DIRS.INFO The most relevant business & tech news

☆ Morning Bid: Relief over US inflation keeps Asia upbeat
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] A woman shops for groceries at El Progreso Market in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. Indeed, Friday's rise in the yen put it within striking distance of its converging 100-day and 200-day moving averages near 137.00 to the dollar. The Reserve Bank of Australia was also in the spotlight in Asia, with the much-anticipated announcement of its next governor. The rest of the day is light on economic data with euro zone May trade, U.S. export and import prices and University of Michigan consumer sentiment the main releases. But it's a bumper day for bank earnings as JPMorgan Chase (JPM.N), Citigroup (C.N), Wells Fargo (WFC.N) and BlackRock (BLK.N) are all due to report second-quarter results.

Persons: Sarah Silbiger, Sonali Desai, Michele Bullock, JPMorgan Chase, Luis de Guindos, Edmund Klamann Organizations: El Progreso Market, Washington , D.C, REUTERS, Treasury, Bank of, People's Bank of China, The Reserve Bank of Australia, University of Michigan, JPMorgan, Citigroup, BlackRock, Hollywood, Central Bank, JPMorgan Chase, Thomson Locations: Mount Pleasant, Washington ,, Asia, Japan Asia, U.S, Wells Fargo, Brussels U.S

☆ Morning Bid: Banks lob earnings into giddy markets
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +4 min

But there's likely to be a scattering of the herd in terms of performance during that three months. For universal banks such as JPMorgan and Wells Fargo that serve retail consumers and firms, earnings per share are expected to have jumped more than 40% over the previous year. Overall, the U.S. earnings season is expected to show S&P500 profits down 6.4% from the same period a year earlier - with revenue down a more modest 0.8%, according to Refinitiv research. Stock markets around the world and S&P500 futures held most of their outsize weekly gains, however, and were mostly flat into the open. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, Wells, behemoths Goldman Sachs, Morgan Stanley, Christopher Waller, that's, Toby Chopra Organizations: Federal Reserve, JPMorgan, Citigroup, Bank, Export, Stock, Nasdaq, Bank of Japan, University of Michigan, European Union, Brussels Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Wells Fargo, BlackRock, China, Brussels

☆ BlackRock chief Larry Fink says US debt is 'out of control' - but an accelerating economy can solve that problem
▼ + stars: | 2023-07-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The mountain of US debt is growing out of control, BlackRock's Larry Fink said. The national debt just topped $32 trillion for the first time in June. But GDP growth of 3% or more could solve that problem, Fink told CNBC on Friday. "Our deficits are out of control," Fink said in an interview with CNBC on Friday, pointing to the growing mountain of US debt after Congress suspended the limit on national borrowing. The total federal debt balance now hovers around $32.5 trillion, with $1 trillion being racked up in the past month alone.

Persons: BlackRock's Larry Fink, Fink, Larry Fink, Biden's Organizations: CNBC, Service, BlackRock, Congressional Locations: Wall, Silicon

☆ Binance lays off employees days after executive exodus
▼ + stars: | 2023-07-14 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

July 14 (Reuters) - Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Reuters on Friday. The layoffs at the world's biggest crypto exchange come at a time when the industry's future in the U.S. market is uncertain, with regulators aggressively clamping down on what they deem are illegal activities. Last month, the Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao for allegedly operating a "web of deception." Last week, a string of executives quit Binance, which included its Chief Strategy Officer Patrick Hillmann. Reporting by Kanjyik Ghosh and Jaiveer Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Gary Gensler's, Patrick Hillmann, Kanjyik Ghosh, Jaiveer, Shailesh Organizations: Reuters, Securities and Exchange Commission, SEC, Labs, BlackRock, Fidelity, Wall Street, Thomson Locations: U.S, Bengaluru

☆ Stocks making the biggest moves midday: UnitedHealth, JPMorgan Chase, Microsoft, JetBlue and more
▼ + stars: | 2023-07-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

JPMorgan Chase — Shares fell slightly even after the bank reported stronger-than-expected results for the second quarter, as it benefited from higher interest rates and better-than-expected bond trading. Wells Fargo — Wells Fargo shares rose slightly after the Wall Street firm topped second-quarter expectations. The Wall Street firm also said AT&T's exposure to cable may limit the upside for shares. Alcoa — The aluminum stock fell 4.9% following a downgrade to neutral from overweight by JPMorgan. Eli Lilly — The pharmaceutical stock rose 3% in midday trading.

