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☆ Citadel Securities is looking for business-savvy coders. Here's what you need to know to land a technologist job that can pay as much as $350,000.
▼ + stars: | 2023-10-19 | by ( Bianca Chan | ) www.businessinsider.com time to read: +7 min

Being a solid coder isn't going to cut it at Citadel Securities anymore. Citadel Securities, which generated about $7.5 billion in revenue last year, is now focused on hiring thoughtful technologists who drive commercial outcomes for the firm. We're looking for people who can drive a big commercial impact for the firm," Aaron Moss, head of technology recruiting for Citadel Securities, told Insider. In one recent case, Citadel Securities extended an offer to a promising young intern, even though the hiring manager had been looking for a more experienced hire. "The industry is getting very high level with things like AI, which push people even further away from that understanding," Neff told Insider.

Persons: Ken Griffin, Aaron Moss, Josh Woods, It's, Olga Naumovich, Jayson Bevacqua, opportunistically, Damien Neff, it's, Neff, Costas Bekas, extroverts, Bekas, didn't, Moss Organizations: Citadel Securities, Citadel, Solaris Search, LinkedIn Locations: Miami

Making mistakes doesn't feel great, but they can provide some lessons you might not have learned otherwise. We asked this year's rising stars of Wall Street to open up about the biggest missteps of their careers so far and what they took away from them. Some shared their rookie errors — like slamming their laptop shut after forgetting to save their first big pitch deck or duplicating a trade — while others gave more reflective answers about how early career mistakes impacted their paths. We've got to iterate and change how we do things, and I think that's helped our team's process a lot. So my mistakes also brought me here, and everything that has been a mistake is always a learning experience.

Persons: there's, Luis Arteaga, David Trinh, you'll, Michael Dunn Goekjian, Tori Gilliland, didn't, It's, Andrew Almeida, Thoma Bravo I've, I've, Nadim Laiwala, Rachel Hunter, Goldman, Kristen Powers, Morgan Stanley, Sarah Sigfusson, Shanta Wu, Fred Michel, who's, Morgan, Neil Kamath, Rachel Barry, Chris Dell'Amore, We've, that's, Peter Gylfe, Ricky Mewani, Dominic Rizzo, Rowe Price, Lillian Qian Lin, of, Steve Schwarzman, Peter Peterson, Stephen Schwarzman, Blackstone, Patrick McGoldrick, Katya Brozyna, Michael Wilkinson, Yi Yi, Wells, Luna McKeon, —, Anne, Victoire Auriault, Goldman Sachs Organizations: Barclays, Delta, Barclays Bridgewater Associates, Bridgewater Associates, Apollo Management, Thoma Bravo, Moelis, US, Bank of, Fidelity, JPMorgan, BlackRock Blackstone, Citadel, Blackstone, Jefferies, Citadel Securities, Blue Owl, Goldman Locations: Bank, Evercore, Wells, Americas

☆ Citadel Securities is locked in a legal battle with 2 ex-staff who left to start a crypto firm and say they're victims of 'corporate bullying'
▼ + stars: | 2023-09-24 | by ( Chris Johnston | ) www.businessinsider.com time to read: +6 min

The venture has faced legal challenges by Citadel Securities, whose European arm filed a case in London in June 2022. Portofino said in its initial response that Citadel's legal action was "unmeritorious, anticompetitive and a classic example of corporate bullying." AdvertisementAdvertisementIn January 2022 Griffin sold a $1.2 billion stake in Citadel Securities to venture capital firms Sequoia and Paradigm. "Further, their attempt to improperly poach Vincent Prieur, a New York-based employee described as the 'aggregator of all things crypto' at Citadel Securities, is undisputed. Prieur, who later joined Portofino, had also been the subject of legal action by Citadel Securities that was settled out of court, Bloomberg reported.

