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A start-up stock exchange headquartered in Dallas and backed by the financial powerhouses BlackRock and Citadel Securities is set to challenge the dominance of the New York Stock Exchange and Nasdaq in the listing and trading of companies and funds. The Texas Stock Exchange, or TXSE, has raised roughly $120 million from more than two dozen investors, including BlackRock and Citadel Securities as well as some unnamed business leaders, according to a statement on Wednesday. The exchange has yet to register with the Securities and Exchange Commission, which will be its primary regulator, but intends to do so later this year. It cannot begin operating without the S.E.C.’s approval. The announcement of the exchange was first reported by The Wall Street Journal.
Persons: Organizations: BlackRock, Citadel Securities, New York Stock Exchange, Nasdaq, Texas Stock Exchange, Securities and Exchange Commission, Wall Street Locations: Dallas, BlackRock
Universum shared a new set of rankings about what US students said would be their ideal employers. 1 among business students. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe dream employers of US business students vary a lot based on new results from employer branding specialist Universum. Universum surveyed over 40,000 US students from September 2023 to April 2024 and put together rankings based on what students in different fields of study, such as business, chose as their ideal employers.
Persons: Universum, Organizations: JPMorgan Chase, Fidelity Investments, BlackRock, Service, Business Locations: Universum
Pavlo Gonchar | Lightrocket | Getty ImagesAlmost five years ago, GameStop champion Keith Gill revealed a $53,000 bet in his favorite video game retailer. By the end of the jaw-dropping episode in April 2021, Gill exercised his call options position to have 200,000 common shares. Put another way: If the stock closes above $20 that day, Gill could exercise the options at $20 apiece, leaving him owning an additional 12 million shares. A total of 17 million shares would make him the fourth-biggest shareholder in GameStop, coming in behind Vanguard, BlackRock and Ryan Cohen's RC Ventures, according to FactSet. Zoom In Icon Arrows pointing outwardsThe notional value, if exercised, would be $240 million worth of stock bought at $20.
Persons: Keith Gill, Pavlo Gonchar, Gill, Michael Khouw, Khouw, Morgan Stanley's, Ryan Cohen's Organizations: GameStop, Lightrocket, Street Journal, CNBC, Vanguard, BlackRock, Ryan Cohen's RC Ventures
In this article BTC.CM= Follow your favorite stocks CREATE FREE ACCOUNTOmer Taha Cetin | Anadolu | Getty ImagesA major thesis around bitcoin ETFs was that financial advisors needed regulated funds like them to direct their wealthy clients to invest in bitcoin. For one, bitcoin ETFs have been hailed as the most successful ETF launches in history, with BlackRock's iShares Bitcoin Trust (IBIT) reaching $20 billion in assets under management this week, even with advisors sitting out. CNBC spoke with a dozen members of CNBC's Advisor Council, which includes Baker, to learn why so many financial planners are still down on bitcoin and bitcoin ETFs, and what could cause them to change their tune. Many hope consistent flows into bitcoin ETFs over the years can lower that volatility, but for now, it's still a deterrent for some. "Financial advisors now have a way to give clients access [to bitcoin] that's safe, reliable and regulated," said Bradley Klontz, managing principal of YMW Advisors in Boulder, Colorado.
Persons: Omer Taha Cetin, BlackRock's, I'm, Lee Baker, Baker, Ted Jenkin, , they're, It's, it's, Bradley Klontz, Cathy Curtis, bitcoin Organizations: Anadolu, Getty, Apex Financial Services, CNBC, YMW Advisors, Partners, Curtis Financial Locations: bitcoin, Atlanta, Boulder , Colorado, Oakland , California
The boss of Swedish financial technology startup Trustly says an initial public offering for the company is still a year or two away from happening, even after a 51% jump in operating profit. "We need another year or two to really demonstrate to the market that open banking is happening happening, it's here," Tjarnberg told CNBC. Trustly is holding out on an IPO even after reporting a strong set of financials. Growth accelerated significantly in the second half of the year, Trustly said, climbing 27% compared with the same period in 2022. Tjarnberg told CNBC that the company's performance in 2023 was heavily driven by the growth at its U.S. business.
