Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
There have historically been two dominant tribes on Wall Street. There’s the sell side, the investment banks, which, as their name suggests, mostly sell stuff. There’s also the buy side, the fund managers, which mostly buy stuff.
A third group — including stock exchanges, trading platforms, clearinghouses, and data providers — helps facilitate transactions between the two dominant groups.
Those institutions are sometimes called the “pipes and plumbing of global finance.” If you needed a reminder, pipes and plumbing aren’t sexy, and neither is this third group. That’s beginning to change.
Britain’s two-year exit process from the European Union began Wednesday when Prime Minister Theresa May triggered Article 50. Here’s what you need to know:
- Article 50 has been triggered
- Everything you need to know about what happens next
- The 11 most important people deciding Britain’s Brexit fate
- Everything you need to know about post-Brexit immigration in 5 minutes
- Goldman Sachs reassures staff over Brexit in voicemail as it “intensively” prepares contingency plans
- The EU has officially blocked a £22.5 billion mega-merger between the London Stock Exchange and Deutsche Börse
In other news, Santander just got hit hard for approving thousands of subprime auto loans. Bloomberg LP, the financial data giant, is shaking up its trading unit. Steve Wynn just lost his slander appeal against hedge fund manager Jim Chanos. And one chart explains why David Einhorn is the 2nd activist to target GM in 2 years.
Source: Businessinsider
The post What you need to know on Wall Street today appeared first on Compliancex.
March 29, 2017 at 11:06PM
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