Tag Archives: Markets coverage

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Benzinga: A new brand for financial news

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Joseph Lichterman of the Nieman Journalism Lab looks at financial news site Benzinga and its strategy.

Lichterman writes, “The content partnerships all link back to Benzinga’s site — Prieto said he expects Benzinga’s traffic to continue to grow as the company plans to ink more partnership deals.

“‘That gives us the ability to take that traffic, monetize it with advertising revenue or create free leads for Benzinga Pro or our Marketfy products,’ Prieto said, noting that they will use the products to promote one another. For instance, many of the Marketfy Mavens write columns on Benzinga.com that are available for free.

“The site was initially focused on covering only smaller companies with market caps of $300 million to $2 billion or so. But Benzinga has expanded its coverage to include investment tips and more as the sites it partnered with wanted additional content.

“‘We’re trying to bring that knowledge to the average investor,’ Raznick said. ‘It’s not easy because people only have so much time in the day. So are people going to go read the Wall Street Journal and then come read Benzinga? How do we impact the people on the first 20 seconds of reading our articles or reading our data? That’s what we have to think about.’

“The company also licenses use of its Benzinga Pro newswire, which it launched in 2011, to about 10 different brokerages including TD Ameritrade, Trade Station, and Lightspeed. Individuals can purchase a subscription to Benzinga Pro starting at $39 per month. That’s a fraction of the $2,000 monthly price for a Bloomberg Terminal. But the company says it’s not aiming to compete with financial data heavyweights like Bloomberg or Thomson Reuters. Raznick declined to offer concrete subscription data on Benzinga Pro, but said the number of subscriptions is ‘in the thousands.’”

Read more here.

usnewsworldr

US News seeks investing writer

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The Money team at U.S. News & World Report is seeking a talented writer to create content for new college savings research and data projects with a specific focus on 529 plans. We’re looking for a flexible individual able to research, write and edit detailed descriptions of individual plans, as well as educational content associated with college saving investment products.

The ideal candidate will have a background in education, finance or business journalism, and experience writing for both sophisticated users of college savings plans (think financial advisors) and new parents exploring their savings options for the first time.

Digital media experience is a plus, as is an ability to learn and effectively use multiple online content management systems.

This is a part-time or full-time contract position (or independent contractor/freelancer if circumstances permit), with hourly rates determined by experience. Please send a resume, cover letter and three appropriate writing samples to nycujobs@usnews.com.

usnewsworldr

US News seeks investing writer

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The Money team at U.S. News & World Report is seeking a talented writer to create content for our Investing research and data projects, including our Best Funds (http://money.usnews.com/funds) and recently launched Advisor Finder (http://money.usnews.com/financial-advisors) sites. We’re looking for a flexible individual able to research, write and edit content related to a variety of investments and related products including mutual funds, exchange-traded funds and 529 plans.

The ideal candidate will have a background in financial or business journalism, experience writing for an educated audience of investors and a firm grasp of the current investing landscape.

Digital media experience is a plus, as is an ability to learn and effectively use multiple online content management systems.

This is a part-time or full-time contract position (or independent contractor/freelancer if circumstances permit), with hourly rates determined by experience. Please send a resume, cover letter and three appropriate writing samples to nycujobs@usnews.com.

New-Business-Model

A new model for business journalism

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Paul Glader, a journalist and King’s College professor, writes about how business news organizations should change how they cover issues, people and companies.

Glader writes, “Leading in the new era of business journalism means  re-evaluating the aftershock-focused model of how business newspapers and magazine cover issues, people and companies. It means, as a news organization, to turn on the headlights rather than to rely on the rearview mirror. It also means creating new models of collaboration and conversation within a newsroom. Hagerty writes:

    “One weakness in the WSJ coverage, I think, was that the housing/mortgage markets and the Wall Street bond market were covered by different groups of reporters. That meant we didn’t write as much as we should have about the incredible and very risky growth of the Wall Street mortgage securities market in the years leading up to the crisis. Wall Street investment banks were not only underwriting rapidly rising amounts of mortgage securities and inventing complicated new types of mortgage investments; they also were moving into the business of making home loans to consumers via brokers. We wrote about this trend from time to time, but we weren’t sufficiently focused on that angle.”

