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December 19, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  Industry Update 
  • Exchanges, SEC close to agreeing how to work "kill switch"
    U.S. exchanges, brokers and the Securities and Exchange Commission are closing in on a "kill switch," a mechanism by which software glitches can be neutralized by halting trading before chaos ensues. "I think we are hopeful to have something to report in the first quarter of next year," the New York Stock Exchange's Joe Mecane told the Senate banking committee Tuesday. Mecane also said retail investors were essentially being abused by more-skilled traders because of how the market infrastructure has evolved. Reuters (12/18), Securities Technology Monitor (12/18), Financial Times (tiered subscription model) (12/18) LinkedInFacebookTwitterEmail this Story
  • Knight reportedly opts for Getco's bid
    Getco sweetened its offer for Knight Capital Group, prompting the Wall Street firm to opt for a takeover by the Chicago company, sources said. Knight opted for the Getco bid over an all-cash offer from Virtu Financial, the sources said. "This is definitely a coming-out moment for Getco," Michael Wong of Morningstar said. Knight CEO Thomas Joyce reportedly will become executive chairman of the combined company. Bloomberg (12/19), Financial Times (tiered subscription model) (12/19), The Wall Street Journal (12/18) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • 1,550-foot-high apartment tower planned for New York
    Developer Gary Barnett has proposed to build a 1,550-foot-high apartment tower east of Broadway between 57th and 58th streets in New York. And he picked Adrian Smith of the Adrian Smith + Gordon Gill Architecture to design the building. The tower would be 300 feet higher than the Empire State Building. The Wall Street Journal (12/16) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  Financial Products 
  • AdvisorShares is set to launch ETF linked to business cycle
    AdvisorShares says it will list on NYSE Arca on Wednesday an exchange-traded fund designed to deliver positive yields at every stage of the business cycle. The Pring Turner Business Cycle ETF will shift investments between corporate debt rated BBB or higher, stocks, and ETFs and exchange-traded notes. IndexUniverse.com (12/17) LinkedInFacebookTwitterEmail this Story
  SmartQuote 
To be without some of the things you want is an indispensable part of happiness."
--Bertrand Russell,
British philosopher, mathematician and historian


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