Tag Archives: Markets coverage
by Chris Roush
Jonathan Leff, global editor for commodities at Reuters, sent out the following staff hire announcement on Wednesday:
I’m very excited to make two important appointments that will round out the leadership of the commodities and energy news file in the Americas.
I am thrilled to announce that Jessica Resnick-Ault will be joining Reuters as Energy Markets Editor in Charge in New York, leading our coverage of the oil and gas markets at a time of enormous change. While a newcomer to Reuters, Jessica is no stranger to the rough and tumble world of arbitrage and absolute returns, having covered both the trading industry and the energy sector from Houston and New York for Dow Jones and, over the past five years, Bloomberg. As a reporter, editor and, most recently, a newsletter publisher, she has brought expert insight, savvy news judgment and deep sourcing to everything she does. I very much look forward to having her on the team, taking our coverage to new heights. She will join us from May.
The incomparable Josephine Mason is named Deputy Editor in Charge of Commodities for the region, taking on additional responsibilities to edit, guide and direct our coverage alongside her outstanding work with the NY commodities team. While metals may always remain her first true love, Jo has brought energy, enthusiasm and unerring news judgment to every part of the energy and raw materials file, and will now share her passion across the region. She will be routinely deputizing for me in the future, and will also take on other certain regional responsibilities, including driving better use of the Newsplanner tool. She steps into this role with immediate effect.
Jo and Jessica will be working closely together with the other journalists who are driving our regional coverage, including Ros Krasny in Washington, Terry Wade in Houston and Jo Winterbottom, who takes up her role leading the Chicago commodities file later this month.
by Chris Roush
- Has responsibility for collecting data and comments for the new issues in the bond capital market. Collecting information includes terms and conditions, new issuance lists, rating actions, shelf registration and so on. Soon after creating the new data, the reporter starts collecting comments from the market and delivers the deal analysis as the DealWatch news.
- Provide the pipelines, the market analysis, and special feature.
- Support for the special event (DealWatch Awards)
- Establish good relationship with the market such as bankers, traders, and investors.To apply, go here.
by Liz Hester
The opaque world of high frequency trading is coming under increasing scrutiny from regulators as the New York Attorney General Eric Schneiderman said he was looking into practices in the space.
Andrew R. Johnson had this story for the Wall Street Journal:
New York Attorney General Eric Schneiderman is investigating services offered by stock exchanges that he alleges give certain high-speed investors an unfair advantage by getting early access to data.
Mr. Schneiderman said during a speech Tuesday that he was urging stock exchanges to consider curbing such features and adopting proposed safeguards to ensure investors are competing on an equal playing field.
The features in question include “co-location,” which allow traders to locate their computer servers within exchanges’ data centers, and services that provide extra network bandwidth to high-frequency traders.
“These valuable advantages give high-frequency traders a leg up on the rest of the market,” Mr. Schneiderman said in the speech at New York Law School.
Mr. Schneiderman’s proposal is the latest in a continuing probe of Wall Street activities that allow investors and other market participants to gain a competitive edge through the early release of market-moving data, a practice he calls “insider trading 2.0.
Bloomberg reported that stock exchanges have been alerted to the attorney general’s concerns in a story by Keri Geiger and Sam Mamudi:
The attorney general’s staff has discussed his concerns with executives of Nasdaq and NYSE and requested more information, according to a person familiar with the matter, who asked not to be named because the talks were private. Schneiderman’s office is also looking into private trading venues, known as dark pools, and the strategies deployed by the high-speed traders themselves.
The investigation threatens to disrupt a model that market regulators have openly permitted for years as high-speed trading and concerns about its influence have grown. Trading firms pay to place their systems in the same data centers as the exchanges, a practice known as co-location that lets them directly plug in their companies’ servers and shave millionths of a second off transactions. They also purchase proprietary data feeds, which are faster and more detailed than the stock-trading information available on the public ticker.
“We publicly file with the SEC for each and every one of these services, and we’re always engaged with government officials around the world,” Robert Madden, a spokesman for New York-based Nasdaq, said in a phone interview, referring to the U.S. Securities and Exchange Commission. He and Eric Ryan, a spokesman for NYSE, declined to comment on Schneiderman’s investigation.
Writing for the Financial Times, Kara Scannell and Arash Massoudi pointed out that the Securities and Exchange Commission brought enforcement actions against some trading platforms regarding this issue:
Mary Jo White, chairman of the Securities and Exchange Commission, the federal agency that regulates the equity markets, told a congressional panel last year that high-speed markets required “constant monitoring and analysis.”
Over the past few years the SEC has brought enforcement actions against NYSE and other trading platforms for giving certain investors better access to the markets.
An SEC spokesman said: “We are working on these and a wide range of issues as part of our ongoing review of our current equity market structure. We appreciate hearing the views of all market participants and other interested parties, including attorney-general Schneiderman.”
