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Kamis, 07 Januari 2021

NYSE reverses course on China listings (again) — Trumid poaches UBS electronic trading exec — Salary data for top hedge funds

 
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It was a difficult day for the country yesterday. Leaders on Wall Street and across corporate America have been speaking out against the violence at the US Capitol. Among them was JPMorgan Chase CEO Jamie Dimon, who said in a statement that "now is the time to come together to strengthen our exceptional union." Read the latest live Insider coverage


NYSE announced Wednesday morning that it will be delisting three major Chinese telecom companies.

No, you're not reading an old newsletter. 

Let's quickly recap:

November 12: President Donald Trump issued an executive order banning US investors from trading in securities tied to a "Communist Chinese military company" beginning on January 11.

December 31: NYSE announced three major Chinese telecom companies — China Telecom, China Mobile, and China Unicom Hong Kong — will be delisted beginning January 11. The news, which came after trading hours, sent market participants into a frenzy. 

January 4: NYSE announced that "in light of further consultation with relevant authorities in connection with the Office of Foreign Assets Control FAQ 857," it has determined that it will no longer delist the stocks. 

January 5: Government officials were reportedly up in arms about NYSE's reversal, with Treasury Secretary Steve Mnuchin directly calling NYSE president Stacey Cunningham about the decision, according to Bloomberg.

January 6: NYSE announced that it's sticking to its original plan, delisting the three Chinese companies. That same day, OFAC specifically named the three NYSE-listed companies in an updated FAQ about the updated executive order. 

*Catches breath and takes big gulp of water*

Far be it for me — someone who waffles on what to order from Seamless every night — to criticize being undecided on something. But I'm also not a critical piece of the financial markets. NYSE is, which is why this has left so many in the industry scratching their head.

The obvious question is what occured between December 31 and January 4 that led NYSE to change its decision. No additional guidance was published by OFAC regarding what type of companies do and don't fall under the executive order's jurisdiction. 

The first sentence of the January 4th NYSE notice announcing its initial reversal is telling. The switch was made after "further consultation with relevant regulatory authorities."

Could it be possible NYSE got conflicting advice from the Treasury regarding to how to manage the executive order? The government has a lot on its plate right now, as is evident with everything that occured Wednesday.

Regardless the reason, this likely isn't the end of the story. On Wednesday, The Wall Street Journal reported Alibaba and Tencent could be added to the list.

If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco


A key exec in driving Wall Street's adoption of electronic trading strategies has left UBS for Trumid

Vlad Khandros, UBS

The bond market is arguably one of the most intriguing areas on Wall Street thanks to the evolution of the space in recent years.

What was once a market that consisted of mostly voice trading has increasingly shifted to getting transactions done electronically. 

As a result, the space has attracted high-profile executives looking to get involved in the latest market revolution. Myself and Dakin Campbell have a scoop on a UBS electronic trading MD who made the jump, leaving the Swiss bank to join startup Trumid

Click here to read the entire story.


Looking for a new jobs? Here's how much you can expect to get paid

piggy bank

It's the new year. That means new goals, new ambitions, and, perhaps, a new job.

If you're in the market, take a look at these stories we've put together compiling salary data at a variety of firms. 

Tech salaries at payment giants: What engineers get paid at Amex, Mastercard, PayPal, Square, and Visa

JPMorgan tech salaries: Here's what developers and engineers can expect to get paid at Wall Street's biggest bank

Hedge fund pay, revealed: How much engineers, associates, and researchers make at AQR, Bridgewater, Citadel, D.E. Shaw, Point72, and Two Sigma


Odd lots:

2 former Sequoia VCs just raised $500 million for their firm's second fund. Here's how they plan to spend the funds. (BI)

Traders are sharing memes and desperately searching for Jack Ma's profile on Bloomberg's terminal to try and work out where the Chinese billionaire is (BI)

World's Super-Rich Families Want More Hedge Funds, Survey Finds (Bloomberg)

Wyndham Destinations Buys Travel + Leisure From Meredith for $100 Million (WSJ)

Reuters editor-in-chief Adler to retire after decade at the helm (Reuters)

 
 
 
 
 
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