Persons: Johan Tjarnberg, Tjarnberg, Trustly, PayWithMyBank Organizations: CNBC, Trustly
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock's IBIT becomes largest spot bitcoin ETF, surpassing Grayscale's GBTC: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Lynn Martin, president of NYSE Group, explains a new collaboration with CoinDesk Indices and Katherine Dowling, general counsel & CCO at Bitwise Asset Management, discusses crypto ETFs from Consensus 2024.
Persons: Grayscale's, explainers, Lynn Martin, Katherine Dowling Organizations: Grayscale's GBTC, CNBC Crypto, CNBC, NYSE Group, CoinDesk, Bitwise Asset Management
The global semiconductor industry is set to experience "groundbreaking changes," Citi said, naming stocks to play the theme. Here are six stocks from Citi's list, which stand out for having substantial upside potential, according to FactSet's consensus price targets. Nvidia Among Citi's list of top stocks is investor darling Nvidia . Samsung Electronics and SK Hynix South Korean tech giants Samsung Electronics and SK Hynix also made Citi's list. Citi also noted that SK Hynix is looking forward to stronger supplies of HBM3E chips through to 2025, "in line with the customer's roadmap."
Persons: Atif Malik, ASMPT, Kevin Chen, Takayuki Naito, Ibiden, Hynix, Peter Lee, — CNBC's Michael Bloom Organizations: Citi, Nvidia, Tokyo Stock Exchange, Franklin FTSE, Franklin FTSE Hong Kong ETF, BlackRock Future Tech ETF, Samsung Electronics, SK Hynix South, SK Hynix, Korea ETF, Franklin FTSE South Korea ETF Locations: Hong Kong, Franklin FTSE Hong, SK Hynix South Korean, Korea, Franklin FTSE South
There's a lot to like right now in the fixed income market, according to BlackRock's Rick Rieder. He finds European credit, both investment grade and BB-rated high yield, attractive in part because of the strong U.S. dollar. They have also added high quality CLOs and high-quality European securitized assets. "We're getting more yield than BB high yield. We're getting almost as much yield as full high yield — and our volatility is 60% of that market, just because we diversified," Rieder said.
Persons: BlackRock's Rick Rieder, Rieder, Bond, Fed Governor Waller, I've, He'd, Morningstar, We've, we're, BINC, We're, they'll Organizations: CNBC, SEC, Federal Reserve, Fed, AAA, BlackRock AAA, BlackRock AAA CLO, U.S, CLOs, MBS Locations: BlackRock, CLOs, European
The SEC has approved a rule change Thursday that would pave the way for ETFs that buy and hold ether , one of the world's largest cryptocurrencies. The decision comes less than six months after the Securities and Exchange Commission approved bitcoin ETFs. Many of the companies that sponsor bitcoin ETFs — including BlackRock, Bitwise and Galaxy Digital — have also started the process of the launching an ether fund. Specifically, the SEC's order approves applications from various exchanges to list eight different ether funds. Ether ETFs are expected to be smaller, at least initially, than their bitcoin counterparts.
Persons: FactSet, Richard Kerr, Kerr, Ethereum, Steven Lubka, Swan, Lubka Organizations: SEC, Securities and Exchange Commission, Galaxy, Swan Locations: BlackRock, Bitwise, U.S
Federal regulators on Thursday approved an investment product tied to the cryptocurrency Ether, the most valuable digital asset after Bitcoin, in a major boost for the crypto industry. The Securities and Exchange Commission said a group of exchanges could begin listing investment products known as exchange-traded funds, or E.T.F.s, linked to the price of Ether. approved similar products that track the price of Bitcoin, leading to a flurry of new investment that helped propel Bitcoin’s price to a record high. Before the exchanges can start offering Ether E.T.F.s, the S.E.C. must also approve a separate set of applications from companies that want to issue them, including from major financial firms like BlackRock and Franklin Templeton.