Persons: JPMorgan Chase, Wells, UnitedHealth, Eli Lilly, Yun Li, Alex Harring, Sarah Min, Michelle Fox Organizations: JPMorgan, JPMorgan Chase —, Elevance, Citigroup —, JetBlue Airways, American Airlines — JetBlue Airways, American Airlines, Microsoft, UBS, Blackrock —, Alcoa, Progressive Locations: Wells, York

☆ BlackRock Shares Rise Premarket After 27% Profit Jump
▼ + stars: | 2023-07-14 | by ( ) www.wsj.com time to read: 1 min

BlackRock profit jumped in the second quarter, boosted by surprisingly resilient markets. The world’s largest asset manager reported net income of $1.4 billion, up 27% from the same period a year earlier. That amounted to earnings of $9.06 per share.

Organizations: BlackRock

☆ U.S. banks point to resilient but slowing economy, flag risks ahead
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +3 min

U.S. consumers still have a healthy balance sheet, the banks said, but warned spending was slowing and there had been a modest deterioration in some consumer debt. "The U.S. economy continues to be resilient," JPMorgan Chief Executive Jamie Dimon said. Investors have worried that high interest rates could push the economy into a recession, but the outlook remains uncertain. Wells CEO Charlie Scharf said the range of scenarios for the economy should narrow over the next few quarters. For now, the economy is performing better than many expected but will likely continue slowing.

Persons: JPMorgan Chase, Wells Fargo WFC.N, Wells, Jamie Dimon, Jeremy Barnum, Charlie Scharf, Larry Fink, Wells Fargo, Scharf, Morgan Stanley, Goldman Sachs, Niket Nishant, Noor Zainab Hussain, Mehnaz Yasmin, Manya, Nupur Anand, Saeed Azhar, Megan Davies, Paritosh Bansal, Nick Zieminski Organizations: JPMorgan, Citigroup, Citi, Federal Reserve, CNBC, Wells, Bank of America, Manya Saini, Thomson Locations: Wells, U.S, Bengaluru, New York

☆ Stocks making the biggest moves premarket: AT&T, Microsoft, JPMorgan, Citi and more
▼ + stars: | 2023-07-14 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

The company reported an adjusted $4.37 per share and $42.4 billion in revenue, while analysts polled by Refinitiv estimated $4 a share and $38.96 billion. Wells reported an adjusted $1.25 per share and $20.53 billion in revenue, while analysts polled by Refinitiv forecasted $1.16 per share and $20.12 billion. Citi -- Citi stock added nearly 2% in premarket trading after beating on earnings. Analysts polled by Refinitiv forecasted $1.30 per share and $19.29 billion. The company reported an adjusted $6.14 per share and $92.9 billion in revenue while analysts polled by Refinitiv forecasted $5.99 and $91 billion.

Persons: JPMorgan Chase, Wells Fargo, Wells, Sarah Min Organizations: JPMorgan, Refinitiv, Citi, BlackRock, Northland Capital Markets, Microsoft, UBS, UnitedHealth, Alcoa Locations: New York, U.S, New York's

UnitedHealth Group (UNH.N) jumped 7.2% after the health insurer's quarterly profit beat analysts' average estimate, as the industry bellwether's expenses came in lower than feared. Wells Fargo (WFC.N) gained 0.8% after reporting a 57% rise in quarterly profit. Citigroup (C.N) fell 2.9% after the lender's quarterly profit tumbled 36% as weakness in its trading business blunted gains in its personal banking and wealth management unit. The S&P 500 banks index (.SPXBK) shed 0.8%, erasing early gains. Of the 30 companies in the S&P 500 index that have reported earnings to date, 80% beat analysts' expectations, as per Refinitiv Data.