Persons: Alex Casimo, Leonard Lancia, Ken Griffin, Griffin, Peter Thiel, Slack, Zalando, Portofino, Casimo, it's, Peng Zhao, Matt Huang, Lancia, poach Vincent Prieur, Prieur Organizations: Citadel Securities, Portofino Technologies, Citadel, New, Service, Ventures, Global Founders Capital, Global Founders, Lancia, London Court, Portofino, Court, Southern, of, Sequoia, Paradigm, Financial Times, Bloomberg Locations: New York, Wall, Silicon, Miami, Swiss, London, Europe, of New York, Portofino

The Citadel Securities logo is seen at their offices in Manhattan, New York City, U.S., October 31, 2022. REUTERS/Andrew Kelly Acquire Licensing RightsSept 22 (Reuters) - The U.S. Securities and Exchange Commission on Friday said Citadel Securities LLC, a Miami-based broker-dealer, had agreed to pay $7 million to settle charges it incorrectly handled millions of orders and violated short-selling rules. The SEC in a statement said Citadel Securities over a five-year period had incorrectly marked millions of orders, denoting short sales as long sales and vice versa. It said those incorrect markings resulted from a coding error in the firm's automated trading system. A Citadel spokesperson said the error was identified and addressed by the firm more than three years ago.

Persons: Andrew Kelly, Mark Cave, Rami Ayyub, Pete Schroeder, Carolina, Kirsten Donovan, Mark Porter Organizations: Citadel Securities, REUTERS, U.S . Securities, Exchange Commission, Citadel Securities LLC, SEC, Citadel, Thomson Locations: Manhattan , New York City, U.S, Miami

☆ SEC slaps Citadel Securities LLC with $7 million fine to settle short selling charges
▼ + stars: | 2023-09-22 | by ( Chelsey Cox | ) www.cnbc.com time to read: 1 min

WASHINGTON — The U.S. Securities and Exchange Commission fined Citadel Securities LLC $7 million for settling charges of violating order marking requirements, the commission announced Friday. The SEC estimated that the firm marked millions of certain short sale orders as long sales, and vice versa, between September 2015 and September 2020, according to the commission. The source of the inaccuracies was a coding error in Citadel's automated trading system during this time frame, the SEC found. A Citadel spokesperson told CNBC that the matter "had no impact on the quality of our client execution." "While updating our systems to accommodate certain client requests, we made a coding change that inadvertently affected a de minimis percentage of our order markings," the spokesperson added.

Persons: WASHINGTON Organizations: The U.S . Securities, Exchange Commission, Citadel Securities, SEC, Citadel, CNBC Locations: The

☆ What Wall Street is telling employees about returning to the office, from Goldman Sachs to JPMorgan and Blackstone
▼ + stars: | 2023-09-04 | by ( Kaja Whitehouse | Michelle Abrego | ) www.businessinsider.com time to read: +11 min

According to Goldman's chief economist, Jan Hatzius, some 25% of all US workers work from home at least part of the week. So, which Wall Street firms are still letting employees work from home at least part of the time? On days employees are in, the firm focuses on taking "advantage of our shared location," it reads. At that time, the firm called for its employees to come into the office a minimum of three days a week. Since then, most employees have been in the office throughout the week, according to a person familiar with the firm.

Persons: Goldman Sachs, David Solomon, Citadel's Ken Griffin, Joe Biden, Jan Hatzius, Hatzius, Jamie Dimon, Goldman, Goldman Sachs Goldman Sachs, —, Dimon, JPMorgan Gretchen Ertl, Jane Fraser, she's, Fraser, they're, Citigroup Patrick, Fallon, Brian T, Moynihan, Bank of America Shannon Stapleton, Reuters Morgan Stanley Morgan Stanley's, James Gorman, Gorman, Gorman doesn't, Morgan Stanley, we're, James Gorman SAUL LOEB, Larry Fink, Larry Fink Spencer Platt, Citadel's Griffin, Griffin, Raj Mahajan, Ken Griffin, Milken, Mike Blake, Blackstone, Stephen Schwarzman Roy Rochlin, Nir Bar Dea, Izzy Englander's Organizations: JPMorgan, Blackstone, Morning, Citadel, Bloomberg, Business, Deloitte, JPMorgan JPMorgan, Goldman, Citigroup, Street, Bank, Economic, Getty Images Bank of America Bank of, Bank of America, Reuters, Getty, BlackRock BlackRock, Yards, Labor, Fox, BlackRock, Citadel Securities, Blackstone Blackstone, Bridgewater Bridgewater Associates, Bridgewater Associates, Bridgewater Locations: Citadel, Davos, Switzerland, New York City

