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WM28
2021-02-16
Good news for crypto!
Mastercard to let merchants accept some cryptocurrencies directly later this year
WM28
2021-02-09
Gme!
Robinhood-GameStop saga could put spotlight on DC, Wall Street revolving door
WM28
2021-02-08
Go alibaba!
Big Pension Buys Up Alibaba, Lilly, and Cisco Stock. Here’s What It Sold.
Go to Tiger App to see more news
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news for crypto!","listText":"Good news for crypto!","text":"Good news for crypto!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382834521","repostId":"2110549049","repostType":4,"repost":{"id":"2110549049","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1613010240,"share":"https://ttm.financial/m/news/2110549049?lang=&edition=fundamental","pubTime":"2021-02-11 10:24","market":"us","language":"en","title":"Mastercard to let merchants accept some cryptocurrencies directly later this year","url":"https://stock-news.laohu8.com/highlight/detail?id=2110549049","media":"Dow Jones","summary":"Company will open its network to crypto assets that meet its requirements around safety, compliance ","content":"<p>Company will open its network to crypto assets that meet its requirements around safety, compliance and stability</p>\n<p>Mastercard Inc. said Wednesday that it would begin allowing merchants to accept some cryptocurrencies on its network later this year, marking the latest embrace of digital coins by a traditional payments player.</p>\n<p>\"We are here to enable customers, merchants and businesses to move digital value -- traditional or crypto -- however they want,\" Mastercard's executive vice president for digital assets Raj Dhamodharan said in a blog post .</p>\n<p>Mastercard <a href=\"https://laohu8.com/S/MA\">$(MA)$</a> already works with some crypto platforms that issue Mastercard cards allowing people to spend their crypto assets, but through those arrangements the cryptocurrencies don't flow through Mastercard's network, as the crypto partners convert the digital currencies to traditional currencies and then transmit them to Mastercard. By moving to support some crypto assets directly, Mastercard will \"cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases,\" Dhamodharan said.</p>\n<p>Mastercard plans to be selective about which cryptocurrencies it allows as it embarks on its plan. The company will be looking for cryptocurrencies that respect the privacy of consumer information, follow compliance procedures and \"offer the stability people need in a vehicle for spending, not investment.\"</p>\n<p>Traditional financial technology companies are increasingly experimenting with new digital assets. Mastercard, for <a href=\"https://laohu8.com/S/AONE\">one</a>, had already disclosed that it's held discussions with central banks about the possibility of \"central bank digital currencies,\" which would serve as alternative ways to pay beyond fiat currency.</p>\n<p>Mastercard Chief Executive Michael Miebach said on the company's latest earnings call that Mastercard's emphasis on consumer protection and transparency, as well as its acceptance network, could prove useful to central banks as they think about this future of money.</p>\n<p><a href=\"https://laohu8.com/S/V\">Visa</a> Inc. CEO Al Kelly said on Visa's (V) most recent earnings call that the company also has arrangements with platforms and digital wallets that issue Visa cards so that customers can spend their crypto holdings. \"These wallet relationships represent the potential for more than 50 million Visa credentials,\" he said.</p>\n<p>Kelly also spoke broadly about the prospects for cryptocurrency on Visa's platform. \"It goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today,\" he said.</p>\n<p><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc. (PYPL)began letting U.S. users buy and sell cryptocurrencies like bitcoin through its platform late last year .</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mastercard to let merchants accept some cryptocurrencies directly later this year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMastercard to let merchants accept some cryptocurrencies directly later this year\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-02-11 10:24</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Company will open its network to crypto assets that meet its requirements around safety, compliance and stability</p>\n<p>Mastercard Inc. said Wednesday that it would begin allowing merchants to accept some cryptocurrencies on its network later this year, marking the latest embrace of digital coins by a traditional payments player.</p>\n<p>\"We are here to enable customers, merchants and businesses to move digital value -- traditional or crypto -- however they want,\" Mastercard's executive vice president for digital assets Raj Dhamodharan said in a blog post .</p>\n<p>Mastercard <a href=\"https://laohu8.com/S/MA\">$(MA)$</a> already works with some crypto platforms that issue Mastercard cards allowing people to spend their crypto assets, but through those arrangements the cryptocurrencies don't flow through Mastercard's network, as the crypto partners convert the digital currencies to traditional currencies and then transmit them to Mastercard. By moving to support some crypto assets directly, Mastercard will \"cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases,\" Dhamodharan said.</p>\n<p>Mastercard plans to be selective about which cryptocurrencies it allows as it embarks on its plan. The company will be looking for cryptocurrencies that respect the privacy of consumer information, follow compliance procedures and \"offer the stability people need in a vehicle for spending, not investment.\"</p>\n<p>Traditional financial technology companies are increasingly experimenting with new digital assets. Mastercard, for <a href=\"https://laohu8.com/S/AONE\">one</a>, had already disclosed that it's held discussions with central banks about the possibility of \"central bank digital currencies,\" which would serve as alternative ways to pay beyond fiat currency.</p>\n<p>Mastercard Chief Executive Michael Miebach said on the company's latest earnings call that Mastercard's emphasis on consumer protection and transparency, as well as its acceptance network, could prove useful to central banks as they think about this future of money.</p>\n<p><a href=\"https://laohu8.com/S/V\">Visa</a> Inc. CEO Al Kelly said on Visa's (V) most recent earnings call that the company also has arrangements with platforms and digital wallets that issue Visa cards so that customers can spend their crypto holdings. \"These wallet relationships represent the potential for more than 50 million Visa credentials,\" he said.</p>\n<p>Kelly also spoke broadly about the prospects for cryptocurrency on Visa's platform. \"It goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today,\" he said.</p>\n<p><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc. (PYPL)began letting U.S. users buy and sell cryptocurrencies like bitcoin through its platform late last year .</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MA":"万事达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2110549049","content_text":"Company will open its network to crypto assets that meet its requirements around safety, compliance and stability\nMastercard Inc. said Wednesday that it would begin allowing merchants to accept some cryptocurrencies on its network later this year, marking the latest embrace of digital coins by a traditional payments player.\n\"We are here to enable customers, merchants and businesses to move digital value -- traditional or crypto -- however they want,\" Mastercard's executive vice president for digital assets Raj Dhamodharan said in a blog post .