| Two investment banks buy minority stakes in KC’s BATS Trading
Investment bankers Deutsche Bank AG and J.P. Morgan Chase & Co. each bought undisclosed minority stakes in Kansas City's BATS Trading, the nation's third-largest equity securities trading center. The investors and BATS declined to give details of the transactions. However, none of the now 10 investment and brokerage firms among BATS' owners holds a significantly larger share than the others, said Randy Williams, a BATS vice president. The transactions represent the largest investments by Deutsche Bank and Morgan in electronic alternatives to traditional brick-and-mortar trading exchange since the two firms joined other investors in the April 2006 launch of the ISE Stock Exchange. BATS, an acronym for Better Alternative Trading System, is an electronic marketplace opened two years ago in the Briarcliff Village shopping center in the Northland to provide the brokerage community with lower-cost transactions than traditional stock markets offered.
London Stock Exchange (LSE) system failure stops trading
Technical problems with the London Stock Exchange's Infolect data delivery system interrupted trading yesterday for 40 minutes, just before the market closed. The timing was highly unfortunate, as it coincided with US stock markets having one of their worst days of the year. From the Times Online: Furious traders were left twiddling their thumbs for the last 40 minutes of trading yesterday after the London Stock Exchange's IT system collapsed. The LSE emphasized that the trading system itself was not down but only the Infolect system that disseminates data to the market. However, the effect was that traders would have to wait until this morning to ask clients whether they want to settle trades, since stock prices were uncertain. And from another Times Online article: The LSE promised to recalculate the FTSE indices once the closing auction ended but last night it was unclear whether this had been done.
Thursday Evening Rangers Notes
Baseball Prospectus's Christina Kahrl touched on the matter during her most recent chat session on Thursday afternoon, in response to a question from some random East Texas yokel: Joey Matschulat (Tyler, TX): Thoughts on the Rangers signing Jason Jennings to a one-year, $4 million deal? Christina Kahrl: Might be a win-win for both, as Jennings takes his shot at delivering a year that really puts him in the winner's circle in the subsequent winter. Although I always hate to see a pitcher who can hit a little see that ability get wasted in the AL. Baseball Think Factory's Dan Szymborski isn't quite as optimistic, but has issued a preliminary ZiPS forecast which calls for a 4.86 ERA (95 ERA+) and 139 IP campaign from Jennings in 2008: I bet Jason Jennings was damn happy to see the calendar turn to 2008.
Hip-Hop Rumors: Ex-Gunit Member Disses Young Buck! Bow...
Bow Wow-Lil nicca done got too big for his britches, smelling his piss as my grandma used to tell me back in the day. Somebody better calm his lil ass down before someone put a hot one in him, having him jumpin like he caught the holy ghost.
O/Beans-That ghostwriting claim seems to be the underlings MO when they get disgruntled at their lack of shine. I'm not saying there's no validity to it but people need to start coming with the proof behind these words.
D-Tay-Ummm...no comment smh .
Yen Reverses, Weakens as US Rate Cut Hopes Mount
The yen turned course and weakened on Tuesday, easing from two-and-a-half-year peaks against the dollar hit earlier in the day as the global stock market rout fuelled speculation of an emergency U.S. interest rate cut. Federal Reserve action could shore up confidence in battered markets and limit the damage being inflicted on the U.S. economy from the financial turmoil, thus boosting investor appetite for carry trades again. Asian and European equities had earlier dived as fears of a U.S. recession spread like wildfire, prompting currency traders to unwind carry trades and push the yen to its highest level against the dollar since May 2005. These moves and deep underlying nervousness fuelled speculation the Federal Reserve will deliver an emergency rate cut of up perhaps 75 basis points before the Wall Street open to shore up confidence in battered financial markets.
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