Persons: Wells, JPMorgan Chase, First Republic Bank . Wells Fargo, Banks, They've, Robert Pavlik, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty, Sriraj, Maju Samuel, Vinay Dwivedi Organizations: JPMorgan, Dow, Nasdaq, Wall Street, UnitedHealth, JPMorgan Chase, Rivals, First Republic Bank . Wells, Dakota Wealth, Citigroup, BlackRock, Dow Jones, Microsoft, UBS, Nvidia, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ This ETF's popularity shows investors are confident inflation has calmed down
▼ + stars: | 2023-07-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The iShares 20+ Year Treasury Bond ETF (TLT) raked in nearly $2 billion of inflows over the past week, according to FactSet. It has been the most popular fixed income ETF this year, with almost $14 billion in net flows. No other bond ETF has brought in more than $10 billion. With inflation declining and the Fed slowing its pace of hikes, investors do appear to be shifting into longer-dated bonds and away from inflation trades, said Steve Laipply, global co-head of bond ETFs at BlackRock. Short-term ETFs appeared to be more popular with investors last year when the Fed was hiking interest rates aggressively.

Persons: Steve Laipply, Laipply, Schwab, FactSet Organizations: Treasury Bond ETF, Treasury, Treasury ETF Locations: U.S, BlackRock

☆ The Fed's obsession with 2% inflation could cost Americans their jobs
▼ + stars: | 2023-07-14 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Some economists think the central bank could wreck the job market if it sticks to that target. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Some economists fear that to lop a final percentage point off the inflation rate, the Fed will end up wrecking the jobs market. In 2023, that's not yet happened – with jobs numbers rising over the past six months and unemployment holding steady at under 4%, even though inflation has rapidly cooled. If Americans start losing their jobs, expect a lot more questioning of the hallowed 2% target.

Persons: Ben Bernanke's, it's, that's, BlackRock, Rick Rieder, Bloomberg's Organizations: Federal Reserve, Service, Fed Locations: Wall, Silicon

☆ Stock futures are little changed ahead of big bank earnings: Live updates
▼ + stars: | 2023-07-13 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Stock futures were little changed Thursday evening as investors awaited earnings reports from a slate of big banks. Futures tied to the S&P 500 were down by 0.04%. Dow Jones Industrial Average futures inched lower by 27 points, or 0.08%, and Nasdaq 100 futures were flat. In regular trading, the S&P 500 climbed 0.85%. The S&P 500 is up 2.5% on the week, while the Dow is up 1.9%.

Persons: Bill Merz, we'd, Baird's Ross Mayfield, Dow, Wells, UnitedHealth Organizations: Futures, Dow Jones Industrial, Nasdaq, Nvidia, Dow, Investors, U.S, Bank Wealth Management, Federal Reserve, JPMorgan, Citi, BlackRock, University of Michigan Locations: Wells Fargo

☆ Coinbase's stock is due for a 40% drop even if bitcoin ETFs are approved, Bank of America says
▼ + stars: | 2023-07-13 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The recent rally by Coinbase will not be supported by second-quarter earnings or the approval of bitcoin ETFs, according to Bank of America. Coinbase's core business has been under pressure over the past year, with trading volumes remaining low as bitcoin and other cryptocurrencies are stuck in a bear market. But the stock has rallied sharply over the past month, apparently spurred by applications for bitcoin ETFs from BlackRock and other asset managers. "Despite 2Q data suggesting COIN will materially miss top-line estimates, COIN shares have rallied ~60% since 6/15 on the news of spot Bitcoin ETF applications filed by Blackrock and others. In fact, the approval of of bitcoin ETFs could hurt Coinbase if their customers shift to using ETFs instead of trading the cryptocurrency directly on the exchange, Kupferberg said.

Persons: Coinbase, Jason Kupferberg, Kupferberg, — CNBC's Michael Bloom Organizations: Bank of America, Securities and Exchange Commission, SEC, Blackrock, Barclays Locations: BlackRock

☆ Sell crypto platform Coinbase before its earnings report, Barclays says
▼ + stars: | 2023-07-13 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Investors should dump Coinbase ahead of its earnings report, Barclays warned. Analyst Benjamin Budish downgraded the crypto platform to underweight from equal weight while raising his price target by $9 to $70. Despite the increase, his new target implies the stock could drop 18.6% in the next year from Wednesday's close. The stock has surged more than 140% in 2023, staging a comeback from 2022's nosedive as investors have closely watched crypto stocks. Coinbase is expected to report second-quarter earnings next month, per FactSet.