\nMastercard $(MA)$ already works with some crypto platforms that issue Mastercard cards allowing people to spend their crypto assets, but through those arrangements the cryptocurrencies don't flow through Mastercard's network, as the crypto partners convert the digital currencies to traditional currencies and then transmit them to Mastercard. By moving to support some crypto assets directly, Mastercard will \"cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases,\" Dhamodharan said.\nMastercard plans to be selective about which cryptocurrencies it allows as it embarks on its plan. The company will be looking for cryptocurrencies that respect the privacy of consumer information, follow compliance procedures and \"offer the stability people need in a vehicle for spending, not investment.\"\nTraditional financial technology companies are increasingly experimenting with new digital assets. Mastercard, for one, had already disclosed that it's held discussions with central banks about the possibility of \"central bank digital currencies,\" which would serve as alternative ways to pay beyond fiat currency.\nMastercard Chief Executive Michael Miebach said on the company's latest earnings call that Mastercard's emphasis on consumer protection and transparency, as well as its acceptance network, could prove useful to central banks as they think about this future of money.\nVisa Inc. CEO Al Kelly said on Visa's (V) most recent earnings call that the company also has arrangements with platforms and digital wallets that issue Visa cards so that customers can spend their crypto holdings. \"These wallet relationships represent the potential for more than 50 million Visa credentials,\" he said.\nKelly also spoke broadly about the prospects for cryptocurrency on Visa's platform. \"It goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today,\" he said.\nPayPal Holdings Inc. (PYPL)began letting U.S. users buy and sell cryptocurrencies like bitcoin through its platform late last year .","news_type":1},"isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":383857815,"gmtCreate":1612867460737,"gmtModify":1704875143156,"author":{"id":"3572322150751739","authorId":"3572322150751739","name":"WM28","avatar":"https://static.tigerbbs.com/d80d802550adc823415b1b85048dab85","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572322150751739","authorIdStr":"3572322150751739"},"themes":[],"htmlText":"Gme!","listText":"Gme!","text":"Gme!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/383857815","repostId":"1186040929","repostType":4,"repost":{"id":"1186040929","pubTimestamp":1612861976,"share":"https://ttm.financial/m/news/1186040929?lang=&edition=fundamental","pubTime":"2021-02-09 17:12","market":"us","language":"en","title":"Robinhood-GameStop saga could put spotlight on DC, Wall Street revolving door","url":"https://stock-news.laohu8.com/highlight/detail?id=1186040929","media":"MarketWatch","summary":"Robinhood has hired several former regulators in recent months\nAs the financial services industry pr","content":"<p>Robinhood has hired several former regulators in recent months</p>\n<p>As the financial services industry prepares for congressional scrutiny in the coming weeks following the public outcry related to online broker Robinhood’s decision to restrict trading of GameStop Inc. and other stocks, the perception of a cozy relationship between financial regulators and the industry could once again come to the fore.</p>\n<p>Of particular interest will be regulators’ lack of action in recent years in reforming market structure issues — including payment for order flow, or the practice of market makers paying stockbrokers to route customer orders to them — as many of the former regulators responsible for such reforms are now working for firms in the industry that engage in and profit from the practice.</p>\n<p>“We’ve had festering problems for 12 years now of not addressing, acute, pressing market structure issues,” said James Cox, law professor at Duke University, who specializes in corporate and securities law.</p>\n<p>Cox said the Securities and Exchange Commission and the Financial Industry Regulatory Authority should have done more in recent years to significantly rein in the practice of payment for order flow and to set new rules about the types of orders market makers and stock exchanges can accept from traders that can give them informational advantages over individual investors.</p>\n<p>Robinhood earned more than $190 million in revenue from payment for order flow in the fourth quarter of 2020,according to regulatory filings and made more such revenue per trade than competitors like E-Trade and Charles Schwab. Robinhood did not respond to requests for comment.</p>\n<p>Government watchdogs have long decried the practice of regulators leaving government to work for companies they once regulated, and Robinhood has been one of the most aggressive deployers of this tactic in recent months,hiring former SEC Commissioner Dan Gallagher to be its chief legal officer last May.</p>\n<p>In addition to Gallagher, the broker has recently brought on other SEC alums Lucas Moskowitz and Janet Broeckel, according to LinkedIn. It also brought in Andrew Ceresney, who served as the SEC’s director of the division of enforcement from 2013 to 2017, as outside counsel to help its ettle charges that it misled investors about the practice of payment for order flow and that it cost investors $34.1 million by failing to execute trades at the best price.</p>\n<p>Robinhood settled the matter after paying a $65 million fine, without admitting nor denying fault. The company said in December that “the settlement relates to historical practices that do not reflect Robinhood today” and that it is now fully transparent with customers about its revenue streams and vigilant about getting them the best prices on securities.</p>\n<p>“Firms understand that their business model requires a soft touch from regulators, and the best way to ensure that is to have financial connections with regulators associated with both political parties,” said Jeff Hauser, executive director of The Revolving Door Project, which aims to track corporate political influence.</p>\n<p>Citadel Securities, which paid more to Robinhood for order flow than any other firm in the fourth quarter of last year, has also been a landing place for former regulators. Stephan Luparello, former director of the trading and markets division, which oversees market structure issues, served as its general counsel since 2017. Citadel declined to comment for this article.</p>\n<p>Market structure issues, including payment for order flow, were last in the public spotlight in 2014, when former Democratic Sen. Carl Levin of Michigan held hearings on it and recommended regulators ban it.</p>\n<p>Regulators have made some reforms since then, with the SEC requiring brokers to provide greater disclosure of payment to order flow revenues, while Finra has stepped up enforcement against brokers who do not regularly analyze their orders to make sure customers, on average, get the best price and execution of their orders.</p>\n<p>But critics say they have not gone far enough, and that payment for order flow is a byproduct of a system of wasteful competition between market makers for information and faster access to the major stock exchanges.</p>\n<p>Peter Van Doren, a senior fellow at the Cato Institute and editor of the journal Regulation, told MarketWatch that “the payments for order flow is part of this high-frequency trading system where there’s an arms race” to build faster trading systems ever closer to the major exchanges, in order to arbitrage slight differences in market prices and those listed on exchanges.