☆ Inside Citadel's $19,000-a-month summer internship, where interns are taught how to schmooze and are judged on the length of their emails
▼ + stars: | 2023-08-29 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Hedge fund Citadel selected 300 candidates from a pool of 69,000 applicants for its summer internship. AdvertisementAdvertisementHedge fund Citadel and trading firm Citadel Securities run a highly-coveted summer internship program that runs for 11 weeks. AdvertisementAdvertisementDuring Citadel's summer programs, interns lodge at upscale hotels like Hong Kong's Fullerton Ocean Park Hotel, a Citadel spokesperson told Insider on Tuesday. Ken Griffin, the majority owner of Citadel and Citadel Securities, is worth $37 billion, according to Bloomberg's Billionaires Index. Citadel posted its strongest results to date in 2022 when it made about $28 billion in revenue, while market maker Citadel Securities raked in $7.5 billion in revenue.

Persons: Kristina Martinez, Citadel's, Ken Griffin Organizations: Citadel, Bloomberg, Morning, Citadel Securities, Park, Stanford Locations: Hong

☆ Inside Citadel's $19,000-a-month summer internship, where math whizzes are coached on everything from coding to drafting emails
▼ + stars: | 2023-08-29 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Hedge fund Citadel selected 300 candidates from a pool of 69,000 applicants for its summer internship. AdvertisementAdvertisementHedge fund Citadel and trading firm Citadel Securities run a highly-coveted summer internship program that runs for 11 weeks. AdvertisementAdvertisementAccording to Bloomberg, Citadel brings in professional trainers to help them better communicate. During Citadel's summer programs, interns lodge at upscale hotels like Hong Kong's Fullerton Ocean Park Hotel, a Citadel spokesperson told Insider on Tuesday. AdvertisementAdvertisementKen Griffin, the majority owner of Citadel and Citadel Securities, is worth $37 billion, according to Bloomberg's Billionaires Index.

Persons: Kristina Martinez, Citadel's, Ken Griffin Organizations: Citadel, Bloomberg, Morning, Citadel Securities, Park, Stanford Locations: Hong

☆ Citadel is rebuilding a core tech platform to transform how the hedge fund uses data. 2 tech leaders take us inside the multi-year project.
▼ + stars: | 2023-08-22 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Citadel is completely rebuilding a new platform for all of the hedge fund's reference data. The platform is currently being rolled out and will let the fund move into new asset classes faster. Now, the migration to a new reference-data platform is underway. With the new solution, Citadel says, it will be able to move into new asset classes much faster. With the new platform, Citadel can respond when new asset classes come into the market.

Persons: Rituraj Deb Nath, Deb Nath, Robert Tan, Tan, It's, Goldman Sachs, There's Organizations: Citadel, Citadel Securities, Google, Bank of America

☆ Trader who founded XTX sees fortune soar to $11 billion as quant firm becomes a top global player
▼ + stars: | 2023-08-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Alex Gerko's wealth is now estimated at $10.8 billion as his firm XTX has become a top global player. He is now number 182 on the Bloomberg Billionaires Index, which just calculated that his fortune doubled. The index added $5 billion to his wealth compared to the prior trading day. While revenue still trails Citadel Securities' $7.5 billion in 2022, XTX is emerging as one of the top players in global markets. The firm handles a trading volume of around $300 billion a day, involved in equities, commodities, currencies, and fixed-income.

Persons: Alex Gerko's, XTX, Alex Gerko, Stanley Druckenmiller's, Gerko — Organizations: Bloomberg, Service, Deutsche Bank, XTX, Citadel Securities, Financial Times Locations: Wall, Silicon, Russian

☆ Researchers use cloud to replicate supercomputer for heart disease study
▼ + stars: | 2023-08-16 | by ( Max A. Cherney | ) www.reuters.com time to read: +2 min

3D printed clouds and figurines are seen in front of the Google Cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsAug 16 (Reuters) - A scientist at Harvard used Google's cloud platform to clone a supercomputer for a heart disease study, in a novel move that other researchers could follow to get around a shortage of powerful computing resources and speed up their work. But cloud computing operations aren't designed to handle the demands researchers have. They are designed for millions of individual, relatively small computing tasks - things such as streaming video, serving webpages or database access. Modifying cloud infrastructure to behave like a supercomputer requires changes in the software, networking and physical design of the hardware, Magro said.

