Here’s what’s been happening on Wall Street overnight

Wolf of Wall Street/ IMDb.

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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 $US400 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 fundTourbillon had a bad April.

The Wall Street analyst interrupted by Elon Musk fired back, saying “I continue to hold Tesla accountable.” And A group of activist investors wants to radically shake up Tesla‘s board of directors.

Bitcoin king Mike Novogratz has made another play to open up crypto trading – this time partnering with Bloomberg on a new index.

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