</p>\n<p>He pointed to a study of activity on the London Stock Exchange, which showed that if market makers didn’t have to engage in this competition, they’d be able to provide prices that save investors $5 billion globally every year.</p>\n<p>Other experts, however, say that the lack of action on payment for order flow was simply because it’s not clear the practice harms individual investors. Indeed, the cost of individual trades and bid-ask spreads have come down dramatically in the thirty years that this practice has been around, Gabriel Rauterberg, an expert on capital markets at Michigan Law told MarketWatch.</p>\n<p>“It’s seems deeply weird that if you’re a retail trader, your order doesn’t go to a stock exchange, but that your broker gets paid to send it to a market maker,” he said, but added that this appearance of corruption is not backed up by evidence of retail traders being cheated on a large scale.</p>\n<p>Instead of regulators moving to ban the practice, which would cause widespread, costly disruption to the entire industry, regulators could mandate that brokers pass on all payment for order flow to their customers through price improvement, Rauterberg proposed.</p>\n<p>“Education doesn’t seem to alter people’s sense that there’s something unseemly about this,” he said. “Eliminating the appearance of a conflict of interest would go a long way for investor confidence.”</p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Robinhood-GameStop saga could put spotlight on DC, Wall Street revolving door</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRobinhood-GameStop saga could put spotlight on DC, Wall Street revolving door\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-09 17:12 GMT+8 <a href=https://www.marketwatch.com/story/robinhood-gamestop-saga-could-put-spotlight-on-dc-wall-street-revolving-door-11612817586?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Robinhood has hired several former regulators in recent months\nAs the financial services industry prepares for congressional scrutiny in the coming weeks following the public outcry related to online ...</p>\n\n<a href=\"https://www.marketwatch.com/story/robinhood-gamestop-saga-could-put-spotlight-on-dc-wall-street-revolving-door-11612817586?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线",".SPX":"S&P 500 Index","GME":"游戏驿站",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/robinhood-gamestop-saga-could-put-spotlight-on-dc-wall-street-revolving-door-11612817586?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1186040929","content_text":"Robinhood has hired several former regulators in recent months\nAs the financial services industry prepares for congressional scrutiny in the coming weeks following the public outcry related to online broker Robinhood’s decision to restrict trading of GameStop Inc. and other stocks, the perception of a cozy relationship between financial regulators and the industry could once again come to the fore.\nOf particular interest will be regulators’ lack of action in recent years in reforming market structure issues — including payment for order flow, or the practice of market makers paying stockbrokers to route customer orders to them — as many of the former regulators responsible for such reforms are now working for firms in the industry that engage in and profit from the practice.\n“We’ve had festering problems for 12 years now of not addressing, acute, pressing market structure issues,” said James Cox, law professor at Duke University, who specializes in corporate and securities law.\nCox said the Securities and Exchange Commission and the Financial Industry Regulatory Authority should have done more in recent years to significantly rein in the practice of payment for order flow and to set new rules about the types of orders market makers and stock exchanges can accept from traders that can give them informational advantages over individual investors.\nRobinhood earned more than $190 million in revenue from payment for order flow in the fourth quarter of 2020,according to regulatory filings and made more such revenue per trade than competitors like E-Trade and Charles Schwab. Robinhood did not respond to requests for comment.\nGovernment watchdogs have long decried the practice of regulators leaving government to work for companies they once regulated, and Robinhood has been one of the most aggressive deployers of this tactic in recent months,hiring former SEC Commissioner Dan Gallagher to be its chief legal officer last May.\nIn addition to Gallagher, the broker has recently brought on other SEC alums Lucas Moskowitz and Janet Broeckel, according to LinkedIn. It also brought in Andrew Ceresney, who served as the SEC’s director of the division of enforcement from 2013 to 2017, as outside counsel to help its ettle charges that it misled investors about the practice of payment for order flow and that it cost investors $34.1 million by failing to execute trades at the best price.\nRobinhood settled the matter after paying a $65 million fine, without admitting nor denying fault. The company said in December that “the settlement relates to historical practices that do not reflect Robinhood today” and that it is now fully transparent with customers about its revenue streams and vigilant about getting them the best prices on securities.\n“Firms understand that their business model requires a soft touch from regulators, and the best way to ensure that is to have financial connections with regulators associated with both political parties,” said Jeff Hauser, executive director of The Revolving Door Project, which aims to track corporate political influence.\nCitadel Securities, which paid more to Robinhood for order flow than any other firm in the fourth quarter of last year, has also been a landing place for former regulators. Stephan Luparello, former director of the trading and markets division, which oversees market structure issues, served as its general counsel since 2017. Citadel declined to comment for this article.\nMarket structure issues, including payment for order flow, were last in the public spotlight in 2014, when former Democratic Sen. Carl Levin of Michigan held hearings on it and recommended regulators ban it.\nRegulators have made some reforms since then, with the SEC requiring brokers to provide greater disclosure of payment to order flow revenues, while Finra has stepped up enforcement against brokers who do not regularly analyze their orders to make sure customers, on average, get the best price and execution of their orders.\nBut critics say they have not gone far enough, and that payment for order flow is a byproduct of a system of wasteful competition between market makers for information and faster access to the major stock exchanges.\nPeter Van Doren, a senior fellow at the Cato Institute and editor of the journal Regulation, told MarketWatch that “the payments for order flow is part of this high-frequency trading system where there’s an arms race” to build faster trading systems ever closer to the major exchanges, in order to arbitrage slight differences in market prices and those listed on exchanges.\nHe pointed to a study of activity on the London Stock Exchange, which showed that if market makers didn’t have to engage in this competition, they’d be able to provide prices that save investors $5 billion globally every year.\nOther experts, however, say that the lack of action on payment for order flow was simply because it’s not clear the practice harms individual investors. Indeed, the cost of individual trades and bid-ask spreads have come down dramatically in the thirty years that this practice has been around, Gabriel Rauterberg, an expert on capital markets at Michigan Law told MarketWatch.