Persons: Franklin Templeton Organizations: Securities, Exchange Commission Locations: BlackRock
The price of ether could rise 60% if spot ETFs are approved, QCP Capital wrote. The previous success of spot bitcoin ETFs serves as an example of potential upside. Eyes are currently on the second-biggest cryptocurrency as US regulators are deciding on whether to approve the first ether spot ETFs in the country. That token's stellar run was set off in mid-January when the SEC similarly greenlit spot bitcoin ETFs. What's more, head of FX Research Geoff Kendrick wrote that the spot ether ETFs are unlikely to stumble on the same issues that tormented bitcoin, such as heavy inflow volatility.
Persons: , bitcoin, QCP, Geoff Kendrick Organizations: QCP, SEC, Service, BlackRock, [ Depository Trust, Clearing Corporation, Chartered, FX
Coinbase is poised to benefit from U.S. spot ether exchange-traded funds, if they are approved, according to JMP Securities. The turnaround sent ether soaring more than 20% to start the week. ETH.CM= 5D mountain Ether 5-day chart JMP's Devin Ryan said in a note Wednesday that Coinbase could see benefits to its transaction, custody and staking businesses as a result of the introduction of ether ETFs. He also said an ether ETF approval does not necessarily signal a blessing by the SEC of the broader crypto asset class, or even comfort around all ETH use cases, such as staking. JMP has an outperform rating on Coinbase and a price target of $320, implying nearly 42% upside from Tuesday's close.
Persons: Coinbase, Devin Ryan, Ryan, JMP Organizations: JMP Securities, U.S . Securities, Exchange Commission, SEC, Fidelity, Management Locations: Base, BlackRock
Cryptocurrencies rose Tuesday amid a late surge in optimism around the U.S. Securities and Exchange Commission's decisions on spot ether exchange-traded funds applications, the first of which is due this week. Ether led the rally, rising 9% to $3,680.98, according to Coin Metrics. Investors are reconsidering the probability that the SEC greenlights spot ether ETF applications amid reports that the SEC has requested document updates from potential ETF issuers and exchanges. Final decisions on applications by VanEck and Ark Invest are due this Thursday and Friday, respectively. BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decisions this year.
Persons: Cryptocurrencies, Ether, bitcoin, Robinhood, Bartosz Lipiński Organizations: U.S . Securities, Exchange, Metrics, Marathon, Energy, SEC, Cube Exchange, Fidelity, Management Locations: BlackRock
Grayscale Investments announced that CEO Michael Sonnenshein stepped down on Monday, ending a 10-year run as the leader of the largest crypto asset manager. Under Sonnenshein, Grayscale played a key role in pushing the U.S. Securities and Exchange Commission to allow bitcoin ETFs. "The crypto asset class is at an important inflection point and this is the right moment for a smooth transition. In 2022, Grayscale launched a lawsuit against the SEC, after regulators turned down its bid to convert the investment vehicle into an exchange-traded fund. Michael Sonnenshein at the 2022 Forbes Iconoclast Summit at New York Historical Society on Nov. 3, 2022.
Persons: Michael Sonnenshein, Peter Mintzberg, Goldman Sachs, Edward McGee, Sonnenshein, Arturo Holmes Organizations: Investments, BlackRock, U.S . Securities, Exchange Commission, SEC, Fidelity, Forbes, Summit, New York Historical Society, Getty Locations: OppenheimerFunds
Laurence D. Fink built BlackRock into the world’s largest asset manager with a steely grip, a thick skin and a cleareyed vision of what the company could become. Today, it’s a caretaker of $10.5 trillion of investor money and a provider of sophisticated trading technology, and Mr. Fink has been an informal financial adviser to many governments, including the United States. They were on investors’ minds this week at BlackRock’s annual shareholder meeting, as they listened to Mr. Fink talk about the company’s performance and voted on ballot issues. Mr. Fink, BlackRock’s chief executive and chairman, exerts an unusual level of control for someone leading a firm of its size, with nearly 20,000 employees. From writing LinkedIn posts defending BlackRock’s policies to personally finding key deals, he has put his stamp all over the company, which he co-founded in 1988.
