The May 6 stock market plunge in the U.S. exposed hazards in the use of exchange-traded funds during periods of volatility, ETF sponsors such as State Street Global Advisors’ James Ross said at a panel today in New York.
Lehman Brothers Holdings Inc. , the investment bank liquidating in bankruptcy, asked a judge for approval to hire Sotheby’s to sell off an art collection at a public auction in September, according to court filings.
Prudential Plc , the U.K.’s biggest insurer, promoted Mike Wells to chief executive officer of its U.S. division and appointed two new non-executive directors as it reorganizes the board after a failed takeover bid in Asia.
Instinet Inc., a broker that owns more than a dozen alternative venues, will expand a platform using so-called volume-weighted average price, in which orders are matched from buyers and sellers who are willing to wait for the market to generate a price over time.
Deutsche Bank AG, BDO Seidman LLP and an ex-BDO Seidman partner were sued over claims they designed a fraudulent tax shelter that caused losses for a former chief operating officer of a Fortune 100 software company.