\n“It’s seems deeply weird that if you’re a retail trader, your order doesn’t go to a stock exchange, but that your broker gets paid to send it to a market maker,” he said, but added that this appearance of corruption is not backed up by evidence of retail traders being cheated on a large scale.\nInstead of regulators moving to ban the practice, which would cause widespread, costly disruption to the entire industry, regulators could mandate that brokers pass on all payment for order flow to their customers through price improvement, Rauterberg proposed.\n“Education doesn’t seem to alter people’s sense that there’s something unseemly about this,” he said. “Eliminating the appearance of a conflict of interest would go a long way for investor confidence.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":389660215,"gmtCreate":1612766648537,"gmtModify":1704873924740,"author":{"id":"3572322150751739","authorId":"3572322150751739","name":"WM28","avatar":"https://static.tigerbbs.com/d80d802550adc823415b1b85048dab85","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572322150751739","authorIdStr":"3572322150751739"},"themes":[],"htmlText":"Go alibaba!","listText":"Go alibaba!","text":"Go alibaba!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389660215","repostId":"1137158575","repostType":4,"repost":{"id":"1137158575","pubTimestamp":1612762584,"share":"https://ttm.financial/m/news/1137158575?lang=&edition=fundamental","pubTime":"2021-02-08 13:36","market":"us","language":"en","title":"Big Pension Buys Up Alibaba, Lilly, and Cisco Stock. Here’s What It Sold.","url":"https://stock-news.laohu8.com/highlight/detail?id=1137158575","media":"Barrons","summary":"A large U.S. pension recently made big changes in its investment portfolio.\nState Teachers Retiremen","content":"<p>A large U.S. pension recently made big changes in its investment portfolio.</p>\n<p>State Teachers Retirement System of Ohio materially lifted investments inAlibaba Group Holding(ticker: BABA),Eli Lilly(LLY), andCiscoSystems (CSCO) stock, and halved an investment inSalesforce.com(CRM). STRS Ohio, as the pension is known, disclosed the trades ina form it filedwith the Securities and Exchange Commission.</p>\n<p>STRS Ohio, which managed$79.8 billion in assetsas of June 30, 2020, didn’t respond to a request for comment on the investment changes.</p>\n<p>The pension bought 136,700 more Alibaba American depositary receipts in the fourth quarter to end 2020 with 342,134 ADRs fo the Chinese internet giant.</p>\n<p>Alibaba ADRs rose 9.7% in 2020, and so far in 2021, through Friday’s close, they have gained 14.2%. In comparison, theS&P 500 indexgained 16.3% last year, and this year has risen 3.5%.</p>\n<p>Alibaba ADRstumbled in Decemberwhen an affiliate was forced by Chinese regulators to scuttle an initial public offering. Alibaba founder Jack Ma alsohas kept a low profile aftercriticizing the state-owned bank system last fall.</p>\n<p>STRS Ohio bought 248,974 additional shares of Lilly to end the year with 646,026 shares of the pharmaceutical giant.</p>\n<p>LIlly stock rose 28.5% last year, and so far in 2021, it is up 19.5%.</p>\n<p>Lilly reported astrong fourth quarter—boosted by government stockpiling of the company’s antibody treatment for Covid-19—at the end of January.Upbeat dataon its experimental Alzheimer’s treatment has also bolstered Lilly stock. One observer thinks shares arestill a buy,even with the recent appreciation.</p>\n<p>Cisco stock slipped 6.7% in 2020, but so far in 2021 it has gained 7.4%.</p>\n<p>Some on Wall Street think that networking giant Cisco will benefit fromimproved IT spending. Anyone pursuing the Dogs of the Dow strategy is aware that the high-yielding shares arein the doghouse. Cisco stockcould reboundfrom 2020’s drop as growth resumes.</p>\n<p>STRS Ohio bought 350,742 additional Cisco shares in the fourth quarter to raise its investment to 2.6 million shares.</p>\n<p>The pension sold 363,451 Salesforce shares to end the quarter with 331,122 shares of the software firm.</p>\n<p>Salesforce stock leaped 36.8% in 2020, and is up another 7.4% so far this year.</p>\n<p>Some on Wall Streetremain bullishon Salesforce stock, whileothers aren’t. Investors may feel that Salesforce is paying too much forSlack Technologies(WORK), which the company hasagreed to acquire.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Pension Buys Up Alibaba, Lilly, and Cisco Stock. Here’s What It Sold.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig Pension Buys Up Alibaba, Lilly, and Cisco Stock. Here’s What It Sold.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 13:36 GMT+8 <a href=https://www.barrons.com/articles/pension-buys-up-alibaba-stock-lilly-cisco-salesforce-51612454514?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A large U.S. pension recently made big changes in its investment portfolio.\nState Teachers Retirement System of Ohio materially lifted investments inAlibaba Group Holding(ticker: BABA),Eli Lilly(LLY),...</p>\n\n<a href=\"https://www.barrons.com/articles/pension-buys-up-alibaba-stock-lilly-cisco-salesforce-51612454514?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CSCO":"思科","BABA":"阿里巴巴","LLY":"礼来"},"source_url":"https://www.barrons.com/articles/pension-buys-up-alibaba-stock-lilly-cisco-salesforce-51612454514?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137158575","content_text":"A large U.S. pension recently made big changes in its investment portfolio.\nState Teachers Retirement System of Ohio materially lifted investments inAlibaba Group Holding(ticker: BABA),Eli Lilly(LLY), andCiscoSystems (CSCO) stock, and halved an investment inSalesforce.com(CRM). STRS Ohio, as the pension is known, disclosed the trades ina form it filedwith the Securities and Exchange Commission.\nSTRS Ohio, which managed$79.8 billion in assetsas of June 30, 2020, didn’t respond to a request for comment on the investment changes.\nThe pension bought 136,700 more Alibaba American depositary receipts in the fourth quarter to end 2020 with 342,134 ADRs fo the Chinese internet giant.\nAlibaba ADRs rose 9.7% in 2020, and so far in 2021, through Friday’s close, they have gained 14.2%. In comparison, theS&P 500 indexgained 16.3% last year, and this year has risen 3.5%.\nAlibaba ADRstumbled in Decemberwhen an affiliate was forced by Chinese regulators to scuttle an initial public offering. Alibaba founder Jack Ma alsohas kept a low profile aftercriticizing the state-owned bank system last fall.\nSTRS Ohio bought 248,974 additional shares of Lilly to end the year with 646,026 shares of the pharmaceutical giant.\nLIlly stock rose 28.5% last year, and so far in 2021, it is up 19.5%.\nLilly reported astrong fourth quarter—boosted by government stockpiling of the company’s antibody treatment for Covid-19—at the end of January.Upbeat dataon its experimental Alzheimer’s treatment has also bolstered Lilly stock. One observer thinks shares arestill a buy,even with the recent appreciation.\nCisco stock slipped 6.7% in 2020, but so far in 2021 it has gained 7.4%.\nSome on Wall Street think that networking giant Cisco will benefit fromimproved IT spending. Anyone pursuing the Dogs of the Dow strategy is aware that the high-yielding shares arein the doghouse. Cisco stockcould reboundfrom 2020’s drop as growth resumes.\nSTRS Ohio bought 350,742 additional Cisco shares in the fourth quarter to raise its investment to 2.6 million shares.\nThe pension sold 363,451 Salesforce shares to end the quarter with 331,122 shares of the software firm.\nSalesforce stock leaped 36.8% in 2020, and is up another 7.4% so far this year.\nSome on Wall Streetremain bullishon Salesforce stock, whileothers aren’t. Investors may feel that Salesforce is paying too much forSlack Technologies(WORK), which the company hasagreed to acquire.","news_type":1},"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":389660215,"gmtCreate":1612766648537,"gmtModify":1704873924740,"author":{"id":"3572322150751739","authorId":"3572322150751739","name":"WM28","avatar":"https://static.tigerbbs.com/d80d802550adc823415b1b85048dab85","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572322150751739","authorIdStr":"3572322150751739"},"themes":[],"htmlText":"Go alibaba!","listText":"Go alibaba!","text":"Go alibaba!