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“The submersible industry had significant concerns over the strategy of building a deep sea expedition submersible without following existing classification safety guidelines,” Mr. Kohnen said. OceanGate said in the post that because its Titan craft was so innovative, it could take years to get it certified by leading assessment agencies. “Bringing an outside entity up to speed on every innovation before it is put into real-world testing is anathema to rapid innovation,” the company wrote. The submersible sustained modest damage to its exterior, he wrote, leading OceanGate to cancel the mission so it could make repairs. Still, Mr. Concannon wrote in the filing, 28 individuals had been able to visit the Titanic wreckage on the craft in 2022.

Persons: —, Will Kohnen, Mr, Kohnen, Rush, OceanGate, Bart Kemper, ”, Kemper, Charles Kohnen, Will Kohnen’s, “, David Concannon, Concannon, Rebecca Beach Smith, Kitty Bennett Organizations: The New York Times, Stockton Rush, Manned, Vehicles, Marine Technology Society, Titan, Atlantis, Eastern, of, Court Locations: Canadian, U.S, of Virginia

☆ A federal judge in charge of Titanic wreck turned down an invitation to take ill-fated sub dive and see it herself
▼ + stars: | 2023-06-20 | by ( Katherine Long | ) www.businessinsider.com time to read: +2 min

OceanGate Expeditions' lost contact with its sub Sunday en route to the wreckage of the Titanic. OceanGate invited a federal judge who has overseen access to the wreckage on the trip; she declined. The judge, Rebecca Beach Smith, has supervised the famous wreck since 2002 from her seat on the U.S. District Court in Norfolk, Virginia. In April, a consultant for OceanGate Expeditions notified her of the company's intent to "undertake a series of photographic and scientific survey expeditions at the wreck site of the R.M.S. "I thank you for the invitation to participate in the 2023 Titanic Survey Expedition, and perhaps, if another expedition occurs in the future, I will be able to do so," she wrote.

Persons: OceanGate, Rebecca Beach Smith, David Concannon, Concannon, Beach Smith, Smith Organizations: U.S, OceanGate Expeditions, Titanic Survey, Coast Guard Locations: Norfolk , Virginia

☆ Rescuers race against time to find the missing sub in the Atlantic bound for the Titanic site
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: +10 min

Rescuers in a remote area of the Atlantic Ocean raced against time early Tuesday to find a missing submersible carrying five people on a mission to document the wreckage of the Titanic. OceanGate's expeditions to the Titanic wreck site include archaeologists and marine biologists. Gallo identified Nargeolet, a friend who has led multiple expeditions to the Titanic, on Tuesday during an interview with CNN. OceanGate hired the Polar Prince to ferry dozens of people and the submersible craft to the North Atlantic wreck site. CBS journalist David Pogue, who went on the trip last year, noted his vessel got turned around looking for the Titanic.

Persons: Mauger, NBC's, John Mauger, David Concannon, John's, Concannon, OceanGate, Hamish Harding, Harding, Mark Butler, Butler, Victor Vescovo, Mariana, Richard Garriott de Cayeux, Shahzada Dawood, Suleman, Allah, Paul, Henry Nargeolet, David Gallo, Gallo, David Pogue, Pogue, Mike Reiss, Alistair Greig, submersibles, Greig Organizations: Discovery, U.S . Coast Guard, OceanGate Expeditions, Authorities, Rescue Coordination Center, Rescuers, Polar, Canadian Boeing, Twitter, U.S, Lockheed, The Associated Press, AP, Coast Guard, United Arab, Action Aviation, World Records, Shepard, The Explorers, SETI Institute, CNN, CBS, University College London Locations: Nova Scotia, British, St, John's, Newfoundland, Canadian, Bahamas, Dubai, United Arab Emirates, California, Virginia

☆ A.I. and crypto are in focus at the annual gathering of the Wall Street trading community
▼ + stars: | 2023-06-07 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

It's time for the annual gathering of the trading community. Here's a rundown of some of the hot topics: Crypto in focus: SEC Chair Gary Gensler will be speaking at noon on Thursday. Electronic trading changed the trading world 30 years ago, is AI poised to do the same? Two pioneers of electronic trading, Virtu Financial founder Vinnie Viola and Peterffy, will be speaking at noon today, reflecting on the past and future of trading and will certainly be asked about the role AI will play in future trading. Tradeweb CEO Billy Hult and MarketAxess CEO Chris Concannon will discuss the growth in Treasury trading and the increasing electronification of the bond market.

