Finance Insider is Business Insider’s midday summary of the top stories of the past 24 hours.
Less than three weeks after the British vote to leave the European Union rocked markets and led to proclamations of another “Lehman moment,” headline stock indexes in the US would have you believe that things are fine.
But underneath the surface appears a familiar trading pattern — a sharp dislocation in markets on the downside followed by a violent rally back to recent highs — and one that makes the headline recovery look less reassuring.
Meanwhile, DoubleLine Funds CEO Jeff Gundlach says he saw something in the bond market he’d never seen before.
There’s now a matchmaking contest for out-of-work hedge funders, and Point72’s president, Doug Haynes, says the industry’s diversity problem is directly linked to a lack of diversity.
Here are the top Wall Street headlines at midday:
A $500 billion investor developed ‘cutting edge’ technology after getting tired of tough trading conditions — The bond market has exploded in size, and yet market-makers are holding fewer bonds on their balance sheet, making life difficult for investors looking to make big trades.
This $10 billion Wall Street firm loves hiring interns — In the past five years, PWM hasn’t hired a single person who hadn’t had an internship there.
‘Dragons’ are lurking in the economy that will crash the market — In today’s global economy you have to be careful where you step or you might be gobbled up.
Ex-Google engineers have spent 2 years secretly trying to solve ‘the hardest problem in banking’ — A startup led by two former Google engineers on Wednesday unveiled a cloud-based “operating system” for banks meant to bring the infrastructure at the heart of finance into the 21st century.
Bank of Canada cuts growth forecast during a ‘climate of heightened uncertainty’ — The Bank of Canada’s left its key rate unchanged at 0.5%, as expected.
This 55-year-old stockbroker learned to code his first app in 5 minutes — on the floor of the New York Stock Exchange — When cloud communications service Twilio held its mega-hot IPO in late June, it did something a little unusual.
The world’s largest public hedge fund just assembled an emerging markets debt team — The world’s largest publicly-traded hedge fund manager has just put together a team focusing on emerging markets debt.
UBS investment bankers can finally breathe a sigh of relief — After drastic staff cuts in recent years, there is finally light at the end of the tunnel for UBS Group.
Something strange is happening in the hedge fund industry — Hedge funds have produced ice-cold returns in recent years. That doesn’t seem to be deterring investors.
These were the top-selling non-Amazon items on Prime Day from around the world — Tuesday marked the second annual Amazon Prime Day, which provided Amazon’s premium members with deep discounts on a number of products.
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