Finance Insider is Business Insider’s midday summary of the top stories of the past 24 hours.
To sign up, scroll to the bottom of this page and click “Get updates in your inbox,” or click here.

We have an IPO!

Bats Global Markets opened for trading at $22.88 on Friday, higher than the initial public offering price of $19 per share.

The stock surged by as much as 21%.

Bats, the second-largest stock-exchange operator in the US, sold 13.3 million shares on Thursday, valuing the company at $1.82 billion and making it the largest IPO of the year.

The deal was 20 times oversubscribed, according to people familiar with the matter.

In bank news, Citigroup beat first-quarter earnings expectations, but profit plummeted 27%.

Goldman Sachs is reining in the expenses after a rough quarter for trading and banking businesses across the Street.

Bank of America, however, is sounding optimistic — at least when it comes to deal making. CFO Paul Donofrio on Thursday said the deal pipeline “looks great” and CEO Brian Moynihan said the “work is ready to go.”

In hedge fund news, Steve Cohen can start taking outside money again, and Boaz Weinstein is making a huge comeback.

Here are the top Wall Street headlines at midday:

Investors have yanked out more than $1 billion from Paul Tudor Jones’ hedge fund — Billionaire hedge funder Paul Tudor Jones is facing nearly $1 billion in investor redemptions.

BlackRock CEO Larry Fink thinks President Obama’s massive new regulation is great — BlackRock CEO Larry Fink is cheerleading a new fiduciary rule to raise the standards of investment advice for retirement accounts.

A 28-year-old hedge fund analyst accused of insider trading used his mum’s brokerage account — John Afriyie, an analyst at a private New York investment fund, was arrested and charged with insider trading after making $1.5 million in ill-gotten gains trading options on his mum’s brokerage account.

Canada’s Boeing challenger may be about to make a blockbuster deal — Shares of Canadian aeroplane maker Bombardier are surging after reports surfaced indicating Delta Air Lines is close to placing a major order for the company’s C-Series airliner.

This is the most useless number in global finance, and everyone needs to stop being obsessed with it — If you’re trying to understand what’s going on with China’s economy, looking at GDP should be really far down on your list of things to do. In fact, it’s pretty much useless.

There’s talk that Wall Street’s nightmare stock is already in default — For the most part, the market is waiting for SunEdison, the world’s largest renewable-energy company, to file for bankruptcy any day now. In the meantime, reports like this can’t help.