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(Waters Technology)($)
Chris Edmonds and Jeffrey Sprecher first met in the late ‘90s. Sprecher’s Intercontinental Exchange, or ICE, was in its infancy, aiming to provide a network for over-the-counter energy commodity trading. Edmonds was working his way up the corporate ladder in the energy trading business, where he had started in 1997 as an OTC natural gas broker at ICAP. In essence, the two were competitors.
(The Desk)
Automation has historically been highly challenging in corporate bond markets for several reasons, but traders say some parts of the workflow ‘ought’ to be automated by now within buy-side firms.
(Bloomberg)($)
The up-and-comers of Wall Street gathered not around an open bar, but tables with chess boards. Traders and quants from Goldman Sachs Group Inc., Jane Street and Bank of Montreal were among those congregating at the headquarters of IEX Group Inc. to compete in a bi-annual chess tournament. ClearBridge Investments and WorldQuant were represented, too.
(The Trade)
Exegy, ING and Optiver have become the latest organisations to join non-profit organisation Sustainable Trading, which is dedicated to transforming environmental, social and governance (ESG) practices in the global markets landscape.
(The Desk)
Goldman Sachs broke the mould for fixed income market makers in Q1, achieving a 6% year-on-year revenue growth, reaching US$3.47 billion. However, despite declines in earnings of 7% and 10% respectively, JP Morgan and Citi remained leaders in the space, each with US$5.29 billion and US$4.15 billion in FICC intermediation/trading orders over the quarter. Bank of America trailed with US$3.3 billion, but just a 4% YoY decline.
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