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The Chicago Board Options Exchange wants investors to measure the “fear” baked into stock options such as those of Goldman Sachs or Apple.
The exchange said Wednesday it will apply the methods of its “fear index” to options on five popular stocks, the other three being Amazon.com, International Business Machines Corp., and Google. The measure, whose formal name is the CBOE Volatility Index, or VIX, shot to fame during the financial crisis as investors sought tools to measure and trade in an anxious and plunging stock market. Get the full story »
The Securities and Exchange Commission has begun examining whether disclosure rules for privately held firms need to be rewritten as a result of recent deals allowing investors to buy shares in Internet companies such as Facebook Inc. and Twitter Inc., according to people familiar with the situation. Get the full story »
Facebook has raised $500 million from Goldman Sachs and Russian investment firm Digital Sky Technologies, in a deal that values the world’s No.1 Internet social networking company at $50 billion, according to a person familiar with the matter. Get the full story »
High-tech thief or bogus prosecution? Those were the opposing closing arguments offered on Thursday in the case of a computer programmer accused of stealing high-speed trading code from Goldman Sachs.
Sergey Aleynikov, 40, was charged with stealing critical parts of code as he left Wall Street’s most influential bank in June 2009 before joining Teza Technologies LLC, a high speed-trading start-up firm in Chicago. Get the full story »
The top U.S. futures exchanges expressed confidence that a revised plan to clamp down on commodities market speculation will not unduly burden the market.
The comments on Wednesday by the chief executives of IntercontinentalExchange and CME Group were more optimistic than in the past, when exchanges, banks and other market participants sharply criticized the U.S. Commodity Futures Trading Commission’s plan. Get the full story »
CBOE CEO William J. Brodsky (center), facing camera, kicks off CBOE's first day as a publicly-traded company on the NASDAQ on June 15, 2010. (José M. Osorio/Chicago Tribune)
CBOE Holdings Inc. CEO William Brodsky said he is open to growth by acquisition, but added that the exchange operator’s tendency to build its own systems rather than buy them has saved shareholders money.
Asked at a conference hosted by Goldman Sachs if he would consider making acquisitions, Brodsky said, “We are certainly open to that. We are looking at things strategically in ways we couldn’t have six months ago.” Get the full story »
A U.S. judge closed to the public parts of testimony in the trial of a former computer programmer accused of stealing secret high-frequency trading code from Goldman Sachs Group Inc.
U.S. District Judge Denise Cote said from the bench on Thursday that she was granting a government application to seal parts of testimony of three witnesses, all of them employees at Wall Street’s most influential bank.
Prosecutors allege that programmer Sergey Aleynikov stole critical parts of Goldman’s top-secret high-frequency trading program in June 2009 before going to a new job with Teza Technologies LLC, a speed-trading start-up firm in Chicago. Get the full story »
Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill, April 27, 2010. (Jim Watson/AFP/Getty Images)
Goldman Sachs, Citigroup and other big U.S. banks repeatedly sought help from the Federal Reserve during the financial crisis, according to data on Wednesday that showed just how precarious their situation was at the time.
Many of the firms now boasting solid profits had to rely on funding from the U.S. central bank, which essentially acted as the glue holding the financial system together in the tumultuous months that followed the bankruptcy of Lehman Brothers in September 2008.
Citigroup, Morgan Stanley and Merrill Lynch, now part of Bank of America, were the three biggest recipients of the Fed’s key emergency lending programs, according to a Reuters analysis of Fed data. Goldman Sachs was sixth on the list, contradicting claims from its top executives that the firm always had plenty of cash on hand. Get the full story »
U.S. construction equipment maker Caterpillar Inc. plans to issue a 1 billion yuan, or $150 million, two-year bond issue in Hong Kong, people familiar with the situation said Wednesday, becoming the second non-financial multinational company to tap the city’s growing yuan-denominated bond market. Get the full story »
Industry regulators have fined Goldman Sachs $650,000 for failing to disclose that two of its brokers, including the executive accused of leading the mortgage securities deal that brought civil fraud charges against the firm, were under investigation by the government.
The Financial Industry Regulatory Authority announced the fine Tuesday, saying Goldman lacked adequate procedures to ensure that the required disclosure was made for Fabrice Tourre, a Goldman vice president. Goldman made that report in May, more than seven months after Tourre received a notice from the Securities and Exchange Commission that it was considering filing charges against him, FINRA said. Get the full story »
Goldman Sachs Group Inc.’s mortgage servicing unit has suspended evictions and foreclosures in some states, according to a regulatory filing on Tuesday. Get the full story »
China should let the yuan rise further to help its transition toward a consumption-based economy, although there is no clear evidence the currency is undervalued, a senior executive at Goldman Sachs said on Monday.
Higher inflation in China had contributed to rises in the yuan’s real exchange rate, said Jim O’Neill, chairman of Goldman Sachs asset management. Get the full story »
U.S. prosecutors asked a federal judge to seal the courtroom for part of the upcoming criminal trial of a former Goldman Sachs Group Inc. computer programmer, an effort to protect the secrecy of the bank’s high-frequency trading platform.
Prosecutors said in a court filing that there is a “compelling interest in favor of privacy” for Goldman in the trial of the former employee, Sergey Aleynikov. Get the full story »
Goldman Sachs Group Inc.’s earnings easily beat analysts’ forecasts again, but the bank saw a big slowdown in trading, its most profitable business.
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