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Investors hoping to ride the current wave of smartphone growth can now buy shares of a new exchange-traded fund based on the NASDAQ’s CEA Smartphone Index.
The First Trust NASDAQ CEA Smartphone Index Fund trades under the ticker symbol FONE and “provides a convenient way for investors to take advantage of the positive trends that are shaping the smartphone industry,” the NASDAQ OMX Group Inc. said in a press release. Get the full story »
U.S. regulators should stem the growing tide of anonymous stock-trading and consider charging high-frequency traders fees for the disproportionate amount of orders they send into the marketplace, said a panel of experts advising how to avoid another “flash crash.”
The report laying out 14 recommendations for the Securities and Exchange Commission and Commodity Futures Trading Commission contains some fresh ideas. Taken together, they would significantly overhaul the high-speed market that has gone increasingly electronic in the last decade. Get the full story »
Wall Street Journal | ESL Partners, the hedge fund run by Sears Holdings Chairman Edward Lampert, has taken a 5.8 percent stake in Gap Inc., according to a Securities and Exchange Commission filing.
CME Group Inc. Executive Chairman Terry Duffy said a plan to allow U.S. futures regulators to charge user fees would harm U.S. exchanges trying to compete globally.
The proposal “could put us at the biggest disadvantage we’ve ever seen,” Duffy told reporters after a hearing in Washington. Get the full story »
The parent company of the New York Stock Exchange says it has agreed to combine with the operator of the Frankfurt stock exchange, Deutsche Boerse.
The deal announced Tuesday will create the world’s largest financial exchange owner. Deutsche Boerse shareholders will own 60 percent of the new company. Shareholders of NYSE Euronext Inc. will own the rest. Get the full story »
CB Richard Ellis Group is buying most of Dutch bank ING’s Real Estate Investment Management for about $1 billion to diversify its client base, a deal which would help ING pay down state aid. Get the full story »
From Bloomberg News | Activist investor Carl Icahn is loading up on shares of Clorox, his most recent investment, after the shares of some of his other investments have declined in value. According to Bloomberg data, Motorola Inc. and Lions Gate Entertainment Corp. are worth less now than when Icahn’s stakes in the companies were first disclosed.
CME Group Inc., the biggest U.S. futures exchange operator, said on Monday that 10 top swaps dealers signed up to be founding members of CME’s interest-rate swaps clearing service.
The firms that signed a non-binding term sheet for the service were BofA Merrill Lynch, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank Securities Inc, Goldman Sachs Group, JPMorgan Chase & Co, Morgan Stanley, Nomura and UBS, CME said. It provided no details on terms of the agreement. Get the full story »
Gov. Pat Quinn is expected to announce during his budget address Wednesday the creation of an innovation council to be headed by Groupon co-founder Brad Keywell.
Part of the council’s job will be to determine what kind of projects the state needs to support to be able to compete in the global market place, such as developing new technologies in agriculture, finance or in a combination of industries. Get the full story »
Warren Buffett’s Berkshire Hathaway Inc. added to its holdings of Wells Fargo & Co. in the fourth quarter, while eliminating positions in several other stocks including Bank of America Corp., according to a regulatory filing Monday.
Besides Bank of America, Berkshire sold all its shares of Becton Dickinson & Co., Comcast Corp. , Fiserv Inc., Lowe’s Cos. , Nalco Holding Co., Nike Inc. and American depository receipts of Nestle SA. Get the full story »
Zynga, the company behind popular Facebook games such as FarmVille and CityVille, is in talks with potential investors to raise about $250 million, which would value the startup at $7 billion to $9 billion, according to a published report.
The Wall Street Journal, citing unnamed sources familiar with the matter, said in a report Monday that a decision to raise money could be weeks away if it happens. Get the full story »
JPMorgan is planning on starting a fund of between $500 million and $750 million to invest in internet and digital media companies, the Wall Street Journal said on Sunday.
The paper said that marketing materials were sent to prospective investors about two weeks ago.
The reported move comes as interest in social networking sites is increasing. Investor interest and valuations are surging for privately-held Web companies like Facebook, Zynga and Groupon. Get the full story »
From Bloomberg News | Chicago-based firm Citadel LLC has hired the CEO of New York-based bond broker Chapdelaine & Co. and plans to add about 30 employees from Chapdelaine’s defunct credit unit.
