News 

Inside the power struggle at the top of Citigroup’s equities unit that’s a window on the latest Wall Street fad

“At Citigroup, the senior equities trader Mike Pringle took some early steps to establish the bank’s central risk book” writes Dakin Campbell for businessinsider.com. But this was a sign of something larger — a symbol of the increasingly important role that central risk books play in global cash equity markets.Citigroup lost a senior central risk trader in Dariusz Kowalewski to the hedge fund Citadel in October.”Banks are looking at: How do I tie my central risk book capital base into my clients’ needs and order flow?”.  Source: businessinsider.com Share This:

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Brokers News Stocks 

The high-profile trader who slammed ex-employer ITG with a lawsuit is gearing up to launch a firm of his own

“Paulo Whitaker/Reuters Hitesh Mittal, the former hedge fund trading head who recently sued broker ITG, is looking to make a big comeback with a new trading technology company he’s been working on for the past year” writes Frank Chaparro for businessinsider.com. Typically, when a money manger is looking to get a trade done they go to a broker.Then, that broker uses its execution algorithms to figure out how that trade will get best executed. Source: businessinsider.com Share This:

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News 

Inside the struggle at the top of Citigroup’s equities unit that’s a window on the latest Wall Street fad

“At Citigroup, senior equities trader Mike Pringle took some early steps to establish the bank’s central risk book” writes Dakin Campbell for businessinsider.com. But this was a sign of something larger, a symbol of the increasingly important role that so-called central risk books play in global cash equity markets.Citigroup lost a senior central risk trader in Dariusz Kowalewski to hedge fund Citadel in October.Central risk books sprouted out of the rubble of the financial crisis, after firms like Goldman Sachs moved more quickly and effectively to respond to market developments. Source:…

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News 

Trader Joe’s employees share 8 annoying things they wish shoppers would stop doing

“The outrageously rude customers are thankfully far and few between, and we even have had to ban a couple of them” writes Ine Cain for businessinsider.com. One Trader Joe’s worker, or crew member, wrote on Reddit that the stores probably attracted no more rude customers “than the average retailer.”.  Source: businessinsider.com Share This:

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Crypto News 

Bitcoin Trader Sentenced to 41 Months in Federal…

“A Bitcoin trader was sentenced to 41 months in federal prison for using cryptocurrency for money laundering” writes Jeffrey Francis for livebitcoinnews.com. Case in point is an Arizona Bitcoin trader who just got sentenced to 41 months in the federal pen for that very reason.A following indictment included charges of operating an unlicensed money transmitting business as well as money laundering charges.Federal agents raided his home last year, confiscating a box of ammunition and cryptocurrencies. Source: livebitcoinnews.com Share This:

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Crypto Futures Markets News Platforms 

NYSE owners’ plan for a new crypto ecosystem has one detail that crypto traders have been crying for —and it might reel in Wall Street

“Physically settled bitcoin futures would also need to get the green light from the Commodity Futures Trading Commission” writes Frank Chaparro for businessinsider.com. “Basically the clearing houses and [brokers] would need a bitcoin infrastructure to transfer crypto,” he said in an e-mail to Business Insider.The first step in the platform will be a crypto futures contract that physically delivers bitcoin.Elsewhere, at rivals CME and Cboe Global Markets, bitcoin futures settle in cash.As Business Insider previously reported in February, traders from firms like DRW, DV Trading, and B2C2 were clamoring for…

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Crypto Futures News 

Bitcoin whale makes ‘enormous’ losing bet, so now other traders have to foot the bill

“An “enormous” losing bet on bitcoin last week left one futures trader unable to cover the loss and other traders on a Hong Kong-based exchange to foot the bill” writes Kate Rooney for cnbc.com. Because of the sheer size of the order and bitcoin’s price slump the exchange said it couldn’t cover the loss. “Shortly after this preemptive action, unfortunately, the BTC price tumbled, causing the liquidation of the account.”. The gamble made on OKEx, one of the world’s largest cryptocurrency exchanges, was worth about $416 million, according to a…

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News 

U.S. seeks to end criminal fraud case against bond trader Litvak

“He had been serving his sentence when the federal appeals court in Manhattan voided his second conviction on May 3 and ordered him freed” reports businessinsider.com. The appeals court found that verdict tainted by the admission of irrelevant evidence.Former Jefferies Group bond trader Jesse Litvak walks away from U.S. District Court after his sentencing for defrauding customers on bond prices in New Haven Thomson Reuters By Jonathan Stempel (Reuters) – U.S. prosecutors on Monday moved to dismiss their criminal fraud case accusing former trader Jesse Litvak of lying to customers…

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News Oil 

The world’s biggest oil trader is setting up a renewable energy fund

“Vitol has committed the initial investment, and investment opportunities may be offered to third parties, the oil trader and Low Carbon said” writes Oilprice Com for businessinsider.com. We firmly believe it is possible to provide all the energy we need through renewable sources, and this fund will help us further our ambition.”. Solar installers from Baker Electric place solar panels on the roof of a residential home in Scripps Ranch, San Diego Reuters/Mike Blake The world’s biggest oil trader, Vitol, is setting up in partnership with Low Carbon a renewables…

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News 

Goldman Sachs wades into the equity derivatives hiring frenzy, poaching an up-and-coming trader from Barclays

“REUTERS/Danny Moloshok Goldman Sachs has waded into the equity derivatives hiring frenzy, poaching an up-and-coming trader from Barclays” writes Alex Morrell for businessinsider.com. Equity derivatives traders have become the focus of an intense Wall Street hiring battleground, with more than 40 moves at the level of vice president or higher in equity derivatives in the US this year.The bank has hired David Wernert, formerly an equity derivatives trader at Barclays focused on single-stock trading, according to people familiar with the matter.Goldman lagged behind peers, reporting equity trading revenues of $1.89…

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