U.S. stock exchanges and one of the world’s largest mutual fund companies called for greater public disclosure or elimination of obscure incentives and fees that lawmakers said favor the interests of high-speed traders over other investors.
Intercontinental Exchange Inc., which last month agreed to buy NYSE Euronext, is the top stock pick this year as earnings should grow 25 percent in 2014, according to Sandler O’Neill & Partners LP analyst Richard Repetto.
Debt traders pushed the bonds of MF Global Holdings Ltd. into distressed territory for the first time as the futures brokerage headed by former Goldman Sachs Group Inc. leader Jon Corzine struggles to transform itself into an investment bank.
For CME Group Inc. to improve the exchange industry’s worst profit outlook, the owner of the Chicago Mercantile Exchange needs only to look across the street to CBOE Holdings Inc., home of the biggest U.S. options market.
Jeffrey Sprecher, who built the second-largest U.S. futures market, will likely focus on reducing costs after acquiring NYSE Euronext even if that means separating the 220-year-old New York Stock Exchange.