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/389660215","repostId":"1137158575","repostType":4,"repost":{"id":"1137158575","pubTimestamp":1612762584,"share":"https://ttm.financial/m/news/1137158575?lang=&edition=fundamental","pubTime":"2021-02-08 13:36","market":"us","language":"en","title":"Big Pension Buys Up Alibaba, Lilly, and Cisco Stock. Here’s What It Sold.","url":"https://stock-news.laohu8.com/highlight/detail?id=1137158575","media":"Barrons","summary":"A large U.S. pension recently made big changes in its investment portfolio.\nState Teachers Retiremen","content":"<p>A large U.S. pension recently made big changes in its investment portfolio.</p>\n<p>State Teachers Retirement System of Ohio materially lifted investments inAlibaba Group Holding(ticker: BABA),Eli Lilly(LLY), andCiscoSystems (CSCO) stock, and halved an investment inSalesforce.com(CRM). STRS Ohio, as the pension is known, disclosed the trades ina form it filedwith the Securities and Exchange Commission.</p>\n<p>STRS Ohio, which managed$79.8 billion in assetsas of June 30, 2020, didn’t respond to a request for comment on the investment changes.</p>\n<p>The pension bought 136,700 more Alibaba American depositary receipts in the fourth quarter to end 2020 with 342,134 ADRs fo the Chinese internet giant.</p>\n<p>Alibaba ADRs rose 9.7% in 2020, and so far in 2021, through Friday’s close, they have gained 14.2%. In comparison, theS&P 500 indexgained 16.3% last year, and this year has risen 3.5%.</p>\n<p>Alibaba ADRstumbled in Decemberwhen an affiliate was forced by Chinese regulators to scuttle an initial public offering. Alibaba founder Jack Ma alsohas kept a low profile aftercriticizing the state-owned bank system last fall.</p>\n<p>STRS Ohio bought 248,974 additional shares of Lilly to end the year with 646,026 shares of the pharmaceutical giant.</p>\n<p>LIlly stock rose 28.5% last year, and so far in 2021, it is up 19.5%.</p>\n<p>Lilly reported astrong fourth quarter—boosted by government stockpiling of the company’s antibody treatment for Covid-19—at the end of January.Upbeat dataon its experimental Alzheimer’s treatment has also bolstered Lilly stock. One observer thinks shares arestill a buy,even with the recent appreciation.</p>\n<p>Cisco stock slipped 6.7% in 2020, but so far in 2021 it has gained 7.4%.</p>\n<p>Some on Wall Street think that networking giant Cisco will benefit fromimproved IT spending. Anyone pursuing the Dogs of the Dow strategy is aware that the high-yielding shares arein the doghouse. Cisco stockcould reboundfrom 2020’s drop as growth resumes.</p>\n<p>STRS Ohio bought 350,742 additional Cisco shares in the fourth quarter to raise its investment to 2.6 million shares.</p>\n<p>The pension sold 363,451 Salesforce shares to end the quarter with 331,122 shares of the software firm.</p>\n<p>Salesforce stock leaped 36.8% in 2020, and is up another 7.4% so far this year.</p>\n<p>Some on Wall Streetremain bullishon Salesforce stock, whileothers aren’t. Investors may feel that Salesforce is paying too much forSlack Technologies(WORK), which the company hasagreed to acquire.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Big Pension Buys Up Alibaba, Lilly, and Cisco Stock. Here’s What It Sold.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBig Pension Buys Up Alibaba, Lilly, and Cisco Stock. Here’s What It Sold.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 13:36 GMT+8 <a href=https://www.barrons.com/articles/pension-buys-up-alibaba-stock-lilly-cisco-salesforce-51612454514?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A large U.S. pension recently made big changes in its investment portfolio.\nState Teachers Retirement System of Ohio materially lifted investments inAlibaba Group Holding(ticker: BABA),Eli Lilly(LLY),...</p>\n\n<a href=\"https://www.barrons.com/articles/pension-buys-up-alibaba-stock-lilly-cisco-salesforce-51612454514?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CSCO":"思科","BABA":"阿里巴巴","LLY":"礼来"},"source_url":"https://www.barrons.com/articles/pension-buys-up-alibaba-stock-lilly-cisco-salesforce-51612454514?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137158575","content_text":"A large U.S. pension recently made big changes in its investment portfolio.\nState Teachers Retirement System of Ohio materially lifted investments inAlibaba Group Holding(ticker: BABA),Eli Lilly(LLY), andCiscoSystems (CSCO) stock, and halved an investment inSalesforce.com(CRM). STRS Ohio, as the pension is known, disclosed the trades ina form it filedwith the Securities and Exchange Commission.\nSTRS Ohio, which managed$79.8 billion in assetsas of June 30, 2020, didn’t respond to a request for comment on the investment changes.\nThe pension bought 136,700 more Alibaba American depositary receipts in the fourth quarter to end 2020 with 342,134 ADRs fo the Chinese internet giant.\nAlibaba ADRs rose 9.7% in 2020, and so far in 2021, through Friday’s close, they have gained 14.2%. In comparison, theS&P 500 indexgained 16.3% last year, and this year has risen 3.5%.\nAlibaba ADRstumbled in Decemberwhen an affiliate was forced by Chinese regulators to scuttle an initial public offering. Alibaba founder Jack Ma alsohas kept a low profile aftercriticizing the state-owned bank system last fall.\nSTRS Ohio bought 248,974 additional shares of Lilly to end the year with 646,026 shares of the pharmaceutical giant.\nLIlly stock rose 28.5% last year, and so far in 2021, it is up 19.5%.\nLilly reported astrong fourth quarter—boosted by government stockpiling of the company’s antibody treatment for Covid-19—at the end of January.Upbeat dataon its experimental Alzheimer’s treatment has also bolstered Lilly stock. One observer thinks shares arestill a buy,even with the recent appreciation.\nCisco stock slipped 6.7% in 2020, but so far in 2021 it has gained 7.4%.\nSome on Wall Street think that networking giant Cisco will benefit fromimproved IT spending. Anyone pursuing the Dogs of the Dow strategy is aware that the high-yielding shares arein the doghouse. Cisco stockcould reboundfrom 2020’s drop as growth resumes.\nSTRS Ohio bought 350,742 additional Cisco shares in the fourth quarter to raise its investment to 2.6 million shares.\nThe pension sold 363,451 Salesforce shares to end the quarter with 331,122 shares of the software firm.\nSalesforce stock leaped 36.8% in 2020, and is up another 7.4% so far this year.\nSome on Wall Streetremain bullishon Salesforce stock, whileothers aren’t. Investors may feel that Salesforce is paying too much forSlack Technologies(WORK), which the company hasagreed to acquire.","news_type":1},"isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":382834521,"gmtCreate":1613406745763,"gmtModify":1704880332441,"author":{"id":"3572322150751739","authorId":"3572322150751739","name":"WM28","avatar":"https://static.tigerbbs.com/d80d802550adc823415b1b85048dab85","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572322150751739","authorIdStr":"3572322150751739"},"themes":[],"htmlText":"Good news for crypto!","listText":"Good news for crypto!","text":"Good news for crypto!