James Burton didn’t have a penny invested in gold of the $142.8 billion he managed as chief executive officer of the California Public Employees’ Retirement System in 2002. Why would he? The metal had been in a bear market for two decades.
The U.S. Securities and Exchange Commission’s plan to force financial firms to spend as much as $4 billion a year tracking equity orders and trades is too expensive and doesn’t need to gather data in real time, according to a former Nasdaq OMX Group Inc. executive.
Deutsche Boerse AG’s $9.53 billion all-stock purchase of New York Stock Exchange parent NYSE Euronext creates the world’s largest owner of equities and derivatives markets, and may spur additional mergers.
The investors who bailed out Knight Capital Group Inc. by purchasing $400 million in convertible securities are gaining control of the biggest trading partner for individuals in the world’s largest stock market.