What you need to know on Wall Street today
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Wall Street firms have long complained about the exorbitant cost of financial data. We just got a sense of what a goldmine it's become for the providers.
Goldman Sachs spends about $400 million each year on buying data from third-party sources, according to one executive's estimate. That figure includes simple things like the data used by investment bankers to value companies and industries as well as more complex datasets such as credit-card transactions or real-time closed caption feeds from television stations across the globe, he said. Here's our story.
Elsewhere in finance news, Credit Suisse continues to bolster its stock trading unit with 2 more senior hires - including a new head of equity sales in the US. The former tech chief at secretive trading firm Jump has joined a crypto exchange. And Jason Karp's hedge fund Tourbillon had a bad April.
Bitcoin king Mike Novogratz has made another play to open up crypto trading - this time partnering with Bloomberg on a new index.
In markets news:
- The stock market's recovery is one of the slowest on record - here's why that could be foreshadowing the next crash
- Morgan Stanley says there's one piece of the market you need to own as stocks run out of steam
- A finalist for Fed Chair warns Trump doesn't get a basic function of the Federal Reserve - and it poses a threat to economy
- Meet the new team leading Facebook after the company's biggest shakeup in history
- Facebook's reorganization is little more than chair-shuffling - and a missed opportunity for Mark Zuckerberg and company
- Twitter's founding engineer has a compelling theory about how regulation could turn Facebook into the new AT&T
- Facebook panicked about foreign influence in the Irish abortion referendum - and revealed a worrying truth
- Amazon is hurtling head-first into yet another industry
- Apple's comments to the FCC about 'superhigh' spectrum hint at its growing wireless ambitions
- Artificial intelligence startup ThoughtSpot grabs another $145 million as it ramps towards an IPO - it's now worth $1 billion
- MoviePass has been boosting the box office in 2018, but it's burning $20 million a month to do so
- German electronic manufacturing firm Hama enters India market
- Tips to make Whatsapp more private and secure
- Best Samsung phones under ₹10000
- As women struggle to make up even one-third of corporate boards, Europe mandates 40% reservation for women
- Centre receives ₹5,001 crore as dividend from ONGC