Persons: Dado Ruvic, Petros Koumoutsakos, Koumoutsakos, Costas Bekas, Bill Magro, Magro, Max A, Sonali Paul Organizations: Google, REUTERS, Harvard, Citadel Securities, Citadel, Inc, Thomson Locations: U.S, San Francisco

☆ The number of partners to leave Goldman Sachs since David Solomon took over as CEO just hit 90
▼ + stars: | 2023-08-01 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

It's been a busy summer for Goldman Sachs' partner departures. Two more farewell memos went out on Tuesday, including for Lisa Opoku and David Rusoff. Just weeks after reporting a 58% drop in profit, the Goldman Sachs CEO was hit with a wave of high-profile defections that bring the number of partners who have left under Solomon to 90. Opoku worked as global head of the Goldman Sachs Partner Family Office, which oversees the firm's wealth management offerings for current and retired Goldman Sachs partners, managing directors, and alumni. In her current role, Lisa oversees the firm's wealth management offerings for current and retired Goldman Sachs partners, managing directors and alumni.

Persons: It's, Goldman Sachs, Lisa Opoku, David Rusoff, Julian Salisbury, Takashi Murata, David Solomon, Solomon, Goldman, — Lisa Opoku, David Rusoff —, pare, Tammy Kiely, Frederick Baba, Dina Powell McCormick, Opoku, Marc Nachmann, Kathryn Ruemmler, Rusoff, Ken Griffin's, Peng Zhao, David Thomas, Goldman's, Thomas, Shawn Fagan, Lisa Organizations: Asia Pacific, Global Banking, Markets, Citadel Securities, Citadel, Engineering, Securities Division, Commodities Bank, Black Network, Advisors, Black Economic Alliance, Firmwide Locations: Hong Kong, Asia, New York, London, Americas

☆ Ken Griffin's Citadel Securities logs 35% plunge in first-half revenue as low market volatility reduces trading opportunities
▼ + stars: | 2023-07-25 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +1 min

Billionaire Ken Griffin's Citadel Securities saw a 35% plunge in revenue during the first half of 2023, according to Bloomberg. Citadel pulled in a net $2.73 billion during the six months through June, down from $4.2 billion in the year-earlier period. The drop comes as falling financial-market volatility reduces opportunities to profit from outsized price fluctuations. According to Bloomberg, Citadel net trading revenue also took a dip during the second quarter of the year. It garnered $1.3 billion of net trading revenue, a fall from $1.9 billion during the same period last year.

Persons: Ken Organizations: Citadel Securities, Bloomberg, Citadel, Service, Privacy Locations: Wall, Silicon

[1/3] Pedestrians are reflected on a window of a commercial building at closing hour at a financial district in Tokyo, Japan, November 22, 2017. The number of activist funds has trebled over the last five years to 69, according to data from IR Japan. Joining a hedge fund where you might lose your job tomorrow because you lost money or didn't raise funds is a very foreign world for such workers." "Many global hedge funds are opening up Tokyo offices and hiring talent" to support a growing investment focus, said Masa Yanagisawa, head of prime services Japan at Goldman Sachs in Tokyo. Hong Kong-headquartered activist hedge fund Oasis Management has hired people in Japan this year, including a former senior regulatory official it appointed to its advisory council.

