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A market maker or liquidity provider is a company or an individual that quotes both a buy and a sell price in a tradable asset held in inventory, hoping to make a profit on the bid–ask spread, or turn. The function of a market maker is to help limit price variation (volatility) by setting a limited trading price range for the assets being traded.
Edmund Calvert Lynch and his friend, Charles E. Merrill, formed Merrill Lynch on October 15, 1915.
Over-the-counter (OTC) or off-exchange trading or pink sheet trading is done directly between two parties, without the supervision of an exchange. It is contrasted with exchange trading, which occurs via exchanges. A stock exchange has the benefit of facilitating liquidity, providing transparency, and maintaining the current market price. In an OTC trade, the price is not necessarily publicly disclosed.
Lehman Brothers Holdings Inc. was a global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, with about 25,000 employees worldwide. It was doing business in investment banking, equity, fixed-income and derivatives sales and trading, research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008.
Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York. It was one of the five largest investment banking enterprises in the United States and the most profitable firm on Wall Street during the 1980s and 1990s. Its CEO and chairman at that time, John Gutfreund, was nicknamed "the King of Wall Street".
Henry McKelvey Blodget is an American businessman, investor and journalist. He is notable for his former career as an equity research analyst who was senior Internet analyst for CIBC Oppenheimer and the head of the global Internet research team at Merrill Lynch during the dot-com era. Due to his violations of securities laws and subsequent civil trial conviction, Blodget is permanently banned from involvement in the securities industry. Blodget is the CEO of Business Insider.
Invesco Ltd. is an American independent investment management company that is headquartered in Atlanta, Georgia, with additional branch offices in 20 countries. Its common stock is a constituent of the S&P 500 and trades on the New York stock exchange. Invesco operates under the Invesco, Trimark, Invesco Perpetual, WL Ross & Co and Powershares brand names.
OTC Markets Group is an American financial market providing price and liquidity information for almost 10,000 over-the-counter (OTC) securities. The group has its headquarters in New York City. OTC-traded securities are organized into three markets to inform investors of opportunities and risks: OTCQX, OTCQB and Pink.
The Museum of American Finance is the United States's only independent public museum dedicated to preserving, exhibiting and teaching about American finance and financial history. Located in the Financial District in Manhattan, New York City, it is an affiliate of the Smithsonian Institution. It is a tax-exempt 501(c)(3) organization chartered by the Board of Regents of the New York State Department of Education. With education at the core of its mission, it is an active national-level advocate on behalf of financial literacy.
Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada and Europe, the Liffe futures exchanges in Europe, the New York Stock Exchange, equity options exchanges and OTC energy, credit and equity markets.
Madison Dearborn Partners (MDP) is an American private equity firm specializing in leveraged buyouts of privately held or publicly traded companies, or divisions of larger companies; recapitalizations of family-owned or closely held companies; balance sheet restructurings; acquisition financings; and growth capital investments in mature companies. MDP operates using an industry-focused investment approach and focuses on the following sectors: basic industries, business and government software and services, financial & transaction services, health care, and TMT services. Since the founders established MDP as an independent firm in 1992, the firm has raised seven funds with aggregate capital of approximately $23 billion, and has completed investments in more than 130 companies.
3 World Trade Center is a skyscraper constructed as part of the new World Trade Center in Lower Manhattan, New York City. The tower is located on Greenwich Street along the eastern side of the World Trade Center site. The building was designed by Rogers Stirk Harbour + Partners, and is managed by Silverstein Properties through a ground lease with the Port Authority of New York and New Jersey (PANYNJ), the landowner. It is 1,079 ft (329 m) high, with 80 stories. As of 2021, it is the ninth-tallest building in the city.
First Republic Bank is an American full-service bank and wealth management company offering personal banking, business banking, trust, and wealth management services, catering to low-risk, high net-worth clientele, and focusing on providing personalized customer experience. The bank specializes in delivering personalized relationship-based service through preferred banking or trust offices in the United States, including San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland, Palm Beach, Boston, Greenwich, New York City, Jackson, Wyoming, and Manhattan Beach.
Macmillan Inc. is a now mostly defunct American book publishing company. Originally established as the American division of the British Macmillan Publishers, the two were later separated and acquired by other companies, with the remnants of the original American division of Macmillan present in McGraw-Hill Education's Macmillan/McGraw-Hill textbooks, Gale's Macmillan Reference USA division, and some trade imprints of Simon & Schuster that were transferred when both companies were owned by Paramount Communications. The German publisher Holtzbrinck, which bought the British Macmillan in 1999, purchased US rights to the Macmillan name in 2001 and rebranded its American division with it in 2007.
High-frequency trading (HFT) is a type of algorithmic financial trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, co-location, and very short-term investment horizons. HFT can be viewed as a primary form of algorithmic trading in finance. Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second.
The August 2011 stock markets fall was the sharp drop in stock prices in August 2011 in stock exchanges across the United States, Middle East, Europe and Asia. This was due to fears of contagion of the European sovereign debt crisis to Spain and Italy, as well as concerns over France's current AAA rating, concerns over the slow economic growth of the United States and its credit rating being downgraded. Severe volatility of stock market indexes continued for the rest of the year.
Merrill, previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City, and once occupied the entire 34 stories of 250 Vesey Street, part of the Brookfield Place complex in Manhattan. Merrill employs over 14,000 financial analysts and manages $2.3 trillion in client assets. The company also operates Merrill Edge, an electronic trading platform.
Aclara Biosciences, Inc. was a medical technology company focused on developing applications of microfluidics for use in laboratory testing. It was publicly traded on NASDAQ under the symbol ACLA.
Citadel Securities is an American market making firm headquartered in Miami. It is one of the largest market makers in the world, and is active in more than 50 countries. It is the largest designated market maker on the New York Stock Exchange. Citadel Securities is a separate entity from the hedge fund Citadel LLC, although both were founded and are majority owned by American financier Kenneth C. Griffin. Citadel Securities is expected to eventually move its headquarters from Chicago to Miami, having bought land there to build its new headquarters.
References
- ↑ "Robert I. Herzog, Stockbroker, 89". The New York Times. 1990-05-12. ISSN 0362-4331 . Retrieved 2022-09-30.
- ↑ "Merrill buys top Nasdaq market maker Herzog - Jun. 6, 2000". money.cnn.com. Retrieved 2022-09-30.
- ↑ McGeehan, Patrick (2002-10-09). "Merrill Lynch Will Cut Back Nasdaq Trading Drastically". The New York Times. ISSN 0362-4331 . Retrieved 2022-09-30.