Bloomberg Markets 50 Summit
The third annual Bloomberg Markets 50 Summit brings together influential people in markets and finance to discuss the financial landscape five years after the crisis that left markets and economies reeling.
U.S. Treasury Secretary Jack Lew, SEC Chair Mary Jo White and New York prosecutors Eric Schneiderman and Preet Bharara are joined by top financiers like Blackstone's Steve Schwarzman, Lazard's Ken Jacobs and AQR's Cliff Asness to discuss what has and still needs to change in the five years after systemic risk threatened financial markets globally.
New York’s attorney general is planning to subpoena exchanges and has already requested information from private alternative trading platforms in a probe related to high-frequency trading, a person familiar with the matter said.
Blackstone Group LP raised more than $4 billion in 2009 to buy European property assets anticipating that cash-strapped banks would be forced to sell as the region’s debt crisis worsened. Almost all of it sat idle for two years.
JPMorgan Chase & Co. and Goldman Sachs Group Inc. were among 18 financial firms that agreed to stop participating in some surveys of analyst sentiment while New York investigates early access to the information.
New York Attorney General Eric Schneiderman said the probe that led to his settlement with BlackRock Inc. over analyst surveys is now looking at brokerage firms and individuals who provided nonpublic information that could have been used to trade.
BlackRock Inc., the world’s biggest money manager, agreed to end an analyst survey program that New York Attorney General Eric Schneiderman said could be used to execute trades based in part on nonpublic information.
Global banking regulators need further talks to overhaul a liquidity rule for lenders after failing to overcome divisions on the standard during three days of meetings in Istanbul, according to two people familiar with the discussions.
The Standard & Poor’s 500 Index capped its longest slump of the year as Wal-Mart Stores Inc. told suppliers it was cutting orders, fueling concern consumer spending is slowing. Oil slid for a fifth day, while Treasuries rose as investors watched budget negotiations in Washington.
Elite investors with high-speed trading systems who gain early access to sensitive information are a growing threat to the integrity of U.S. financial markets, New York Attorney General Eric Schneiderman said.
U.S. Treasury Secretary Jacob J. Lew said investor confidence that a deal can be struck to raise the debt limit is “a bit greater than it should be” and the government probably will have less than $50 billion in cash by mid-October.