clients from 1,100 branches integrated into the postal system. Deutsche bought Postbank for around 6 billion euros ($6.5 billion) in steps starting in 2008 and now holds 94 percent of the firm. Deutsche wants to cut its stake to below 50 percent, and trade union Verdi has said the sale will take place on the stock market.More

  • U.S. regulator says 'flash crash' manipulation hard to detect
    By Suzanne Barlyn CHICAGO (Reuters) - The type of alleged market manipulation by the British trader accused of helping provoke the "flash crash" in 2010 is hard to detect, the chief of the Financial Industry Regulatory Authority said on Friday. Nonetheless, the alleged abuses were "somewhat surprising" given that his behavior was identified in 2009 but continued for another five years, said Richard Ketchum, chairman and chief executive of FINRA, a self-funded regulator for Wall Street. "I won't second guess what happened at the MERC without understanding the facts themselves," said Ketchum, referring to the Chicago Mercantile Exchange, the market that Navinder Singh Sarao has been accused of manipulating from his home outside London.More

  • Deutsche Bank to split off Postbank via stock market - trade union
    FRANKFURT (Reuters) - German trade union Verdi on Friday said that Deutsche Bank management has chosen to split off its Postbank division via the stock market. "The management board of Deutsche Bank chose the model where Postbank will be split off through a stock market flotation," Verdi said in a statement following an official Deutsche announcement about its new strategy. (Reporting by Thomas Atkins; Editing by Maria Sheahan)More

  • Insight - Flash crash charges garner increasing skepticism in high-speed world

    The sun sets on the address where Nav Sarao Futures Limited is registered, in HounslowBy Douwe Miedema WASHINGTON (Reuters) - The notion that one man trading from his parents' house in a working class London suburb had a material role in the 2010 Wall Street flash crash has aroused increasing skepticism from investors and traders since charges were brought on Tuesday.     The U.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several years in a fraudulent scheme that helped cause the stock market rout.     The U.S. Department of Justice alleges that Sarao used souped-up, off-the-shelf software to trick other market participants into thinking massive sell orders were about to hit, causing the so-called E-mini S&P futures prices to drop so he could buy at cheaper levels. The charges against Sarao, operating far from the centre of U.S. markets and engaging in activity some believe occurs every day among larger firms, show that regulators may not shy away from publicity, even if their case may be legally solid.     Linking Sarao to the flash crash "smacks of sensationalism," said Manoj Narang, founder of Tradeworx, a firm that supplies data for regulators.


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  • Flash crash charges garner increasing skepticism in high-speed world

    A man walks past the address where Nav Sarao Futures Limited is registered, in LondonThe U.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several years in a fraudulent scheme that helped cause the stock market rout. The U.S. Department of Justice alleges that Sarao used souped-up, off-the-shelf software to trick other market participants into thinking massive sell orders were about to hit, causing the so-called E-mini S&P futures prices to drop so he could buy at cheaper levels. Linking Sarao to the flash crash "smacks of sensationalism," said Manoj Narang, founder of Tradeworx, a firm that supplies data for regulators. So far, at least 194 people have signed up to an online message saying "One man with a single broadband connection cannot bring down an entire market."  Sarao, who court documents show pushed around millions of dollars between banks in the Caribbean, Switzerland and the Middle East, has been granted bail in London on conditions including a 5 million-pound ($7.5 million) bond.  His lawyer, Joel Smith, declined to comment on whether Sarao had yet raised the bail and been released, but said he opposes extradition to the United States.     CANCEL IF CLOSE The view held by some in the market that Sarao is a scapegoat for the flash crash may not help his case much.


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  • Insight - Flash crash charges garner increasing scepticism in high-speed world

    The sun sets on the address where Nav Sarao Futures Limited is registered, in HounslowU.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several years in a fraudulent scheme that helped cause the stock market rout. The U.S. Department of Justice alleges that Sarao used souped-up, off-the-shelf software to trick other market participants into thinking massive sell orders were about to hit, causing the so-called E-mini S&P futures prices to drop so he could buy at cheaper levels. Linking Sarao to the flash crash "smacks of sensationalism," said Manoj Narang, founder of Tradeworx, a firm that supplies data for regulators.


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  • Flash crash charges garner increasing scepticism in high-speed world

    The sun sets on the address where Nav Sarao Futures Limited is registered, in HounslowU.S. has asked UK authorities to hand over Navinder Singh Sarao, 36, after his arrest this week on charges that he manipulated markets over several years in a fraudulent scheme that helped cause the stock market rout. The U.S. Department of Justice alleges that Sarao used souped-up, off-the-shelf software to trick other market participants into thinking massive sell orders were about to hit, causing the so-called E-mini S&P futures prices to drop so he could buy at cheaper levels. Linking Sarao to the flash crash "smacks of sensationalism," said Manoj Narang, founder of Tradeworx, a firm that supplies data for regulators.


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  • From Woking to Wall Street: UK day traders dream of glory in daily grind

    The sun sets on the address where Nav Sarao Futures Limited is registered, in HounslowThe building is home to Futex, one of several so-called "trading farms" in the UK that give training, office space and equipment to people prepared to make short-term trades, mostly within a day, with their own money in the hope of being hired or sponsored for a cut of their profits. Navinder Singh Sarao - who has been accused by U.S. authorities of contributing to the May 2010 "flash crash" in Wall Street - worked there between early 2003 and early 2008, according to a statement by Futex on Friday.