Persons: I'm, Piper Sandler, Gary Gensler, Gensler, Binance, Michael Novogratz, Jean, Marie Mognetti, Vlad Tenev, Doug Cifu, Thomas Peterffy, Vinnie Viola, Peterffy, Ed Tilly, Terry Duffy, Billy Hult, Chris Concannon, Rich Repetto's, Rich Repetto Organizations: Piper, Piper Sandler Global Exchange, New York City, NYSE, Nasdaq, Cboe, London Stock Exchange, SEC, Galaxy Digital, Virtu, Global, Treasury, CME, Citadel, CNBC PRO Locations: New York

☆ Major trading platform CEO sees signs of a bond ETF revival
▼ + stars: | 2023-04-07 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

Demand for bond ETFs appears to be rising. According to MarketAxess CEO Chris Concannon, there are signs Treasury ETFs are on the cusp of substantial inflows. "We're about to see what I'd call [a] bond renaissance," the electronic-trading platform CEO told CNBC's "ETF Edge" this week. "The Fed is still taking action, so I would expect bond yields overall to remain relatively high and attractive." Meanwhile, it found corporate bond ETFs saw $6 billion in outflows in the first quarterLydon speculates the renewed interest is caused by investors losing faith in traditional 60/40 investment portfolios.

☆ ETFs are setting the tone for the underlying bond market. Here's why
▼ + stars: | 2023-04-05 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +2 min

Concannon said that the digitization of fixed income ETFs across the equity market accelerates the opportunity for investors to trade and hedge in the underlying corporate bond market. "We see that electronic trading is in fact accelerating as more and more people adopt fixed income ETFs," he said. "We saw a super high volatility in both the equity market and the underlying corporate bond market, and all those fixed income ETFs sustained that volatility." Because electronically traded bond ETFs are exchanged instantaneously, the funds are able to lead the underlying bonds. "And so, the underlying corporate bond market is actually following that ETF market."

☆ Quinn Emanuel adds longtime SEC enforcement official in D.C., California
▼ + stars: | 2022-11-14 | by ( Chinekwu Osakwe | Thomson Reuters | Chinekwu Osakwe Covers Legal Industry News With A Focus On Midsize Law Firms. Reach Her At Chinekwu.Osakwe Thomsonreuters.Com. | ) www.reuters.com time to read: +1 min

CompaniesCompanies Law firms Quinn Emanuel Urquhart & Sullivan LLP Follow(Reuters) - Quinn Emanuel Urquhart & Sullivan said Monday that U.S. Securities and Exchange Commission official C. Dabney O'Riordan has joined the firm's SEC enforcement practice as a partner in Los Angeles and Washington, D.C.O'Riordan was the longest serving head of the SEC’s Division of Enforcement’s Asset Management Unit before leaving the agency in September, according to the 900-attorney firm. At Quinn Emanuel, she will represent asset managers that handle private funds including private equity managers, hedge fund managers, mutual fund advisors and ETF advisors, she said. “There’s a lot of rulemaking going on in the asset management space,” said O'Riordan, who joined the SEC in 2005. She also knew some of her new colleagues before joining, including co-chairs of the firm’s SEC enforcement defense practice, Michael Liftik and Sarah Heaton Concannon, O'Riordan said. Read more:Litigation giant Quinn Emanuel beefs up leadership, elevating DC, NY partnersOur Standards: The Thomson Reuters Trust Principles.

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