Well, it’s been rumored to be “any day now” since late August 2015; yesterday several media sources announced that Credit Suisse and Barclays have reached a joint $154 million settlement with the SEC and AG Schneiderman’s office. Credit Suisse will pay a total of about $85 million ($30 million to each of the SEC and the AG, and $24.3 million in returned profits. Barclays will pay about $70 million ($35 million each to the SEC and the AG) to settle their charges.

 

Here are three of yesterday’s media articles on the settlement:

 

And here are (more…)


 

It seems like a trend has been forming in the industry with free to almost free brokerage commissions for retail clients. About a year ago, we wrote about Robinhood, the new retail trading app which targeted millennials by offering free trades.  You might remember that Robinhood was started by a couple of young Stanford grads who wanted to “democratize access to financial markets.”

At the time, we questioned Robinhood’s business model, particularly if they would be selling their retail order flow to internalizing market makers like Citadel.  Now that Robinhood has been in business for over a year, we can take a look at (more…)


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Dec, 2015