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/382834521","repostId":"2110549049","repostType":4,"repost":{"id":"2110549049","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1613010240,"share":"https://ttm.financial/m/news/2110549049?lang=&edition=fundamental","pubTime":"2021-02-11 10:24","market":"us","language":"en","title":"Mastercard to let merchants accept some cryptocurrencies directly later this year","url":"https://stock-news.laohu8.com/highlight/detail?id=2110549049","media":"Dow Jones","summary":"Company will open its network to crypto assets that meet its requirements around safety, compliance ","content":"<p>Company will open its network to crypto assets that meet its requirements around safety, compliance and stability</p>\n<p>Mastercard Inc. said Wednesday that it would begin allowing merchants to accept some cryptocurrencies on its network later this year, marking the latest embrace of digital coins by a traditional payments player.</p>\n<p>\"We are here to enable customers, merchants and businesses to move digital value -- traditional or crypto -- however they want,\" Mastercard's executive vice president for digital assets Raj Dhamodharan said in a blog post .</p>\n<p>Mastercard <a href=\"https://laohu8.com/S/MA\">$(MA)$</a> already works with some crypto platforms that issue Mastercard cards allowing people to spend their crypto assets, but through those arrangements the cryptocurrencies don't flow through Mastercard's network, as the crypto partners convert the digital currencies to traditional currencies and then transmit them to Mastercard. By moving to support some crypto assets directly, Mastercard will \"cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases,\" Dhamodharan said.</p>\n<p>Mastercard plans to be selective about which cryptocurrencies it allows as it embarks on its plan. The company will be looking for cryptocurrencies that respect the privacy of consumer information, follow compliance procedures and \"offer the stability people need in a vehicle for spending, not investment.\"</p>\n<p>Traditional financial technology companies are increasingly experimenting with new digital assets. Mastercard, for <a href=\"https://laohu8.com/S/AONE\">one</a>, had already disclosed that it's held discussions with central banks about the possibility of \"central bank digital currencies,\" which would serve as alternative ways to pay beyond fiat currency.</p>\n<p>Mastercard Chief Executive Michael Miebach said on the company's latest earnings call that Mastercard's emphasis on consumer protection and transparency, as well as its acceptance network, could prove useful to central banks as they think about this future of money.</p>\n<p><a href=\"https://laohu8.com/S/V\">Visa</a> Inc. CEO Al Kelly said on Visa's (V) most recent earnings call that the company also has arrangements with platforms and digital wallets that issue Visa cards so that customers can spend their crypto holdings. \"These wallet relationships represent the potential for more than 50 million Visa credentials,\" he said.</p>\n<p>Kelly also spoke broadly about the prospects for cryptocurrency on Visa's platform. \"It goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today,\" he said.</p>\n<p><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc. (PYPL)began letting U.S. users buy and sell cryptocurrencies like bitcoin through its platform late last year .</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Mastercard to let merchants accept some cryptocurrencies directly later this year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMastercard to let merchants accept some cryptocurrencies directly later this year\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2021-02-11 10:24</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<p>Company will open its network to crypto assets that meet its requirements around safety, compliance and stability</p>\n<p>Mastercard Inc. said Wednesday that it would begin allowing merchants to accept some cryptocurrencies on its network later this year, marking the latest embrace of digital coins by a traditional payments player.</p>\n<p>\"We are here to enable customers, merchants and businesses to move digital value -- traditional or crypto -- however they want,\" Mastercard's executive vice president for digital assets Raj Dhamodharan said in a blog post .</p>\n<p>Mastercard <a href=\"https://laohu8.com/S/MA\">$(MA)$</a> already works with some crypto platforms that issue Mastercard cards allowing people to spend their crypto assets, but through those arrangements the cryptocurrencies don't flow through Mastercard's network, as the crypto partners convert the digital currencies to traditional currencies and then transmit them to Mastercard. By moving to support some crypto assets directly, Mastercard will \"cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases,\" Dhamodharan said.</p>\n<p>Mastercard plans to be selective about which cryptocurrencies it allows as it embarks on its plan. The company will be looking for cryptocurrencies that respect the privacy of consumer information, follow compliance procedures and \"offer the stability people need in a vehicle for spending, not investment.\"</p>\n<p>Traditional financial technology companies are increasingly experimenting with new digital assets. Mastercard, for <a href=\"https://laohu8.com/S/AONE\">one</a>, had already disclosed that it's held discussions with central banks about the possibility of \"central bank digital currencies,\" which would serve as alternative ways to pay beyond fiat currency.</p>\n<p>Mastercard Chief Executive Michael Miebach said on the company's latest earnings call that Mastercard's emphasis on consumer protection and transparency, as well as its acceptance network, could prove useful to central banks as they think about this future of money.</p>\n<p><a href=\"https://laohu8.com/S/V\">Visa</a> Inc. CEO Al Kelly said on Visa's (V) most recent earnings call that the company also has arrangements with platforms and digital wallets that issue Visa cards so that customers can spend their crypto holdings. \"These wallet relationships represent the potential for more than 50 million Visa credentials,\" he said.</p>\n<p>Kelly also spoke broadly about the prospects for cryptocurrency on Visa's platform. \"It goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today,\" he said.</p>\n<p><a href=\"https://laohu8.com/S/PYPL\">PayPal</a> Holdings Inc. (PYPL)began letting U.S. users buy and sell cryptocurrencies like bitcoin through its platform late last year .</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MA":"万事达"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2110549049","content_text":"Company will open its network to crypto assets that meet its requirements around safety, compliance and stability\nMastercard Inc. said Wednesday that it would begin allowing merchants to accept some cryptocurrencies on its network later this year, marking the latest embrace of digital coins by a traditional payments player.\n\"We are here to enable customers, merchants and businesses to move digital value -- traditional or crypto -- however they want,\" Mastercard's executive vice president for digital assets Raj Dhamodharan said in a blog post .\nMastercard $(MA)$ already works with some crypto platforms that issue Mastercard cards allowing people to spend their crypto assets, but through those arrangements the cryptocurrencies don't flow through Mastercard's network, as the crypto partners convert the digital currencies to traditional currencies and then transmit them to Mastercard. By moving to support some crypto assets directly, Mastercard will \"cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases,\" Dhamodharan said.\nMastercard plans to be selective about which cryptocurrencies it allows as it embarks on its plan. The company will be looking for cryptocurrencies that respect the privacy of consumer information, follow compliance procedures and \"offer the stability people need in a vehicle for spending, not investment.