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  • Collapse of Comcast cable deal may chasten Wall Street, for a while

    View of the headquarters of Comcast on JFK Boulevard in PhiladelphiaBy Diane Bartz WASHINGTON (Reuters) - Comcast Corp's failed bid to buy Time Warner Cable Inc is the latest muscle flex by U.S. antitrust enforcers and will likely deter chief executives from pursuing aggressive transactions as a way to spend excess cash. Comcast, which had barely convinced regulators to allow it to buy NBC Universal four years ago, folded under pressure from the Federal Communications Commission and the Department of Justice and scrapped its deal to buy its No. 2 rival on Friday. It comes two months after the Federal Trade Commission, which shares antitrust jurisdiction with the Justice Department, sued to block Sysco Corp's proposed deal to buy its biggest rival U.S. Foods. The one-two punch from regulators shows the U.S. government is reluctant to approve deals that will take out a main rival in industries with few competitors, and could prompt companies to eye deals outside their core areas or their home markets, dealmakers say.


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  • Equities hit record highs, dollar weakens on gloomy data

    Trader works on the floor of the New York Stock ExchangeEquity markets worldwide climbed to record highs on Friday as solid corporate earnings and an all-time peak for the Nasdaq stock index stoked investor optimism, while the dollar eased on gloomy U.S. economic data. Amazon.com Inc , Microsoft Corp and Google Inc led Wall Street higher, pushing the Nasdaq to a second straight record closing high a day after it topped a record that had stood for more than 15 years.


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  • Global equities hit record highs, dollar weakens on gloomy data

    A man takes a photograph of an electronic board showing the closing numbers for the Nasdaq Composite Index at the Nasdaq in New YorkBy Rodrigo Campos and Herbert Lash NEW YORK (Reuters) - Equity markets worldwide climbed to record highs on Friday as solid corporate earnings and an all-time peak for the Nasdaq stock index stoked investor optimism, while the dollar eased on gloomy U.S. economic data. Amazon.com Inc , Microsoft Corp and Google Inc led Wall Street higher, pushing the Nasdaq to a second straight record closing high a day after it topped a record that had stood for more than 15 years. "I think we're on more solid footing than the last time," said Gordon Charlop, managing director at Rosenblatt Securities in New York, comparing the latest Nasdaq highs with those in 2000, just before the Internet bubble burst.


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  • Tech triumvirate propels Nasdaq, S&P to record highs

    Traders work on the floor of the New York Stock ExchangeThe Nasdaq Composite and S&P 500 chalked up record high closes on Friday, propelled by strong results from tech behemoths Google, Amazon and Microsoft. The Nasdaq Composite added 0.71 percent to end at 5,092.09, its second straight record high close. Amazon surged 14.13 percent to a lifetime high after revenue beat estimates. Google ended 2.9 percent after reporting higher quarterly results while Microsoft jumped 10.45 percent after it topped estimates.


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  • US STOCKS-Tech triumvirate propels Nasdaq, S&P to record highs
    The Nasdaq Composite and S&P 500 chalked up record high closes on Friday, propelled by strong results from tech behemoths Google, Amazon and Microsoft. The Nasdaq Composite added 0.71 percent to end at ...More

  • Stocks rise on tech earnings; Nasdaq adds to record

    FILE - This Oct. 2, 2014 file photo shows the Wall Street subway stop on Broadway, in New York's Financial District. Stocks turned higher in European trading on Friday, April 24, 2015, despite a lack of progress on Greece's bailout. (AP Photo/Richard Drew)NEW YORK (AP) — Stocks advanced slightly Friday as investors cheered the quarterly results of three large technology companies: Google, Microsoft and Amazon.


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  • Worldpay Owners Pick Goldman For £6bn Float

    Worldpay Owners Pick Goldman For £6bn FloatThe owners of Worldpay, the UK-based payment processing group, are close to appointing bankers to prepare a stock market flotation that could value it at a staggering £6bn. Sky News has learnt that Advent International and Bain Capital, the two buyout firms which have controlled Worldpay since 2010, are on the verge of appointing Goldman Sachs to undertake a review of their options. The most likely outcome of the Goldman-led review is a decision to pursue a listing for which stock exchanges in London and New York would be expected to compete, according to sources. If it opted to float in London, Worldpay would be catapulted straight into the FTSE-100 index.


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  • Corrected - Big personalities of the dotcom boom: where are they now?
    By Jennifer Ablan and Heather Struck NEW YORK (Reuters) - (Story corrects paragraph 16 to show that TheRealReal was founded in 2011, not 2012, and has 3.5 million members, not monthly users.) The Nasdaq's March 2000 peak brought with it a plethora of colourful personalities - Wall Street analysts, bankers and tech moguls - who saw their reputations tarnished once the bubble burst. HENRY BLODGET: ULTIMATE BUSINESS INSIDER Then: In his initial heyday, Henry Blodget called Amazon's success early and earned $12 million a year analysing internet stocks at brokerage Merrill Lynch (now owned by Bank of America). In 2002, he agreed to a permanent ban from the industry in a settlement of securities fraud charges - he was alleged to have trash-talked companies privately while publicly promoting them to investors.More