Persons: Benjamin Budish, Budish, we're, BlackRock, bearish, Michael Bloom Organizations: Barclays, Barclays isn't Locations: Wednesday's, Coinbase

☆ Factbox: Analysts guarded as AI-driven US stock rally faces earnings test
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

Strategists expect profit at S&P 500 (.SPX) companies to have dropped 6.4% in the second quarter from a year earlier, according to Refinitiv data. Morgan Stanley:Much of the stock market rally this year has been driven by a price-to-earnings expansion, signaling investors likely remain unconcerned about near-term earnings pressure. Still, "better-than-feared" earnings are not going to be good enough in Q2 considering stocks have become more expensive, the strategists say. Goldman Sachs:Companies will likely be able to beat or surpass "the low bar" set for the second quarter. This suggests a "muted market reaction" to Q2 earnings is likely, given robust gains in stocks since the first quarter and an "overweight" equity positioning, the bank says.

Persons: Mike Segar, Morgan Stanley, Goldman Sachs, Laura Cooper, Cooper, Scott Wren, Amruta Khandekar, Shreyashi Sanyal, Sriraj Organizations: Citibank, REUTERS, Nasdaq, Companies, GS, Nvidia, iShares EMEA, BlackRock, Deutsche Bank, Investors, Wells, Wells Fargo Investment Institute, Citigroup, Thomson Locations: New York , New York, U.S, BlackRock, Wells Fargo, Bengaluru

☆ Another earnings season begins, but investors are already looking beyond it
▼ + stars: | 2023-07-13 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —As the second-quarter earnings season kicks off this week, investors want answers on the health of the United States’ companies and its economy. The projected second-quarter earnings decline for companies listed in the S&P 500 is roughly 7.6% compared to the prior year, according to FactSet. That would be the third consecutive quarter of declines and the largest earnings decline reported by the broad-based index since a roughly 32% loss during the second quarter of 2020. But investors will be looking even more closely at what companies forecast for their financial performance and the broader economy. Energy secretary vows to replenish Strategic Petroleum ReserveEnergy Secretary Jennifer Granholm said the United States will refill the depleted Strategic Petroleum Reserve, reports my colleague Matt Egan.

Persons: It’s, ”, Paul Eitelman, What’s, Steve Wyett, Jennifer Granholm, Matt Egan, Joe Biden, “, ” Granholm, Biden, Granholm, ” Read, Danielle Wiener, ” Jared Bernstein, Read Organizations: CNN Business, Bell, New York CNN, United, Wealth Management, Gross, North America, Russell Investments, Macy’s, Costco, JPMorgan Chase, Citigroup, BOK Financial, Energy, Strategic Petroleum Reserve Energy, Strategic Petroleum Reserve, CNN, The Energy Department, Bronner, of Labor Statistics, of Economic Advisers Locations: New York, United States, Wells Fargo, BlackRock, Ukraine, That’s

WASHINGTON, July 13 (Reuters) - Partnering with Coinbase Global (COIN.O) may hinder rather than help Nasdaq's (NDAQ.O) bid to win regulatory approval for a bitcoin exchange-traded-fund it wants to launch with BlackRock (BLK.N). The SEC has denied previous spot bitcoin ETF proposals on the basis that they would be vulnerable to manipulation. The SEC last month sued Coinbase, escalating SEC chair Gary Gensler's crackdown on the crypto industry. And with roughly 56% of U.S. dollar bitcoin trading, according to Nasdaq's filing, Coinbase is integral to the U.S. bitcoin market. All told, the SEC has 240 days after it accepts the bitcoin ETF filing applications to make a decision.

Persons: Larry Fink, Bitcoin, Coinbase, Gary Gensler's, John Reed Stark, Sui Chung, Gensler, Joseph Silvia, Dickinson Wright, Silvia, Chung, Richard Marshall, Katten, Marshall, Michelle Price, John McCrank, Hannah Lang, Will Dunham Organizations: Coinbase, BlackRock, Nasdaq, U.S . Securities, Exchange Commission, SEC, Cboe Global, Fidelity, FOX Business, Internet Enforcement, BlackRock's, Reuters, Thomson Locations: BlackRock, U.S

☆ Fixed income investing is heating up. Here are a couple stocks to play it, according to Bank of America
▼ + stars: | 2023-07-13 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