The investigation comes as Virtu Financial, a leading global proprietary trading company, is preparing to launch investor meetings for an initial public offering later this quarter, which would make it the first pure HFT company to go public.
People familiar with Virtu’s plans have said it hopes to raise $250m from a listing at a valuation of as much as $3bn.
The attorney-general’s office has made a priority of looking at potential insider trading by firms that are quick enough or rich enough to gain an early look at market moving information. While it is not Wall Street’s top regulator, the office has often wielded the Martin Act to force change in lieu of filing lawsuits.
In an interview on CNBC today, detailed in a story by Bruno J. Navarro, Scheinderman said he wasn’t opposed to capital markets, just those who have an unfair advantage:
“The problem is high-frequency trading—it creates liquidity; that’s a good thing—but it creates instability, and that’s a bad thing,” he said. “And the constant arms race of people having the incentive, which they have now, to try untested methods to gain those extra milliseconds of speed—that is a danger to the markets.”
Scheinderman suggested that frequent batch auctions might be one solution.
The practice would help maintain liquidity in the markets while removing the ability for traders to exploit momentary mispricings with increasingly faster computers.
“They’re using arbitrage between exchanges now,” he said. “Tiny, tiny differences in the timing of pricing can now make money for these folks. So, what my proposal was, as regulators—the federal government’s got to be involved in this, too, CFTC and SEC—we’ve got to step up to the plate and deal with the challenges of this new technology.”
Schneiderman said he wasn’t thinking about proposing a tax on certain kinds of trading.
“I’m a big fan of America’s capital markets,” he said. “In the last five years, we have funded something like five times all of Europe has funded in terms of investments and start-up companies and almost five times the rest of the world,” he said.
“Right now, because of this constant quest for those extra milliseconds, the markets are at a little bit more risk than they need to be. We can preserve the liquidity by something like our frequent batch auction proposal, which is being discussed at a forum at New York Law School right now, while protecting the markets and capping the race for speed.”
While milliseconds might not seem like a lot, it can mean millions for high-frequency traders. Schneiderman said that quest for timing created extra risk in the system than necessary, but that’s a claim that could be hard to prove. Hopefully he’ll publicly disclose the findings of his investigation in the spirit of transparency that he’s promoting.
by Chris Roush
Andrew Ross Sorkin of the New York Times writes about hedge fund manager David Einhorn’s attempts to find out the name of a Seeking Alpha blogger who disclosed one of his investments.
Sorkin writes, “The case could be a watershed for both the reporting of financial news using anonymous sources, and perhaps more important, the increasing trend of confidential information being posted anonymously on social media like Twitter and the comment sections of established news websites.
“Leaks to the media are a well-worn tradition on Wall Street. Yet rarely do firms go after the leakers — or the media outlets that published the leaked information — in court. It is not necessarily a criminal violation to leak confidential information, but it may be a civil violation if an individual breached a fiduciary duty or breached a specific agreement to keep certain information private.
“Journalists have traditionally been protected by state shield laws or other court protections that allow them to publish confidential information without disclosing the identity of their sources. Even when courts do get involved, many journalists are willing to go to jail rather than comply with judges’ orders.
“But what happens when the source of the information bypasses journalists or news organizations and goes directly to the public through an anonymous blog or social media? Are those individuals protected by a journalistic privilege? What if their motives go beyond mere reporting? And are courts willing to appear to limit freedom of speech rights to intervene in what is largely a commercial matter?”
Read more here.
by Chris Roush
Bloomberg News seeks an experienced Commodities Markets Reporter for its Chicago office to cover the agricultural markets daily.
This individual will be expected to break news and also will write feature stories on investable trends in commodities. Candidates should be able to write quickly and concisely under tight deadline pressure and be enthusiastic about working in a team environment. A minimum of three years of business journalism experience and some commodity reporting experience is preferred. All candidates should attach clips showing energy or commodities-related subject matter if possible.
-Bachelors degree or equivalent experience
-Experience working in a real-time news environment
-Prior experience breaking news in the commodities or energy markets is a plus
-Ability to write quickly and concisely under deadline pressure
-Minimum of three years of business journalism experience is preferred
To apply, go here.
by Chris Roush
Bloomberg News seeks an experienced Commodities Markets Reporter for its New York office to cover the metals markets daily.
This individual will be expected to break news and also will write feature stories on investable trends in commodities. Candidates should be able to write quickly and concisely under tight deadline pressure and be enthusiastic about working in a team environment. A minimum of three to five years of business journalism experience and some commodity reporting experience is preferred. All candidates should attach clips showing energy or commodities-related subject matter if possible.
-Minimum of three to five years of business journalism experience is preferred
To apply, go here.
by Chris Roush
Business journalists need to be able to decipher complicated data and be able to explain what that data means through the use of personal examples, a senior Marketwatch columnist said Wednesday night.
“Data driven reporting is quantitative and unemotional,” said Chuck Jaffe, who primarily writes about mutual funds. “Bringing it home gets the story out of data and into people. It doesn’t take long to find people who are affected.”
