Apr. 25, 2014, 7:56 AM
- Private equity firms have been aiming to reach a new group of investors, and KKR is making it happen, teaming with Nasdaq OMX (NDAQ) to form an exchange in which investors can sell a portion of their stakes in KKR buyout funds. KKR is likely to file regulatory paperwork as soon as this month, reports the WSJ.
- The institutions and wealthy individuals who invest in P-E buyout funds (with minimums of millions of dollars required) typically must agree to have their money tied up for a decade or more, but this deal will allow them to sell smaller investors slices for as little as tens of thousands of dollars - the investors can cash out earlier than usual and the P-E firms get a far broader range of investors.
- The already-public listings of P-E firms on major exchanges - with BX, CG, APO, FIG for instance, joining KKR - offer mom and pop investors shares in the parent companies rather than the individual buyout funds.
- ETFs: PSP, PEX
Apr. 24, 2014, 7:06 AM
Apr. 10, 2014, 1:09 PM
- According to CNBC, the mutual fund giant is working with other investment firms to launch a new low-cost (and presumably HFT-free) stock trading alternative, with Chairman Ned Joshson said to be closely involved.
- Among those looking on: KCG Holdings (KCG -2.6%), CBOE Holdings (CBOE -1.6%), IntercontinentalExchange (ICE -1.3%), Nasdaq OMX (NDAQ +1%), Schwab (SCHW -3.9%), E*Trade (ETFC -3.5%), TD Ameritrade (AMTD -1.6%).
- Previously: "RBC nice" paying off
Apr. 9, 2014, 9:39 AM
- Sitting nearly alone in the red among the brokerages and exchanges in early action is Nasdaq OMX (NDAQ -1.6%) after BAML removes its Buy rating on the stock.
- Along with others in the sector, Nasdaq has had a rough few sessions amid raised HFT scrutiny thanks to the Michael Lewis book. Along with the cut in Nasdaq's rating, however, BAML boosted E*Trade and CBOE Holdings.
Apr. 2, 2014, 10:22 AM
- Nasdaq OMX (NDAQ +1.7%) and IntercontinentalExchange (ICE +1.4%) take back ground lost yesterday amid the media blitz for Michael Lewis' assault on high-frequency trading.
- Was Lewis front-run? Barron's Steven Sears notes heavy put action in NDAQ ahead of Sunday's 60 Minutes interview with the author.
Mar. 31, 2014, 5:57 PM
- Weibo will trade on the Nasdaq (NDAQ) under the symbol WB. Its decision represents a needed win for the tech-heavy exchange, which lost Twitter to the NYSE last year and reportedly trails the Big Board in the battle to land Alibaba.
- The Chinese microblogging leader, which some analysts think will fetch a $6B+ valuation, has also added Morgan Stanley and Piper to its underwriter list - they join Goldman and Credit Suisse.
- Weibo's latest F-1
Mar. 27, 2014, 9:15 AM
Mar. 18, 2014, 1:03 PM
- The listing - in which Alibaba is expected to raise up to $15B - is the largest ever for a Chinese company, and the NYSE (ICE -0.9%) is in the lead to win it, according to the Journal's sources. It would be another setback for the Nasdaq (NDAQ -3.6%) which has struggled to hold onto its reputation as the spot for tech issues following the bungling of the Facebook IPO in 2012.
- The financial impact of the listing by itself is insignificant, says Richard Repetto, but bragging rights and momentum for future tech IPOs, and boosted trading revenue over time is.
- In other news, NY AG Eric Schneiderman has reportedly launched a probe into whether stock exchanges give improper advantages to high-frequency traders. His staff has discussed concerns with execs at both Nasdaq and ICE and requested more information. Goldman reiterates its Sell rating on Nasdaq, seeing 17% downside amid this issue.
Feb. 5, 2014, 7:17 AM
Feb. 5, 2014, 7:03 AM| Comment!
Feb. 5, 2014, 12:05 AM
Feb. 4, 2014, 5:30 PM
Jan. 31, 2014, 12:30 PM
- After confirming rumors in August by filing with the SEC, BATS Global and Direct Edge announced earlier today that the merger has been approved.
- The combined exchange will be the 2nd largest market operator - behind the NYSE (NYX, ICE), and ahead of the Nasdaq (NDAQ).
- In a press release, Joe Ratterman, CEO of BATS stated: "With the final regulatory approval received, we are focusing on closing the merger during the current quarter and beginning the integration of our two highly complementary companies."
Jan. 14, 2014, 3:58 PM
- “We have this index engine and people don’t realize that anything MSCI (MSCI +1.3%) can do or S&P (MHFI +1.2%) can do, we can do right now," says Nasdaq (NDAQ +1.5%) CEO Robert Greifeld, foreshadowing maybe the next big thing in indexing ... mergers. "Growing the index business is at the top of our list for 2014, both organically or through acquisitions."
- Both Greifeld and S&P Dow Jones chief Alex Matturri have recently hinted they're interested in bidding on index businesses, with the operation run by Russell Investments for Barclays maybe being a prime target.
Jan. 8, 2014, 7:52 AM
Dec. 31, 2013, 8:37 AM
- As part of a technology-sharing and advisory services deal, Nasdaq OMX (NDAQ) will take a 5% equity stake in Borsa Istanbul, with the option to boost that number to 7%.
- The agreement is the culmination of talks between the two parties begun last summer - at which time Nasdaq said it would assist with Borsa Istanbul coming public in early 2016.
- Press release
NDAQ vs. ETF Alternatives
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