I wrote back to Hagerty saying, “You make a strong case for collaboration between groups of reporters. Has the WSJ figured out ways to do this better now? Or is it impossible?”

Hagerty: In general, I think WSJ reporters are pretty good at collaborating. Editors need to look out for opportunities to encourage even more of that. Too often editors only get galvanized once there is a crisis.

Read more here.

Stephanie Ruhle

Bloomberg TV’s Ruhle: Why I called foul on investment manager

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Bloomberg Television anchor Stephanie Ruhle posted a response Wednesday on Daily Beast/Women in the World to an interview yesterday with prominent investment manager Cliff Asness, who said on live TV, “You’re giving me that look that I get when I talk to women about quant stuff.”

Ruhle wrote:

By saying “quant,” the implication was that I was ill equipped to follow Cliff’s sophisticated (quantitative) market analysis because of my gender. Now Cliff is one of the smartest investors in the world. The truth is that he outpaces people of all sexes, creeds, and colors when it comes to numbers. But he had singled me out—the woman sitting across from him on live TV—for a bit of gentle ridicule.

This kind of thing happens a lot to women at work. Usually it’s just a clumsy riff on old ideas of what’s gender-appropriate. If you believe that in 2014 men are still consciously fighting to keep a grip on their hegemony, then I suppose you could hear these kinds of comments and focus on the damage they do. They might make you angry, and that’s valid.

I happen to know Cliff, and the truth is he just made a dumb joke at a moment when his mouth and brain weren’t connecting. Which means the relevant issue isn’t the damage done, but the proper response. For me, in the moment, it was to stop the interview and call him out, with as much humor as possible, for a comment even the most ancient chauvinist knows is out of date. And to his credit, Cliff apologized and blushed and made all the proper gestures and noises a moral person should make when they’ve done something stupid. In the end, we both laughed.

Read more here.

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Seeking Alpha pays $270,000 a month to contributors

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Eli Hoffman, the senior vice president of content and editor in chief of Seeking Alpha, writes about how the financial news and investment site pays its contributors.

Hoffman writes, “We pay contributors who publish articles that are exclusive to Seeking Alpha. The base payment is $10/CPM (1,000 page-views). For high-quality analysis of stocks that otherwise lack good research, we have two additional payment tiers: i) Small-Cap Insight – we pay a minimum of $150 per article for high-quality small-cap research, as selected by our editors. ii) Top Ideas – for top small-cap ideas with exceptionally attractive risk/reward profiles (1-10 per day) we pay $500.

“We launched article payments in early 2011 with the per-page-view model. Contributors were happy, but said the focus on page-views led them to publish analysis on very popular stocks and topics. Since unusual investment opportunities (‘alpha’) are often found in lesser-followed stocks, this wasn’t necessarily a good thing. Unlike traditional media businesses, in equity research there is often an inverse correlation between broad appeal and value.

“This led us to change our payment model and channel a large percentage of author payments to quality rather than popularity. Having said that, I still think too much of the decision about what constitutes quality rests in editors’ hands. In a true marketplace, consumers determine the value of an item, not an expert panel. Because of this, I am intrigued by ways in which SA can more closely mimic the characteristics of a marketplace, in which those who provide the greatest net value are most successful. I welcome your suggestions.

Are all contributors paid?

“No. Some contributors decline payment for a variety of reasons; they can direct their payments to a charity of their choice. Others prefer to syndicate their research through a variety of channels, and decline payment in order that their articles not be exclusive.

How much do you pay contributors per month?

“Contributor payments are the lion’s share of our editorial costs. In a typical month, we pay $270,000 to contributors – $150,000 in page-view payments, and $120,000 in minimum-guaranteed article-quality payments.”

Read more here.

Reuters Logo

Reuters seeks editor to oversee energy markets news in New York

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Reuters News is seeking an exceptional journalist, an inspirational leader and an insightful editor to lead coverage of the most important story of the decade – the North American shale revolution, and its transformative impact on global energy markets.