Persons: Kim Kyung, Warren Buffett, Stefan Nilsson, Masa Yanagisawa, Goldman Sachs, Seth Fischer, FinCity.Tokyo, Keiichi Aritomo, Toby Bartlett, Goldman's Yanagisawa, UBP, Cedric Le Berre, Xie Yu, Makiko Yamazaki, Scott Murdoch, David Dolan, Lincoln Organizations: REUTERS, Global, Nikkei, Funds, Oasis Management, Oasis, Citadel, Citadel Securities, Nasdaq, May, Angel, Asset Management, Thomson Locations: Tokyo, Japan, HONG KONG, TOKYO, Hong Kong, Singapore, Swiss, China, Taiwan, Sydney

☆ Will Smith-backed U.S. broker Public launches in the UK in first foray overseas
▼ + stars: | 2023-07-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Gabby Jones | Bloomberg | Getty ImagesAmerican stock brokerage startup Public launched its services in the U.K. Thursday, marking its first international expansion its launch in 2017. The app, backed by celebrities including Will Smith and skateboarding legend Tony Hawk, will offer U.K. users commission-free trading in over 5,000 U.S.-listed stocks during the country's regular trading hours. Bibas said that, for now, the U.K. is the only country Public is focusing on for its international expansion. In the future, it hopes to take learnings from its U.K. launch to open in other European markets. Freetrade, the U.K. brokerage startup, slashed its valuation by a whopping 65% last month to £225m in a crowdfunding round, citing a "different market environment."

Persons: Gabby Jones, Will Smith, Tony Hawk, AJ Bell, Hargreaves Lansdown, Leif Abraham, Public's, Abraham, Jannick Malling, PFOF, Dann Bibas, Bibas, he's Organizations: Bloomberg, Getty, Public, CNBC, Jannick, GameStop, Citadel Securities, European Union, Khepri Advisers, Financial, Authority, Accel, Tiger Global Locations: U.S, Abraham, Denmark, Germany, New York, Copenhagen, London, Amsterdam, Covid

☆ Some investors are shunning Wall Street’s tech frenzy
▼ + stars: | 2023-07-07 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

CNN —While many on Wall Street have chased the monster rally in mega-cap tech stocks this year, exchange-traded fund (ETF) investors seem to be bucking the “all-in on tech stocks” trend and opting for a more diversified strategy. The Nasdaq Composite index has climbed about 31% for the year, powered by a handful of tech stocks that have soared on hype surrounding artificial intelligence. The Vanguard Information Technology Index Fund saw $955 million of net outflows in the first half of 2023 compared to $291 million net inflows in the first half of last year. Investors had piled into tech-focused ETFs last year when the sector had fallen out of favor, betting that tech stocks would recover, buoyed by an economy that remains resilient despite the Federal Reserve’s punishing pace of interest rate hikes. Now, investors are exiting these ETFs and reallocating their cash to quality stocks with strong balance sheets that can withstand a potential economic downturn, says Todd Rosenbluth, head of research at VettaFi.

Persons: Todd Rosenbluth, ”, Shelby McFaddin, Larry Fink, Bitcoin, ” Fink, Antoni Trenchev, Charles Schwab, Clare Duffy, paring, Elon Musk, it’s, Read Organizations: CNN Business, Bell, CNN, Vanguard Information Technology, Investors, “, Wealth, BlackRock, Fox Business, Federal Reserve, Fidelity Digital Assets, Citadel Securities, Facebook, Twitter, Meta

☆ Ken Griffin's Citadel is rebuilding one of its most critical platforms. Here's an inside look at the project.
▼ + stars: | 2023-07-06 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

The platform is currently being rolled out and will let the fund move into new asset classes faster. Now, the migration to a new reference-data platform is underway. With the new solution, Citadel says, it will be able to move into new asset classes much faster. With the new platform, Citadel can respond when new asset classes come into the market, like cryptocurrencies or collectibles. "It's critical for our systems to accommodate growth in various asset classes and support the ever-increasing crossover between them," Tan said.

Persons: Rituraj Deb Nath, Deb Nath, Robert Tan, Tan, It's, Goldman Sachs, There's Organizations: Citadel, Citadel Securities, Google, Bank of America

☆ The only winners on Wall Street seem to be the interns — with some earning nearly $20,000 a month
▼ + stars: | 2023-06-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +3 min

Intern pay on Wall Street is on the rise. The median wage for interns at Citadel and Citadel Securities is reportedly $120 an hour. There's lots to be concerned about working on Wall Street these days. Median intern pay has risen by 19% among some of the top finance firms, according to a Bloomberg report citing data from Levels.fyi. (Insider's Emmalyse Brownstein has you covered on all things Wall Street internships, from how to nab a return offer to what to wear to the office.)