Persons: Laurence D, Fink, it’s, Robert F, Kennedy Jr, . Fink Organizations: BlackRock Locations: United States
It’s fueling a huge rollout of new retirement products — but they’re not all golden tickets. “We didn’t really save much of anything.”However, jobs offering pension plans are harder to come by compared to previous decades. Over the past 40 years, defined contribution plans, also known as 401(k) plans, have taken their place. Americans currently hold over $7 trillion in 401(k) plans, according to data from the Investment Company Institute, a trade association. These types of retirement plans put the job of saving and investing on the employee.
Persons: CNN —, Jennifer Messina, “ I’m, ” Messina, ” Teresa Ghilarducci, ” Eric Stevenson, Roth, Ghilarducci, you’re, , There’s, she’s, we’ll, Messina Organizations: CNN, Alliance for Lifetime, Investment Company Institute, Social Security, Social Security Administration, Federal, The New School for Social Research, BlackRock, Nationwide, Messina Locations: Nutley , New Jersey, BlackRock, New Jersey, South Carolina, North Dakota
Read previewEmployees at the investment behemoth BlackRock couldn't tell that a strategy memo they were reading was actually written by ChatGPT, the company's COO said on Thursday. BlackRock COO Robert Goldstein recounted the anecdote during an interview with Fortune's Lee Clifford. Goldstein said he'd worked with his team to prepare a memo on the company's generative AI strategy for a board meeting that took place "several months ago." But instead of drafting it themselves, Goldstein decided that the team should get ChatGPT to write the memo instead. Last month, BlackRock CEO Larry Fink said in an earnings call that the company's investments in AI would bolster productivity.
Persons: , BlackRock, ChatGPT, Robert Goldstein, Fortune's Lee Clifford, Goldstein, he'd, BlackRock didn't, Larry Fink, Fink, Kristalina Georgieva, Georgieva Organizations: Service, BlackRock, Finance, Business, BI, IMF, Swiss Institute of International Studies Locations: New York, BlackRock, Zurich
Fresh off a $1.1 billion equity funding round, artificial intelligence infrastructure startup CoreWeave has raised $7.5 billion in debt to more heavily invest in its cloud data centers. That means CoreWeave, backed by Nvidia, is going up against the world's top cloud infrastructure operators, including Amazon and Google . On its website, CoreWeave claims to have lower on-demand prices than any major cloud company. Even Microsoft , the world's second-largest provider of cloud infrastructure, has started relying on CoreWeave to help supply OpenAI with the computing power it needs. Such GPUs were used as collateral in a $2.3 billion debt round last year, Reuters reported.
Persons: Michael Intrator, CoreWeave, ChatGPT, Colette Kress Organizations: CNBC, Investors, Nvidia, Amazon, Google, Microsoft, Citigroup, Reuters Locations: Carlyle, BlackRock
Right now, securitized products in general look relatively cheap, said John Kerschner, head of U.S. securitized products and portfolio manager at Janus Henderson Investors. To meet this need, Janus launched its Securitized Income ETF (JSI) in November, which invests across the securitized space. JSI YTD mountain Janus Henderson Securitized Income ETF Collateralized loan obligations Another fund Kerschner manages is the Janus Henderson AAA CLO ETF . One way investors can get broad exposure to CMBS via BlackRock's iShares CMBS ETF . CMBS YTD mountain iShares CMBS ETF year to date However, Janus' Kerschner pointed out that all office work isn't going away.
