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FirstFT: Wall Street Trading Groups Boost Crypto Markets

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Several of Wall Street’s biggest trading companies have unveiled plans to enter the cryptocurrency markets, opening a new front in their battle to win lucrative business from institutional investors.

Among the biggest players in the US stock market, Jump Trading, GTS and Jane Street are stepping up their digital asset trading after years of secrecy.

These are some of the most competitive trading companies fighting for every transaction in the global equity, currency and futures markets. Many now want to bring this know-how to the crypto market, as institutional investors are drawn to the high returns on offer.

This puts them up against specialist crypto trading companies such as Genesis, B2C2, and Bequant. Mina Nguyen, head of institutional strategy at Jane Street, told the Financial Times:

“We have seen institutional interest grow dramatically and we are actively sharing our expertise to support more efficient crypto markets.”

Thanks to all our readers who voted yesterday survey. Three-quarters of you disagreed with Ark Invest’s Cathie Wood that bitcoin would be worth $ 500,000 in five years. Have a nice weekend and here’s the rest of today’s news – Gordon

Five other articles in the news

1. The United States tries to appease the anger of the French Antony Blinken, US Secretary of State, said France remained a “vital partner” in trying to quell the fury in Paris, a day after America revealed a new naval security pact with Australia and the UK.

  • More news on China: China has made an offer to join the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership (formerly the Trans-Pacific Partnership). The trade deal was originally designed by Washington to limit Beijing’s growing economic and political influence in the region.

2. Review of Powell’s Orders After Fed Officials Decide to Get Rid of Stocks
The Federal Reserve said yesterday it was revising its ethics guidelines on how senior officials can participate in financial markets, after conflict of interest issues were raised over the investment activities of two regional presidents .

3. Unpublished ECB Inflation Estimate Raises Prospect of Earlier Rate Hike The European Central Bank expects to hit its elusive 2% inflation target by 2025, according to unpublished internal models that suggest it is on track to raise interest rates in just over two weeks. years.

4. World Bank Survey Finds IMF Chief Pushed Staff To Improve China’s Ranking IMF Managing Director Kristalina Georgieva has been accused by a World Bank investigation of leading efforts to artificially raise China’s ranking in the lender’s influential annual Doing Business report.

5. MassMutual fined for trading ‘Roaring Kitty’ meme shares US insurer fined $ 4 million for failing to properly supervise Keith Gill, a former employee whose videos under pseudonyms such as “Roaring Kitty” have encouraged millions of day traders to raise stocks from GameStop.

Coronavirus digest

  • Canada became the first country to grant full approval for Moderna’s Covid-19 vaccine. Meanwhile, analysts forecast revenue of Pfizer and Moderna coronavirus hits will fall precipitously by 2024.

  • retail sales in the United States rebounded in August as shoppers stocked up on school supplies and home decor as a sign of their willingness to spend.

  • Italy is to make Covid-19 ‘green passes’ mandatory for most workers in the public and private sectors despite opposition within the country’s ruling party.

  • Tim harford has some tips on how to combat Covid hesitation.

The coming days

The FDA to weigh Pfizer boosters A panel of experts will meet to give the US drug regulator an official recommendation on whether to authorize the application of the company’s recall jabs.

Manchester United wins The English Premier League team are today releasing their annual results and financial outlook for the coming year. Investors will be researching the details of his successful deal for Cristiano Ronaldo and how quickly the club could return to growth after the pandemic.

Energy and climate meeting President Joe Biden will pressure other countries to join the United States, as well as the EU, by pledging to reduce methane pollution by 30% over the next decade.

defense talks Mark Rutte, Dutch Prime Minister, and Boris Johnson, his British counterpart, will meet today in London to discuss greater cooperation between Britain and the EU on defense and security issues.

The Duma elections in Russia Polling stations open today across Russia for three days of voting in parliamentary election. The pro-Kremlin United Russia Party is expected to retain its majority in the lower house of parliament.

What else we read and watch

Did Occupy Wall Street Mean Anything? Triggered by predatory home loans and excessive risk-taking, the 2007-08 financial crisis resulted in a debt crisis, massive layoffs and repossession of homes. It also gave rise to protests around the world. Here is a look at the legacy of the movement, 10 years later.

Looking at the little-known origins of Occupy, we begin to see the great opening of a deep anger that still resonates today © Alexandra Clotfelter; Roger Peet; Adbusters

The Democratic Party’s double standards on wealth inequality Now is the most ripe opportunity for a long time to right the inequality at the Rome of the end of America, writes Edward Luce. But the fact that Democrats are so shy says a lot. Read more from Edward in our newsletter on US politics, Swamp Notes. Register here.

Global debt is skyrocketing – and we need to talk about it The rate of expansion that countries like America and China would need to get out of their current debt levels is staggering. The fact that our global system is tripling, and growing, deserves a lot more debate, even if you’re optimistic about the implications, says Gillian Tett in her latest column.

The Last Tycoon: Lucian Grainge of Universal Music The most powerful CEO in the music industry strives to defy death, murderous chords, and go public with his record label. In an industry that has staged its own unexpected recovery over the past five years, Universal’s September 21 IPO is the ultimate test of the recovery.

The biggest financial mistakes of the FT editors From bad interest rates on cards and hire purchase contracts, to living well without checking costs, our experts share how they learned the hard way – as part of our financial literacy and inclusion campaign.

Music

Music events were already a precarious business, but after a banner year in 2019, the pandemic has brought outdoor events to an end. In this film, the FT talks with organizers, groups and stagehands to see if they can bounce back.

Video: Music festivals: a high risk business | FT Film

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