Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.
IT’S OFFICIAL: Goldman Sachs names David Solomon as its next CEO
David Solomon is now officially in line to succeed Lloyd Blankfein as CEO of Goldman Sachs. The Wall Street firm made the announcement Tuesday, saying Solomon would become CEO and join the board on October 1.
Solomon’s ascension to CEO was widely expected after he was named in March as the sole president of Goldman, following the departure of his copresident Harvey Schwartz. With the formal announcement, Solomon can begin making changes to his leadership team.
Blankfein will remain chairman through the end of the year and then take the title of senior chairman after his retirement, the firm said.
The toughest exam in finance is adding a section on cryptocurrency next year
Chalk this up as perhaps another sign that cryptocurrencies have grabbed Wall Street’s attention.
The Chartered Financial Analyst (CFA) Program has announced that cryptocurrencies and blockchain will now form part of the curriculum.
According to Bloomberg, crypto topics will now be included under a new reading called “Fintech in Investment Management”, alongside subjects such as artificial intelligence and machine learning.
A small band of human traders at electronic trading giant Citadel Securities are crushing it
One of the largest electronic traders in the world has seen its market share increase in one of the last vestiges of human trading on Wall Street.
Citadel Securities, which acquired its trading business on the floor of the New York Stock Exchange in 2016 from high-frequency trader KCG, is responsible for helping the trading of more than 1,400 securities, including Walmart and Coca-Cola, as a so-called designated market maker.
DMMs, also known as specialists, are human traders responsible for maintaining fair and orderly markets for NYSE-listed stocks particularly during complex events like IPOs and the opening of the trading day.
A Chicago trading firm is teaming up with a group of crypto exchanges to stamp out manipulation
Trading Technologies, the Chicago-based firm, announced Tuesday a partnership with a group of cryptocurrency exchanges to stamp out manipulation on their platforms.
TT has not been a stranger to the crypto market, having previously partnered with Coinbase to allow professional clients to trade bitcoin futures and the underlying asset side-by-side on TT’s trading platform. Now, Coinfloor, a UK crypto exchange operator, will be using the firm’s so-called Score technology to monitor its markets for manipulation and other unusual activity. TT will allow traders on its platform to access the Coinfloor EX marketplace, the firm said.
In markets news
- MORGAN STANLEY: An overlooked indicator that tracks the ‘smart money’ has been plunging for months, and it’s a bad sign for the stock market
- Bank of America breaks down its top strategies for investors to profit from the market’s biggest fear
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.