Robinhood pays $65 million SEC fine - Two Sigma's risk-analysis tool shows big uptick - Intuit-Credit Karma deal closes
Big news on Thursday was Robinhood getting hit with a $65 million fine to settle a probe from the Securities and Exchange Commission over misleading communications to its customers.In short, from 2015 to late 2018 Robinhood didn't properly disclose it received payment for order flow (a common industry practice of selling clients orders to trading firms to execute). The SEC alleged the fintech also falsely claimed its execution quality was as good, or better, than competing brokers. Robinhood's prices were actually worse for customers, costing them a total of $34.1 million, according to the SEC.
As money managers' margins continue to get compressed, firms are looking for new lines of business.For quantitative fund Two Sigma, that meant rolling out Venn, a risk-analysis tool for allocators of assets. Bradley Saacks and Carter Johnson have a nice update on how things at Venn have been going. In short, business is booming.
Intuit and Credit Karma's CEOs explain how combining credit and tax data on a 'massive' scale are keyCredit Karma is officially closed. Shannen Balogh spoke with both CEOs to understand what's next for the combined company, and why data will play a key role. Read more here.
Odd lots:EXCLUSIVE: Expensify wants to become a public company by summer 2021, and the CEO is eyeing a direct listing (BI)
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