Persons: Ken Griffin, Insider's Paige Hagy, Brownstein, that's, Alex Morrell Organizations: Citadel, Citadel Securities, Bloomberg, Take, nab, Bank of America Locations: New York City

If approved, a bitcoin ETF from the world's biggest asset manager could attract investors reluctant to buy the high-risk cryptocurrency directly. Digital asset manager Grayscale had its proposal for a spot bitcoin ETF rejected last year. LESS CAPITAL OVERALLAfter surprise rate hikes in Australia and Canada, and as the Federal Reserve forecasts two more hikes, investors are now betting that interest rates will remain higher for longer. Bitcoin had benefited from ultra-low interest rates, which incentivised investors to take riskier bets in search of returns. "Albeit - there are likely to be further challenges with interest rates continuing to increase," he said.

Persons: Mike Caldwell's, Jim Urquhart, Bitcoin, Charles Schwab, Youwei Yang, BTCM, Wes Hansen, Gordon Grant, Grant, Strijers, he'd, Riyad Carey, Genesis Trading's Gordon Grant, There's, bitcoin, Usman Ahmad, Elizabeth Howcroft, Tom Wilson, Louise Heavens Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Citadel Securities, Fidelity Investments, Reuters Graphics, Silicon Valley Bank, SEC, Fidelity, Cboe, Kaiko, Federal Reserve, Blackrock, Zodia, Chartered, Technology, Thomson Locations: Sandy , Utah, Silicon, United States, Australia, Canada, Hong Kong

☆ Bitcoin rallies 17% this week as institutional interest in the asset picks up
▼ + stars: | 2023-06-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

For many crypto investors, this week felt like the beginning of a new era – and ironically, it was driven by the old guard of financial institutions. Bitcoin ended the week up 17.1% at $30,864.67, according to Coin Metrics, for its best week since March 17. At one point on Friday, bitcoin rose to as much as $31,412.72 , its highest level since June 8, 2022. BlackRock filed an application for its spot bitcoin ETF June 15, spurring a flurry of fund filings from other asset managers. In the past two weeks, bitcoin's trading volume has increased 0.5% on a week-over-week basis, according to JPMorgan.

Persons: Bitcoin, bitcoin, Polygon, Yuya Hasegawa, Invesco, Charles Schwab, CNBC's, it's, Owen Lau, Oppenheimer, Lau, Hasegawa Organizations: Solana, Securities and Exchange Commission, Nasdaq, SEC, BlackRock, Fidelity Digital Assets, Citadel Securities, JPMorgan Locations: Cardano

☆ Depending on who you ask, BlackRock just saved, or killed, crypto
▼ + stars: | 2023-06-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Today we've got stories on a startup helping you build your credit with rent payments, Wall Street reentering the home-buying frenzy, and how to cut out late-night snacking. But that hasn't stopped critics from painting BlackRock's filing as part of a wider power shift in crypto benefiting traditional financial firms. (It's worth noting that the announcement coincides with the launch of EDX Markets, a crypto exchange backed by Wall Street royalty like Citadel Securities, Fidelity, and Charles Schwab, per The Wall Street Journal.) Wall Street isn't in the business of supporting causes that could put it out of business. By partnering with traditional finance firms, crypto companies are letting the fox in the hen house.

Persons: Dan DeFrancesco, we've, Andrii Shyp, Arif Qazi, Wall, Insider's Rebecca Ungarino, Rebecca, Morgan Chittum, hasn't, Charles Schwab, I've, Read, Teresa Heitsenrether, Here's, We're, Netflix's, Jeffrey Epstein, Epstein, Bel, Gary Winnick, Kaja Whitehouse, Nathan Rennolds Organizations: EDX, Wall, Citadel Securities, Fidelity, Street, JPMorgan, Bloomberg, Netflix, US Virgin Islands, Bel, Air, LinkedIn Locations: BlackRock, New York, London

☆ Bitcoin eyes third straight day of gains after touching two-month high
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Bitcoin rallied for a third straight day after hitting its highest level since mid-April, boosted by BlackRock's (BLK.N) plan to create a bitcoin exchange-traded fund (ETF) even as the sector faces U.S. regulatory scrutiny. Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued major crypto exchanges including Coinbase and Binance. Bitcoin, the world's biggest and best-known cryptocurrency, was last up 5.5% on Wednesday at 29,881.00 after hitting a high of $30,755.00. "It started with BlackRock's Bitcoin ETF filing and now others are following," said Edward Moya, a senior market analyst at OANDA. "Who needs regulatory clarity if you see BlackRock making a move?"