A higher interest rate environment has made fixed income exciting, and Bank of America has a couple of stock plays on the theme. The Federal Reserve's series of 10 rate hikes has boosted yields on Treasurys and money market funds. Bank of America analyst Craig Siegenthaler says fixed income reallocation will continue to be a theme, and that could lift the shares of certain asset managers and brokers. "We believe [ BlackRock and Tradeweb ] are the two best ways to invest in fixed income with both retirees and pension plans raising allocations to traditional fixed income over the next 12 months," he said in a Tuesday report. He added investors should "expect sizable flows into fixed income, money markets and private credit over the next 12 months and look for bond trading volumes to increase."

Persons: Craig Siegenthaler, Tradeweb, Siegenthaler, – CNBC's Michael Bloom Organizations: Bank of America, Investment Company Institute . Bank of America, brokerages, LPL Locations: BlackRock

That could help lower overall inflation when the next CPI report is released on Aug. 10, with the details in Wednesday's report suggesting "downside risks" to any forecast of July's inflation rate. Indeed, at least one Fed official on Wednesday stuck to policymakers' prevailing hawkish mantra that inflation is still too high. While not specifically addressing the CPI report, Richmond Fed President Thomas Barkin told a Maryland business group that he still felt inflation had "been stubbornly persistent." 'FINAL INNINGS'But the latest CPI data could undercut arguments for yet another rate increase beyond the July meeting. Fed officials, blindsided by the persistence of inflation they initially thought would dissipate on its own, have been reluctant to bank on good news continuing.

Persons: Omair Sharif, Rick Rieder, Lael Brainard, Brainard, Thomas Barkin, Goldman Sachs, they've, Raphael Bostic, Bostic, Howard Schneider, Michael S, Ann Saphir, Dan Burns, Paul Simao Organizations: Federal Reserve, U.S . Labor Department, Reuters Graphics Reuters, BlackRock, Fed, White, Economic Council, Economic, of New, Richmond Fed, U.S, Cleveland Fed's Center, Inflation Research, Atlanta Fed, Derby, Thomson Locations: U.S, of New York, Maryland

☆ Explainer-Why is the U.S. SEC reforming money market funds?
▼ + stars: | 2023-07-12 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

WHAT ARE MONEY MARKET FUNDS? All the major asset managers and bank groups, including BlackRock, Vanguard, Fidelity and Goldman Sachs offer money market funds. The panic was reminiscent of 2008 when a run on money market funds threatened to freeze up global markets and prompted the government to backstop the sector. The agency has made changes to primarily address concerns about “prime” and tax-exempt money market funds, which are particularly susceptible to runs in times of stress. In addition, some money market funds would be required to impose a discretionary liquidity fee if the fund’s board deems it’s necessary.

Persons: Andrew Kelly, Goldman Sachs, It’s Organizations: WASHINGTON, U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, U.S, Vanguard, Fidelity, U.S . Treasury, Treasury, Federal Reserve, redemptions Locations: Washington ,, BlackRock

☆ US SEC scraps contentious pricing proposal in final money market fund reforms
▼ + stars: | 2023-07-12 | by ( John Mccrank | ) www.reuters.com time to read: +3 min

Money market funds saw massive outflows in March 2020 at the onset of the COVID-19 pandemic, prompting the U.S. government to intervene to stabilize them. The panic was reminiscent of 2008 when a run on money market funds threatened to freeze up global markets and prompted the government to backstop the sector. Critics have said money market funds, which are a key source of short-term corporate and municipal funding, now enjoy an implicit government guarantee. In December 2021, the SEC proposed new liquidity requirements for money market funds, as well as scrapping redemption fees and restrictions. "I believe that liquidity fees, compared with swing pricing, offer many of the same benefits and fewer of the operational burdens."

