1. Former NYSE President in Talks to Reboot FTX Exchange
According to a recent report from the Wall Street Journal, former New York Stock Exchange President, Tom Farley, is currently in negotiations to revitalize the FTX Exchange. This venture marks Farley’s foray into the world of cryptocurrencies, as he competes with Bullish, a crypto exchange backed by prominent investors, to secure this deal.
2. Robinhood Misses Q3 Revenue Estimates on Muted Trading Activity
In a disappointing turn of events, online trading platform Robinhood reported a decline in its transaction-based revenue for Q3. The 11% year-over-year decrease was primarily attributed to a 13% decline in equities and a significant 55% decrease in cryptocurrencies. This downturn was accompanied by a 16% drop in monthly active users compared to the previous year.
3. Icahn’s Investment Fund Plunges Deeper Into the Red
Icahn Enterprises Holdings, the investment fund managed by renowned activist investor Carl Icahn, experienced a further decline in the third quarter. With a 4.4% decline during Q3, the fund’s losses for the year extended to 13.3% through September. These results highlight the challenges faced by even seasoned investors in a volatile market.
4. Big Hedge Funds Pay ‘Silly’ Money, Says Founder of Europe’s Largest Manager
Paul Marshall, co-founder of a prominent London-based hedge fund, expressed concerns in a recent interview about the skyrocketing compensation packages in the industry. According to Marshall, the competition for top talent has led to inflated salaries for many individuals. In response, his firm introduced a compensation surcharge to reward high performers and address the rising pressure to attract and retain skilled professionals.
5. UBS Resumes Selling Bonds at the Heart of Credit Suisse Controversy
Credit Suisse’s tumultuous journey continues as UBS, another Swiss bank, resumes selling the bonds involved in the Credit Suisse AT1 bond debacle. This move comes after the Swiss authorities brokered a rescue deal involving the wipeout of $17 billion of Credit Suisse AT1 bonds, a situation that sparked legal challenges and discontent among bondholders.
6. Trader Loses Last Fight to Kick Out $1.8 Billion UK Dividend Tax Fraud Case
The Supreme Court dealt a blow to Danish trader Sanjay Shah as it rejected his claim that London was an improper jurisdiction for the $1.8 billion UK dividend tax fraud case brought against him by the Danish tax agency. Currently awaiting extradition from Dubai, Shah’s legal troubles persist, with trial proceedings scheduled in Denmark and Germany.
Market Capital Research 