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.
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.
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.
Prudential Plc Chairman Harvey McGrath said he has a mandate to continue in the role after more than a fifth of investors opposed his re-election following the British company’s failed bid for AIA Group Ltd last year.
Investors, traders and regulators underappreciate the harm caused by the fragmentation of trading across a dozen public markets with different rules and conventions, said Dave Cummings of Tradebot Systems Inc.