Persons: Gary Gensler, John McCrank, Douglas Gillison, Michelle Price, Nick Zieminski, Emelia Organizations: YORK, U.S . Securities, Exchange Commission, SEC, BlackRock, Vanguard, Fidelity, U.S, Securities Industry, Financial Markets Association, Investment Company Institute, U.S . Chamber of Commerce, Thomson

☆ Explainer: Why is the U.S. SEC reforming money market funds?
▼ + stars: | 2023-07-12 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

Persons: Goldman Sachs, It's, Michelle Price Organizations: U.S . Securities, Exchange Commission, SEC, U.S, Vanguard, Fidelity, U.S . Treasury, Treasury, Federal Reserve, redemptions, Thomson Locations: BlackRock

"There is no country, none, that presents a broader, more comprehensive threat to our ideas our innovation our economic security than the Chinese government and the Chinese Communist Party," Wray testified. Wray said that Americans "would be shocked to hear" that virtually all companies doing business in China are required to allow those cells. Wray did not name specific companies who have been required to house CCP cells in China. It's not the first time Wray has raised concerns about Beijing's alleged efforts to enforce communist political views within foreign companies operating in China. "And it doesn't just apply to Chinese companies; it applies to foreign companies if they get to a certain size in China, as well," Wray told CNBC.

Persons: Christopher Wray, SAUL LOEB, Wray, China's, Antony Blinken, Janet Yellen, Lance Gooden, I've, Gooden, It's, Biden, — CNBC's Christina Wilkie Organizations: Federal Bureau of Investigation, AFP, Getty Images, Chinese, Party, Committee, Chinese Communist Party, CCP, FBI, U.S . Chamber of Commerce, Business, Apple, Nike, Street, Fidelity, Financial Times, HSBC, CNBC, Republican Locations: Washington ,, China, Beijing, Washington, Texas, British, BlackRock

☆ How AI’s astonishing productivity gains could help curb inflation
▼ + stars: | 2023-07-12 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

Experts say the technology will help address a steep and prolonged slowdown in productivity growth in many Western economies, which has kept businesses’ costs higher than they would otherwise be and made inflation harder to tame. “AI has huge potential to increase productivity,” BlackRock CEO Larry Fink said at the company’s Investor Day last month. Productivity gains in Europe could be similar, albeit slightly smaller, Brynjolfsson told CNN. In some cases, productivity gains could be achieved sooner. That’s because most generative AI tools live on the internet — “the technology we already have on our desks” — making them widely accessible, Brynjolfsson said.

Persons: chatbot, —, Smart, Hannes P Albert, Bill Gates, Larry Fink, Erik Brynjolfsson, ” David McMillan, ” McMillan, Hollie Adams, Neil Shearing, Martin Neil Baily, Anton Korinek, Brynjolfsson, Goldman Sachs, ” Organizations: London CNN, Microsoft, BlackRock, CNN, Stanford University, Organisation for Economic Cooperation, Development, OECD, University of Stirling, Bloomberg, Getty, “, National Statistics, IBM, Capital, Brookings Institute, University of Virginia’s Darden School of Business, America, Productivity, Google, SAP, Goldman Locations: East, Scotland, London, United Kingdom, United States, Europe, Wimbledon

☆ Cboe exchange to partner with Coinbase on bitcoin market surveillance in ETF push
▼ + stars: | 2023-07-11 | by ( John Mccrank | ) www.reuters.com time to read: +2 min

NEW YORK, July 11 (Reuters) - Exchange operator Cboe Global Markets (CBOE.Z) on Tuesday filed amended applications to list and trade shares of three spot bitcoin exchange-traded funds, including one by Fidelity, to add surveillance-sharing agreements with crypto-trading platform Coinbase (COIN.O). Shares of Coinbase closed up 9.8% at $89.15 on Tuesday and hit their highest level since Aug. 16 of last year. To meet the standards, an exchange could show it "has a comprehensive surveillance-sharing agreement with a regulated market of significant size related to the underlying or reference bitcoin assets," the SEC said. Nasdaq (NDAQ.O) on June 29 refiled an application with the SEC to list a spot bitcoin ETF by BlackRock (BLK.N), the world's largest asset manager, which also included a surveillance-sharing agreement with Coinbase. Cboe had earlier said it expected to reach such an agreement with Coinbase, which attracted roughly half of U.S. dollar-bitcoin trading in May on its platform.

Persons: Cboe, Coinbase, John McCrank, Matthew Lewis Organizations: YORK, Cboe, Fidelity, U.S . Securities, Exchange Commission, SEC, Nasdaq, BlackRock, Coinbase, ., Thomson Locations: Manhattan, New York

Search resuls for: "BLACKROCK"

25 mentions found