Larry Summers is a paid adviser to Citigroup (C), Nasdaq (NDAQ) and other financial firms, positions that could count against him in the race to be the next Chair of the Fed. On the other hand, Summers is also close to Barack Obama, having helped prep the latter when he was a presidential candidate during the financial crisis of 2008 and having served in his administration. It's a relationship that Janet Yellen doesn't have.
Nasdaq (NDAQ) is one of a number of companies that fell victim to an East European hacking group that stole at least 160M payment-card numbers and caused combined losses of over $300M. Federal prosecutors yesterday charged five men in the largest cyber-crime case in U.S. history. Other victims include a Visa (V) licensee, J.C. Penney (JCP), JetBlue (JBLU), Heartland Payment Systems (HPY), Dow Jones (NWS) and Wet Seal (WTSL). Many of the breaches were known about, although prosecutors disclosed an attack on Nasdaq that wasn't previously publicized.
NeoStem (NBS +4.6%) plans to transfer its listing to Nasdaq (NDAQ) from the NYSE (NYX) on August 5. NeoStem believes the move will enhance its exposure, particularly to institutional shareholders, "while at the same time providing investors with the best prices, the fastest execution and lowest cost per trade." (PR)
Nasdaq OMX (NDAQ) rolls out another massive wave of new global indices - 21K this time following 4K launched late last year. The indices cover 45 countries - both developed and emerging - with each calculated in three ways: price return, total return, and net total return. They'll be calculated across a wide range of currencies as well compared to the first 4K which were just in dollars.
The NYSE (NYX), Nasdaq (NDAQ), and SIFMA are set to ask the SEC to delay (from Aug. 1) the final phase of the limit-up/limit-down program. The rule - set to curb sudden stock swings - has been turned off during the first 15 minutes and last 30 minutes of each trading day, and exchange officials are concerned enabling it in the last half hour could make an orderly close difficult.
Nasdaq OMX (NDAQ +0.4%) is initiated with a Buy at Barclays. No details are yet available, but the team surely recognizes the exchange - along with the CME, ICE, and CBOE - is set to benefit from a sawtooth world. Sandler O'Neill jumps on the CME train (previous), upping its 2013 and 2014 earnings estimates. Average daily volume in the interest rate pits this month is 89.9M contracts, up about 75% Y/Y.
The NYSE (NYX) has gained a major victory over Nasdaq (NDAQ) after Oracle (ORCL) said it would move its listing to the Big Board on July 15. The transfer of what must be one of the most archetypal Nasdaq companies follows similar moves by Infosys and Teva Pharmaceutical last year. Oracle will continue to trade under its current ticker symbol.
Ampio Pharmaceuticals (AMPE) receives authorization from NYSE Euronext (NYX) to transfer its listing from Nasdaq (NDAQ). Ampio's shares will trade on the NYSE under its existing ticker symbol starting in a week on Monday. (PR)
The Nasdaq (NDAQ +0.4%) agrees to pay a $10M fine - the largest ever against an exchange - to the SEC over alleged securities laws violations during the Facebook IPO. As is customary, the exchange neither admits nor denies the charges. "A staggering level of ineptitude," writes Erik Schatzker after reading the full account.
BGC Partners (BGCP) announces regulatory approval for the sale of its eSpeed Treasury trading platform to Nasdaq OMX (NDAQ). The deal is a combination of cash and stock that could total up to $1.234B. (PR)
Peter Randall, former CEO of Chi-X Europe, is putting together a private-equity-led consortium to bid for the Euronext group of exchanges, sources say. IntercontinentalExchange (ICE) has said it would spin off the Euronext group as part of its $10.1B takeover of NYSE Euronext (NYX). Any bid is likely to face competition from NASDAQ OMX (NDAQ), Deutsche Boerse (DBOEY.PK, DBOEF.PK), and Six Group.