\"\nTraditional financial technology companies are increasingly experimenting with new digital assets. Mastercard, for one, had already disclosed that it's held discussions with central banks about the possibility of \"central bank digital currencies,\" which would serve as alternative ways to pay beyond fiat currency.\nMastercard Chief Executive Michael Miebach said on the company's latest earnings call that Mastercard's emphasis on consumer protection and transparency, as well as its acceptance network, could prove useful to central banks as they think about this future of money.\nVisa Inc. CEO Al Kelly said on Visa's (V) most recent earnings call that the company also has arrangements with platforms and digital wallets that issue Visa cards so that customers can spend their crypto holdings. \"These wallet relationships represent the potential for more than 50 million Visa credentials,\" he said.\nKelly also spoke broadly about the prospects for cryptocurrency on Visa's platform. \"It goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there's no reason why we cannot add it to our network, which already supports over 160 currencies today,\" he said.\nPayPal Holdings Inc. (PYPL)began letting U.S. users buy and sell cryptocurrencies like bitcoin through its platform late last year .","news_type":1},"isVote":1,"tweetType":1,"viewCount":79,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":383857815,"gmtCreate":1612867460737,"gmtModify":1704875143156,"author":{"id":"3572322150751739","authorId":"3572322150751739","name":"WM28","avatar":"https://static.tigerbbs.com/d80d802550adc823415b1b85048dab85","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572322150751739","authorIdStr":"3572322150751739"},"themes":[],"htmlText":"Gme!","listText":"Gme!","text":"Gme!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/383857815","repostId":"1186040929","repostType":4,"repost":{"id":"1186040929","pubTimestamp":1612861976,"share":"https://ttm.financial/m/news/1186040929?lang=&edition=fundamental","pubTime":"2021-02-09 17:12","market":"us","language":"en","title":"Robinhood-GameStop saga could put spotlight on DC, Wall Street revolving door","url":"https://stock-news.laohu8.com/highlight/detail?id=1186040929","media":"MarketWatch","summary":"Robinhood has hired several former regulators in recent months\nAs the financial services industry pr","content":"<p>Robinhood has hired several former regulators in recent months</p>\n<p>As the financial services industry prepares for congressional scrutiny in the coming weeks following the public outcry related to online broker Robinhood’s decision to restrict trading of GameStop Inc. and other stocks, the perception of a cozy relationship between financial regulators and the industry could once again come to the fore.</p>\n<p>Of particular interest will be regulators’ lack of action in recent years in reforming market structure issues — including payment for order flow, or the practice of market makers paying stockbrokers to route customer orders to them — as many of the former regulators responsible for such reforms are now working for firms in the industry that engage in and profit from the practice.</p>\n<p>“We’ve had festering problems for 12 years now of not addressing, acute, pressing market structure issues,” said James Cox, law professor at Duke University, who specializes in corporate and securities law.</p>\n<p>Cox said the Securities and Exchange Commission and the Financial Industry Regulatory Authority should have done more in recent years to significantly rein in the practice of payment for order flow and to set new rules about the types of orders market makers and stock exchanges can accept from traders that can give them informational advantages over individual investors.</p>\n<p>Robinhood earned more than $190 million in revenue from payment for order flow in the fourth quarter of 2020,according to regulatory filings and made more such revenue per trade than competitors like E-Trade and Charles Schwab. Robinhood did not respond to requests for comment.</p>\n<p>Government watchdogs have long decried the practice of regulators leaving government to work for companies they once regulated, and Robinhood has been one of the most aggressive deployers of this tactic in recent months,hiring former SEC Commissioner Dan Gallagher to be its chief legal officer last May.</p>\n<p>In addition to Gallagher, the broker has recently brought on other SEC alums Lucas Moskowitz and Janet Broeckel, according to LinkedIn. It also brought in Andrew Ceresney, who served as the SEC’s director of the division of enforcement from 2013 to 2017, as outside counsel to help its ettle charges that it misled investors about the practice of payment for order flow and that it cost investors $34.1 million by failing to execute trades at the best price.</p>\n<p>Robinhood settled the matter after paying a $65 million fine, without admitting nor denying fault. The company said in December that “the settlement relates to historical practices that do not reflect Robinhood today” and that it is now fully transparent with customers about its revenue streams and vigilant about getting them the best prices on securities.</p>\n<p>“Firms understand that their business model requires a soft touch from regulators, and the best way to ensure that is to have financial connections with regulators associated with both political parties,” said Jeff Hauser, executive director of The Revolving Door Project, which aims to track corporate political influence.</p>\n<p>Citadel Securities, which paid more to Robinhood for order flow than any other firm in the fourth quarter of last year, has also been a landing place for former regulators. Stephan Luparello, former director of the trading and markets division, which oversees market structure issues, served as its general counsel since 2017. Citadel declined to comment for this article.</p>\n<p>Market structure issues, including payment for order flow, were last in the public spotlight in 2014, when former Democratic Sen. Carl Levin of Michigan held hearings on it and recommended regulators ban it.</p>\n<p>Regulators have made some reforms since then, with the SEC requiring brokers to provide greater disclosure of payment to order flow revenues, while Finra has stepped up enforcement against brokers who do not regularly analyze their orders to make sure customers, on average, get the best price and execution of their orders.</p>\n<p>But critics say they have not gone far enough, and that payment for order flow is a byproduct of a system of wasteful competition between market makers for information and faster access to the major stock exchanges.</p>\n<p>Peter Van Doren, a senior fellow at the Cato Institute and editor of the journal Regulation, told MarketWatch that “the payments for order flow is part of this high-frequency trading system where there’s an arms race” to build faster trading systems ever closer to the major exchanges, in order to arbitrage slight differences in market prices and those listed on exchanges.</p>\n<p>He pointed to a study of activity on the London Stock Exchange, which showed that if market makers didn’t have to engage in this competition, they’d be able to provide prices that save investors $5 billion globally every year.</p>\n<p>Other experts, however, say that the lack of action on payment for order flow was simply because it’s not clear the practice harms individual investors. Indeed, the cost of individual trades and bid-ask spreads have come down dramatically in the thirty years that this practice has been around, Gabriel Rauterberg, an expert on capital markets at Michigan Law told MarketWatch.</p>\n<p>“It’s seems deeply weird that if you’re a retail trader, your order doesn’t go to a stock exchange, but that your broker gets paid to send it to a market maker,” he said, but added that this appearance of corruption is not backed up by evidence of retail traders being cheated on a large scale.