Hints and tips:
...The Cantor Fitzgerald chair, who first shook up US bond markets with the eSpeed electronic trading platform in the late 1990s, told an industry conference that Cantor-controlled broker BGC Partners has now...
...In one of her first moves as Nasdaq’s chief executive, Adena Friedman took a $578m charge related to the business, largely due to a writedown of the eSpeed trade name....
...The deals mark a departure from the exchange-focused acquisitions of former CEO Bob Greifeld that included Nordic exchange operator OMX and eSpeed, a fixed income trading venue....
...When Mr Lutnick sold eSpeed to Nasdaq in 2013 after setting up the first electronic Treasury trading venue during the 1990s, the platform held a near 40 per cent slice of daily transactions in Treasuries...
...Banks then offset or hedge their client trades among each other on interdealer platforms, such as BrokerTec and eSpeed, a venue owned by Nasdaq....
...Nasdaq bought eSpeed in 2013 from interdealer broker BGC Partners for an initial $750m, but took a $578m charge on it earlier this year, as its market share has dwindled to about 20 per cent, according to...
...just fixed income markets, clients of Nasdaq have noted that his experience at high frequency trading firm Virtu had built hopes that he might be able to reinvigorate the ailing Treasury trading venue eSpeed...
...“As far as the model they are proposing, they have some meaningful differences between what they are proposing and BrokerTec or eSpeed.”...
...Ms Friedman’s first moves as chief executive included taking a $578m charge related to its eSpeed business and closing its London futures venue....
...Mr Lutnick, who set up the first electronic Treasury trading venue eSpeed during the 1990s before selling it to Nasdaq in 2013, is using his financial muscle to try to gain an advantage in a competitive...
...Nasdaq has unveiled a radical overhaul to its underperforming fixed-income trading business, taking a $578m charge to end its eSpeed brand name and close its London futures venue....
...Nasdaq also said the $676m charges was made up of a non-cash charge of $578m due to the write-down of the eSpeed trade name, which it bought in 2013 from interdealer broker BGC Partners for an initial $750m...
...BGC’s prospective return after selling its eSpeed trading platform to Nasdaq in 2013 and observing a three-year non-compete agreement with the exchange, sets up a battle to define the business of buying...
...insurance companies but high-frequency firms have taken on a more significant role in the so-called interdealer market, which mostly trades electronically on platforms such as ICAP’s BrokerTec and Nasdaq’s eSpeed...
...BGC’s sale of eSpeed to Nasdaq may provide the blueprint....
...The exchange has struggled, for example, with a push into the US Treasuries market through the purchase of the eSpeed bond trading platform....
...The 2013 acquisition of eSpeed, a Treasury bond trading platform, has been a challenge, losing market share since Nasdaq bought it at what some say was a full price....
...Previous initiatives include the $750m purchase of eSpeed, a government bond trading platform, and the launch of NLX, an interest rate derivatives platform in Europe....
...BGC has cash on hand after selling eSpeed, an fixed income trading venue, to Nasdaq OMX for $750m last year....
...As competitors such as NYSE and BATS Global Markets have turned to consolidation in recent years, Nasdaq has sought diversification from equity trading with acquisitions, purchasing the eSpeed bond trading...
...For more than a decade, the electronic trading of Treasuries has been dominated by BrokerTec, which is run by ICAP, and eSpeed, which Nasdaq OMX acquired for $750m from BGC Partners last year....
...“We’re doing everything right with eSpeed, it hasn’t shown up yet but it will.”...
...Mr Jochumsen is responsible for all of the group’s US and European markets businesses, including its high-profile US stock exchange, its eSpeed US Treasuries platform bought last year from interdealer broker...
...The exchange’s boldest push has been into the US Treasury market with the purchase of the eSpeed bond trading platform for $750m from BGC Partners last year....
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