Persons: Nick Travaglino, Nuveen, Travaglino, John Kerschner, Janus Henderson, Janus, Kerschner, Rick Rieder, I've, Rieder, CLOs, it's, isn't, Fannie Mae, Freddie Mac, Kershner, We're Organizations: Investors, Fund, Janus Henderson Investors, SEC, Janus Henderson AAA CLO, Bank of America, AAA CLOs, BlackRock AAA CLO Locations: CLOs, BlackRock, Moody's, CMBS, multifamily
The Fed has a strong case to lower interest rates, according to BlackRock's Rick Rieder. The bond chief said high rates may stoke inflation, as the economy has shifted to being a net creditor. "I would lay out an argument that actually, if you cut interest rates, you bring down inflation," Rieder said. In an interview with Bloomberg TV, BlackRock's bond chief Rick Rieder argued that the Fed needs to loosen monetary policy before inflation falls. That's partly because high interest rates may actually be stoking inflation, thanks to the huge transfer of money in the economy from borrowers to lender, Rieder said.
Persons: BlackRock's Rick Rieder, Rieder, , Rick Rieder Organizations: stoke, Service, Federal Reserve, Bloomberg, Business
Boaz Weinstein, the hedge fund investor on the winning side of JPMorgan Chase's $6.2 billion, "London Whale" trading loss in 2011, is now taking on index fund giant BlackRock . The hedge fund wants board control at three BlackRock funds and a minority slate at seven others. BlackRock, Saba says in the deck, "considers itself a leader in governance, but is crushing shareholder rights." At certain BlackRock funds, for example, if an investor doesn't submit their vote in a shareholder meeting, their shares will automatically go to support BlackRock. The index fund manager's rebuttal, "Defend Your Fund," describes Saba as an activist hedge fund seeking to "enrich itself."
Persons: Boaz Weinstein, Saba, Weinstein, doesn't Organizations: Saba Capital Management, Bloomberg, JPMorgan Chase's, Weinstein's, CNBC, BlackRock, affirmatively Locations: New York, BlackRock, Weinstein's Saba, Saba
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should hold stocks for the next couple of years, says BlackRock's Rick RiederRick Rieder, BlackRock CIO of global fixed income, joins 'Closing Bell' to discuss the rally and the bond market.
Persons: Rick Rieder Rick Rieder Organizations: BlackRock
The state of Wisconsin has purchased about $163 million worth of bitcoin, according to 13F filings. The state of Wisconsin Investment Board purchased bitcoin ETFs from BlackRock and Grayscale in the first quarter. The Wisconsin Investment Board manages state's pension which is worth more than $150 billion. AdvertisementThe state of Wisconsin purchased $163 million worth of bitcoin in the first quarter, according to a 13F filing made with the Securities and Exchange Commission. Advertisement"Wow, a state pension bought $IBIT in the first quarter.
Persons: , Eric Balchunas, Balchunas, Bitcoin Organizations: Wisconsin Investment, Service, Securities and Exchange Commission, The Wisconsin Investment Board, Bloomberg Intelligence Locations: Wisconsin, BlackRock, Virginia, Fairfax County
Saba Capital's Boaz Weinstein on BlackRock campaign
  + stars: | 2024-05-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaba Capital's Boaz Weinstein on BlackRock campaignBoaz Weinstein, founder and chief investment officer at Saba Capital Management, joins CNBC's 'Squawk Box' to discuss their firm's fight against BlackRock over closed-end funds, how he sees the resurgence of meme stocks craze and more.
Persons: Saba Capital's Boaz Weinstein, Boaz Weinstein Organizations: BlackRock, Saba Capital Management
GameStop and fellow meme stock AMC Entertainment are each up more than 160% over the past two days. "This isn't 2021 when the world was locked down and awash with liquidity," said Antoni Trenchev, cofounder of crypto exchange Nexo. To be sure, there's a world of cryptocurrencies beyond bitcoin that includes meme coins. Noelle Acheson, economist and author of the "Crypto is Macro Now" newsletter, added that the meme stock run was "more of a revving of engines than a full take-off" and that macro issues are still pressuring bitcoin. Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, added that although bitcoin was "lumped into the meme stock category" in 2021, the market is starting to show signs of being taken more seriously now.
Persons: bitcoin, Bitcoin's, Antoni Trenchev, haven't, Shiba, Noelle Acheson, Acheson, Sylvia Jablonski Organizations: GameStop, AMC Entertainment, AMC, Metrics Locations: bitcoin, U.S, BlackRock, Defiance
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