What you need to know on Wall Street right now

Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.

The rise of passive investing has fundamentally altered the business of Wall Street.

It is changing money management, as dollars flow from actively managed funds to index-tracking funds. It has changed stock trading.

And now, it may also be changing the quality of research produced by investment banks for active-investment firms like hedge and mutual funds.

Elsewhere on Wall Street, the business of trading corporate bonds has changed, and the Fed admitted that a startup can predict its upcoming interest rate forecasts.

Wells Fargo has fired thousands of employees and incurred fines totaling $185 million because of a widespread practice of employees opening new accounts for existing customers without their authorization. Business Insider’s Josh Barro argues that the scandal is a cautionary tale about incentive pay.

The bond king, Jeff Gundlach, is back with a new presentation on the markets and economy. He says it’s time to be defensive on bonds, and thinks the dollar could fall.

And finally, Cairn Capital, a London-based fund management firm with $8.6 billion in assets under advice, has made a big hire.

In deal news, a startup worth over $1 billion had $83 million in revenue last year — and it just filed to go public. And after spending $4 billion on acquisitions this year, Salesforce bought yet another company.

Elsewhere, the explosion of student debt could be “a drag on the financial well-being of the nation,” and the stock market is finally moving again after a long quiet stretch.

Finally, here’s a great interview with legendary physicist Freeman Dyson, who talks about maths, nuclear rockets, and astounding things about the universe.

Here are the top Wall Street headlines at midday:

Chinese buyers are getting real savvy – Chinese investors have been aggressively pursuing acquisitions, in a move that is unsettling to many.

The little guys are winning on Wall Street – It doesn’t take a position at a big investment bank to land a role on a big deal.

Here’s who holds the world’s $60 trillion in sovereign debt The world’s governments now have around $60 trillion in debt which is then sold to investors as bonds. So who owns this debt?

The ‘Barbarians at the Gate’ are getting something right There is a long running debate in private equity investing.

Morgan Stanley isn’t so sure about its forecast for the oil recovery anymore – Morgan Stanley is losing its conviction about the oil market’s future.

San Francisco’s housing market has been on a ‘wild ride’ The housing market in San Francisco has a notorious reputation.

Porsche just unveiled a new model of its Panamera hybrid — and it looks amazing – Porsche unveiled a new version of its hybrid sedan Friday and it comes with some impressive new features.

RANKED: The 10 busiest airports in the world The Airports Council International (ACI) released its 2015 World Airport Traffic Report on Friday.