Jaffe was the keynote speaker Wednesday at the McGraw Hill Financial Data Awards Dinner in New York. The event was held by the International Center for Journalists, which offered an online financial data course this past fall. Journalists who took the course and wrote stories with data were honored at the dinner.
Jaffe said he still keeps a list of consumers who have contacted him about specific topics, and he relies on that list for examples when he is writing. He noted that a woman called him Wednesday to discuss gold who will likely end up in a future column.
“The more something [I write} is personal to someone, the more engaged they are,” said Jaffe, who recently used Reddit to find Bitcoin traders and shared those contacts with other Marketwatch journalists.
It’s often hard for business journalists to find the data that they need to tell a story, and when they do the data often does not tell the story that the journalist thought it would tell, said Jaffe.
“When the numbers come back, and they’re not what you thought, you have to ask, why not?” said Jaffe. And if the company or agency generating the numbers doesn’t know why the numbers are what they are, the reporter should dig deeper.
“Too many reporters are stopped by the word no,” said Jaffe. “The great thing about being a columnist is that I don’t have to be nice to the people I deal with.”
Jaffe provide other advice to the journalists at the dinner, including:
- Scams and frauds are often repeating themselves. Reporters should look for those. “There’s nothing new in scam world,” said Jaffe.
- Writing about investors who like or dislike a stock should dig deeper and explain the methodology for how that investor reached that conclusion.
- Don’t forget what’s important in life, added Jaffe. Money managers who complain to him that he’s ignoring an angle in a column often don’t understand what’s important to consumers.
Jaffe worked as a business journalist at the St. Petersburg Times, Allentown Morning Call and Boston Globe before joining Marketwatch. He is a past president of the Society of American Business Editors and Writers.
by Chris Roush
Lauren Meller of Bloomberg’s public relations staff spoke with Bob Ivry, an editor-at-large for Bloomberg News, about covering the economic downturn in 2008 and writing a book that details its aftermath.
Here is an excerpt:
What is your current focus in terms of financial coverage?
As editor-at-large for global markets, I have a chance to help reporters do stories internationally. That’s exciting for me because most of my attention until now has been on the U.S.
Bloomberg News is in a unique position because we have skilled news gatherers all over the world. So I plan to exploit that by marshaling stories about oil, rice crops, currency trading and emerging-market economies, among other topics, on all six continents.
My opinion is that the biggest finance story may be migrating away from the major banks, where it’s been for about a decade, and will be for a while longer, to the less regulated so-called shadow banking system; hedge funds and other investors who shift billions of dollars on a daily basis. Keep an eye on Bloomberg News’ global markets team if you’re concerned about the next big thing.
You have a new book out, “The Seven Sins of Wall Street.” What was the genesis of this book and how important were the events of the last five years in providing inspiration?
“The Seven Sins of Wall Street” is based on my reporting from 2008 to 2013. It’s not always easy to detect trends when you’re in the middle of them, but at some point in 2010 it became clear to me that the biggest banks, which had gotten even bigger due to the bailouts, were acting as if the financial crisis had never happened. They were behaving badly. They were still getting billions of dollars in an endless bailout that hasn’t stopped even now, in January 2014.
Read more here.
by Chris Roush
Bloomberg News is looking to hire a stock market reporter based out of its New York office.
The person in this role will produce clear and comprehensive stories on breaking news under real-time deadline pressure. This individual will summarize the U.S. stock market throughout the day and write stories on securities that are posting notable fluctuations.
The reporter will also write features on stock trading, equity strategists, and exchange-traded funds, as well as break news on important trends in investing. Candidates should be adept at corporate valuations and quantitative analysis, and have a strong writing background. A minimum of three years of business journalism experience is preferred.
- Bachelors degree or equivalent experience
- Minimum of three years of journalism experience is preferred
- Ability to write quickly and concisely under deadline pressure
To apply, go here.
by Chris Roush
Kaitlyn Kiernan, an options reporter for The Wall Street Journal and Dow Jones Newswires, is leaving the news organization.
Her last day is Friday. She wrote a daily story on activity of note in the options market. She also contributed to reporting on the U.S. stock market.
Kiernan is going to Law360.com to become private equity senior reporter, part of its mergers and acquisitions coverage expansion.
“This will be a totally new form of sourcing for me since so much of that reporting is on background and I can see who my competitors work with,” she said in an email to Talking Biz News on Friday.
In an email to her colleagues, Kiernan wrote:
I’m sad to say today is my last day at Dow Jones and The Wall Street Journal. I’m grateful for the time I’ve spent reporting alongside some of the world’s most talented reporters and editors. I will miss this place and many of the people here.
I wish you all the best and hope our paths cross again. Please stay in touch.
Kiernan had worked for The Journal/Dow Jones for the past two years. Before that, she was an intern at Bloomberg News. She is a Boston University graduate.