The broad contours of this story are well established, as surging U.S. production and falling imports promise an economic revival that will fundamentally alter America’s position in the world. But beyond the headlines, the energy trade story has never been in greater flux, from the Keystone pipeline to decades-old export restrictions; the rise of natural gas vehicles to the decline of coal-fired power plants; oil-train arbitrage to Jones Act tankers; Latin America fuel exports to U.S. biofuel policy; the shrinking role of Wall Street to the renewed rise of trading merchants. In an ever-changing landscape with prices and politics constantly shifting, traders and investors are more reliant than ever on smart journalism.

As editor-in-charge of energy market news in the Americas, the successful candidate will be expected to drive coverage on two parallel, interconnected tracks: breaking market-moving real-time news for professional traders ahead of the competition, from refinery glitches to pipeline spills to arbitrage trades; and also producing sophisticated, ahead-of-the-curve enterprise and investigative work that highlights emerging trends, analyzes major developments and tells a global financial audience about things that other people don’t want them to know.

The editor-in-charge will be expected to lead by example, producing outstanding work under their own byline while directing and developing the talents and skills of 10 specialist reporters in New York and another dozen or so across the region, helping them produce sharp, smart market stories for a global audience. Competing at both ends of the spectrum, from deep-specialist split-second spot news to agenda-setting multi-week enterprise, requires clear leadership, smart strategies and savvy news ideas. Above all, it requires a fierce determination to win.

Qualifications:
Drive, ambition and a passion for winning every part of the news cycle, from breaking alerts to deep enterprise
Proven ability to conceive and execute ahead-of-the-curve stories for a professional financial audience
Masterful editing skills to produce clear, sharp, sophisticated energy market copy, quickly
Track record of independently writing and reporting stories, from spot news to original analysis
Readiness to lead a large, diverse team through high standards, coaching and career development
Minimum five years of energy market news or industry experience

To apply, go here.

CNN Money Logo

CNNMoney.com seeks markets reporter

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The Staff Reporter for Markets and Investing at CNNMoney.com will be responsible for reporting, writing and developing stories about financial markets and investing, one of CNNMoney’s five main beats.

The Staff Reporter will be expected to excel at story development and writing and help the team’s efforts with audience building, innovation and social media.

Areas include:

• Story development: Cultivate a wide range of sources and a deep understanding of the trends, issues and events influencing financial markets and investing.

• Breaking news: Stay on top of and respond quickly to breaking news, ensuring that all major developments are covered.

• Make news: Develop ideas that will set CNNMoney apart from the competition.

• Writing: Deliver sharp, smart, engaging copy on pieces ranging from short breaking news items to larger packages.

• Innovate: Continually seek out interesting story and package ideas and execute on them. Assist with developing new tools, products and ways of presenting information, such as infographics and interactives.

• Help brainstorm new big acts and ways to extend annual features with quarterly or monthly breakouts.

• Help build and package stories and galleries to maximize their impact.

• Help get specials content in front of more people and attract new readers, by making smart choices of what to cover, and through Search Engine Optimization (SEO), social media, mobile, and other means.

Qualifications: 2-3 years reporting and writing experience, with knowledge of financial markets and investing. Bachelor’s degree. Analytical skills. Sharp writing. Solid news judgment. Highest journalistic standards.

To apply, go here.

 

Market frenzy

Goldman may sell floor trading

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In a week where much of Wall Street has been talking about Michael Lewis’ new book and high-frequency trading, on Tuesday, the news broke that Goldman Sachs might sell its New York Stock Exchange floor-trading unit.

Justin Baer and Bradley Hope had this story in the Wall Street Journal:

Goldman Sachs Group Inc. is close to selling a once-iconic trading business based on the floor of the New York Stock Exchange for a fraction of what it paid less than 15 years ago, according to people familiar with the matter.

Goldman is in talks to sell the business, once part of Spear, Leeds & Kellogg LP, to Dutch firm IMC Financial Markets, the people said.

Goldman paid $6.5 billion in 2000 for the business, which included a division that puts buyers and sellers together on the floor of the NYSE. A final deal isn’t imminent, though the companies are discussing a price of as much as $30 million, the people said, a reflection of the dramatic changes that have transformed U.S. markets since Goldman made the initial deal.

Remco Lenterman, chief executive of IMC Financial Markets, said the company doesn’t “comment on rumors or speculation.”