Persons: Bitcoin, Schwab, Edward Moya, Juby Babu, Megan Davies, Sinéad Carew, Hannah Lang, Chris Reese, Richard Chang Organizations: BlackRock's, BlackRock, Street, Citadel Securities, Fidelity, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Bengaluru, New York

☆ Dollar dips as Powell testimony disappoints hawks
▼ + stars: | 2023-06-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

Powell told lawmakers the fight against inflation still "has a long way to go" and that despite a recent pause in interest rate hikes officials agreed borrowing costs would likely need to move higher. While noting that inflation remains very far from the Fed's target, Powell said it may make sense to still raise rates, at a more moderate pace. The dollar index , which measures the currency against six rivals, fell 0.43% to 102.07 following Powell's testimony to the House Financial Affairs Committee. Investors broadly expect rate hikes to resume at the Fed's July meeting, though financial market indicators reflect doubts that the Fed will deliver more increases beyond that. YEN UNDER PRESSURE, STERLING SEESAWSThe euro was 0.62 % higher against the dollar at $ 1.0985 .

Persons: Jerome Powell's, Powell, Karl Schamotta, Schamotta, Michael Brown, STERLING, Kazuo Ueda, Charles Schwab, Saqib Iqbal Ahmed, Tom Westbrook, Farouq Suleiman, Sam Holmes, Kim Coghill, Sharon Singleton, Alex Richardson, Richard Chang Organizations: YORK, U.S, Fed, House Financial, Committee, Investors, Bank of Japan, Reserve Bank of Australia's, Fidelity, Citadel Securities, Thomson Locations: Beijing

After an initial rise, sterling fell as much as 0.56% against the dollar to a low of $1.2691 following this month's inflation figures. Investors and money managers now turn their focus to Fed chief Jerome Powell's testimony before Congress at 10:00 a.m. "The former may do more to give additional support to send the dollar index and (bond) yields higher." The rally against the yen pushed the U.S. dollar index , which measures the currency against six major peers, up slightly to 102.58. "The Aussie could dip below 0.6700 this week, particularly if Powell is hawkish," he said.

Persons: Powell, Jerome Powell's, Adam Cole, Kazuo Ueda, Tuesday's, Joe Capurso, Bitcoin, Charles Schwab, Tom Westbrook, Farouq Suleiman, Sam Holmes, Kim Coghill, Sharon Singleton Organizations: Federal, RBC Capital Markets, Bank of Japan, U.S, Commonwealth Bank of Australia, Fidelity, Citadel Securities, Thomson Locations: SINGAPORE, LONDON, Asia, Pacific, China, Tokyo

☆ Dollar firm ahead of Powell testimony, sterling up on hot inflation
▼ + stars: | 2023-06-21 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Sterling briefly rose as far as 0.3% against the dollar to $1.2803 before settling back to $1.2765. It also rose slightly on the euro and yen , as traders were betting the Bank of England would need to take rates higher. Powell is due to begin his testimony before Congress at 1400 GMT. "The former may do more to give additional support to send the dollar index and yields higher." "The Aussie could dip below 0.6700 this week, particularly if Powell is hawkish," he said.

Persons: Powell, Jerome Powell's, Sterling, Tuesday's, Joe Capurso, steadying, Charles Schwab, Tom Westbrook, Sam Holmes, Kim Coghill Organizations: Federal, Bank of England, Bank of Japan, Fed, Commonwealth Bank of Australia, New Zealand, U.S, Fidelity, Citadel Securities, Thomson Locations: SINGAPORE, Asia, China, Tokyo

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