</p>\n<p>Instead of regulators moving to ban the practice, which would cause widespread, costly disruption to the entire industry, regulators could mandate that brokers pass on all payment for order flow to their customers through price improvement, Rauterberg proposed.</p>\n<p>“Education doesn’t seem to alter people’s sense that there’s something unseemly about this,” he said. “Eliminating the appearance of a conflict of interest would go a long way for investor confidence.”</p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Robinhood-GameStop saga could put spotlight on DC, Wall Street revolving door</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRobinhood-GameStop saga could put spotlight on DC, Wall Street revolving door\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-09 17:12 GMT+8 <a href=https://www.marketwatch.com/story/robinhood-gamestop-saga-could-put-spotlight-on-dc-wall-street-revolving-door-11612817586?mod=home-page><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Robinhood has hired several former regulators in recent months\nAs the financial services industry prepares for congressional scrutiny in the coming weeks following the public outcry related to online ...</p>\n\n<a href=\"https://www.marketwatch.com/story/robinhood-gamestop-saga-could-put-spotlight-on-dc-wall-street-revolving-door-11612817586?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线",".SPX":"S&P 500 Index","GME":"游戏驿站",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.marketwatch.com/story/robinhood-gamestop-saga-could-put-spotlight-on-dc-wall-street-revolving-door-11612817586?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1186040929","content_text":"Robinhood has hired several former regulators in recent months\nAs the financial services industry prepares for congressional scrutiny in the coming weeks following the public outcry related to online broker Robinhood’s decision to restrict trading of GameStop Inc. and other stocks, the perception of a cozy relationship between financial regulators and the industry could once again come to the fore.\nOf particular interest will be regulators’ lack of action in recent years in reforming market structure issues — including payment for order flow, or the practice of market makers paying stockbrokers to route customer orders to them — as many of the former regulators responsible for such reforms are now working for firms in the industry that engage in and profit from the practice.\n“We’ve had festering problems for 12 years now of not addressing, acute, pressing market structure issues,” said James Cox, law professor at Duke University, who specializes in corporate and securities law.\nCox said the Securities and Exchange Commission and the Financial Industry Regulatory Authority should have done more in recent years to significantly rein in the practice of payment for order flow and to set new rules about the types of orders market makers and stock exchanges can accept from traders that can give them informational advantages over individual investors.\nRobinhood earned more than $190 million in revenue from payment for order flow in the fourth quarter of 2020,according to regulatory filings and made more such revenue per trade than competitors like E-Trade and Charles Schwab. Robinhood did not respond to requests for comment.\nGovernment watchdogs have long decried the practice of regulators leaving government to work for companies they once regulated, and Robinhood has been one of the most aggressive deployers of this tactic in recent months,hiring former SEC Commissioner Dan Gallagher to be its chief legal officer last May.\nIn addition to Gallagher, the broker has recently brought on other SEC alums Lucas Moskowitz and Janet Broeckel, according to LinkedIn. It also brought in Andrew Ceresney, who served as the SEC’s director of the division of enforcement from 2013 to 2017, as outside counsel to help its ettle charges that it misled investors about the practice of payment for order flow and that it cost investors $34.1 million by failing to execute trades at the best price.\nRobinhood settled the matter after paying a $65 million fine, without admitting nor denying fault. The company said in December that “the settlement relates to historical practices that do not reflect Robinhood today” and that it is now fully transparent with customers about its revenue streams and vigilant about getting them the best prices on securities.\n“Firms understand that their business model requires a soft touch from regulators, and the best way to ensure that is to have financial connections with regulators associated with both political parties,” said Jeff Hauser, executive director of The Revolving Door Project, which aims to track corporate political influence.\nCitadel Securities, which paid more to Robinhood for order flow than any other firm in the fourth quarter of last year, has also been a landing place for former regulators. Stephan Luparello, former director of the trading and markets division, which oversees market structure issues, served as its general counsel since 2017. Citadel declined to comment for this article.\nMarket structure issues, including payment for order flow, were last in the public spotlight in 2014, when former Democratic Sen. Carl Levin of Michigan held hearings on it and recommended regulators ban it.\nRegulators have made some reforms since then, with the SEC requiring brokers to provide greater disclosure of payment to order flow revenues, while Finra has stepped up enforcement against brokers who do not regularly analyze their orders to make sure customers, on average, get the best price and execution of their orders.\nBut critics say they have not gone far enough, and that payment for order flow is a byproduct of a system of wasteful competition between market makers for information and faster access to the major stock exchanges.\nPeter Van Doren, a senior fellow at the Cato Institute and editor of the journal Regulation, told MarketWatch that “the payments for order flow is part of this high-frequency trading system where there’s an arms race” to build faster trading systems ever closer to the major exchanges, in order to arbitrage slight differences in market prices and those listed on exchanges.\nHe pointed to a study of activity on the London Stock Exchange, which showed that if market makers didn’t have to engage in this competition, they’d be able to provide prices that save investors $5 billion globally every year.\nOther experts, however, say that the lack of action on payment for order flow was simply because it’s not clear the practice harms individual investors. Indeed, the cost of individual trades and bid-ask spreads have come down dramatically in the thirty years that this practice has been around, Gabriel Rauterberg, an expert on capital markets at Michigan Law told MarketWatch.\n“It’s seems deeply weird that if you’re a retail trader, your order doesn’t go to a stock exchange, but that your broker gets paid to send it to a market maker,” he said, but added that this appearance of corruption is not backed up by evidence of retail traders being cheated on a large scale.\nInstead of regulators moving to ban the practice, which would cause widespread, costly disruption to the entire industry, regulators could mandate that brokers pass on all payment for order flow to their customers through price improvement, Rauterberg proposed.\n“Education doesn’t seem to alter people’s sense that there’s something unseemly about this,” he said. “Eliminating the appearance of a conflict of interest would go a long way for investor confidence.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":130,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