Bloomberg pointed out in a story by Sam Mamudi, Zeke Faux and Michael J. Moore that the NYSE’s floor traders have been shrinking and they may be purchased by IMC, a high-frequency trading firm:

The NYSE’s huddles of traders have been shrinking for years as more transactions are handled electronically, making humans less integral. Atlanta-based IntercontinentalExchange Group Inc. pledged to preserve the trading floor in lower Manhattan when it agreed to buy the exchange in 2012.

“The business has evolved away from humans on the exchange,” said Devin Ryan, an analyst at JMP Group Inc. “Only a fraction is being done on the floor with humans versus how much is being done electronically.”

IMC, which stands for International Marketmakers Combination, is a high-frequency trading firm and asset manager founded in Amsterdam in 1989. It has offices in Chicago and New York, and conducts transactions on more than 90 exchanges around the world, according to its website. Remco Lenterman, an IMC managing director, and Tiffany Galvin of New York-based Goldman Sachs said their companies don’t comment on speculation.

Selling the floor-trading business wouldn’t mean Goldman Sachs would stop making markets. The firm reaps the most revenue from equities trading among banks globally. It runs its own trading venue called Sigma X and holds a stake in exchange operator Bats Global Markets Inc.

The NYSE has long relied on traders known as designated market markers to facilitate buying and selling. The firms help run opening and closing auctions of NYSE-listed stocks. Traders wearing vented jackets labeled with their names and numbers gather around a market maker for that stock, who calls out prices. Some eat peanuts, tossing the shells on the ground.

MarketWatch’s blog was one of many writing about the debate over the new world of trading highlighted by Lewis’ new book:

Twitter reaction has been fast and furious to the accusation by the author of the new book “Flash Boys: A Wall Street Revolt” that high-frequency traders have an edge over the average stock-market investor.

“High frequency traders have found ways to use their speed to gain an advantage that few understand,” said Michael Lewis, who has written a number of best-sellers about Wall Street, in an interview with “60 Minutes” that aired Sunday.

In the interview, Lewis alleges that high-frequency traders, who use complex computer algorithms, are able to “front run” orders, buying a block of stocks fractions of a second before another buyer and then selling those same shares to that buyer, because they pay for fiber-optic lines that are faster than other lines. He singled out BATS Global Markets, one of the biggest U.S. exchanges, for its role in the market.

Not surprisingly, then, the most vocal defender of HFTs on Twitter Monday was the president of BATS, William O’Brien, who uses the handle @obrienedge, tweeted: “Michael Lewis could not be more wrong when he says the stock market is not a fair or safe place for investors #FlashBoys

The BATs president acknowledged that there are ways to improve the markets, but that it’s “unjust to accuse people simply for using technology & providing competition.”

The news comes after the Federal Bureau of Investigation is joining other regulators into looking into high frequency trading. The New York Post had this story by James Covert:

The FBI has joined state and regulatory probes of high-frequency traders to see if the firms are guilty of insider trading.

Agents, who started the probe about a year ago, are looking to see if the HFTs used information to trade ahead of large institutional orders, an FBI spokesman told a number of media outlets on Monday when news of the investigation first surfaced.

In one possible scenario, agents would look to see if a high-speed trading firm profited by jumping ahead of a huge buy order, and then quickly exited after the giant order pushed the stock higher.

One thing’s for certain, traders have never been scrutinized – by the press, the public and regulators. Many millions have been made on milliseconds and it seems that Goldman is betting that’s the way the world will go.

Bloomberg keyboard

Bloomberg seeks bonds/currencies reporter in London

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Bloomberg News is seeking an experienced editor in London to cover government bonds, currencies and money markets across Europe.

The successful candidate will join a team of reporters and editors who have set the standard for fast, accurate and insightful coverage of fixed-income and foreign-exchange news in the European markets. The role requires someone with experience of editing and reporting at a newspaper or news service. The editor must have the ability to coach reporters to get the most out of their stories while ensuring accuracy and speed at all times.

Qualifications:
-Previous financial journalism experience is essential
-Experience of working in a real time news environment is desirable
-Proven track record of editing financial stories IS DESIRABLE
-Experience covering markets in a real-time environment is desirable
-Knowledge of government bonds and/or currency markets is desirable
-Ability to coach reporters on sourcing, interviewing and writing is essential

To apply, go here.