Rosenblatt Securities

A recent study by the University of Utah's Jonathan Brogaard and two colleagues concludes that NYSE floor traders "improve market quality." Brogaard and his co-authors examined trading on NYSE and other exchanges before and after the Covid-19-related suspension of NYSE floor trading in 2020. Their conclusions: without floor traders stocks suffer wider spreads and larger pricing errors. Why? Because "the floor facilitates the transfer of information between designated market makers (DMMs) and floor brokers in a way that electronic trading cannot replicate," and "the use of special order types that only floor traders can access allows floor traders to improve auction outcomes." As the NYSE's biggest floor broker, we of course are biased. But it's good to see what we've known in our hearts for decades borne out by this rigorous, difference-in-differences study. AI, eat your heart out. https://bit.ly/4guaeCQ

Congratulations to Raghu Yarlagadda and our many friends at FalconX Austin Reid Ivan Galli for their acquisition of Arbelos Markets building out their #Crypto Derivatives platform and become a Digital Assets powerhouse. We identified FalconX back in 2021 as an emerging leader in Crypto where Raghu spoke at Rosenblatt Securities’s 13th FinTech Summit and again on our webinar. Proud and happy to see yet another Rosenblatt FinTech Summit alumni and friend doing so well in the growing Crypto market. 

Congratulations to Jeremy Allaire Dante A. Disparte and the entire Circle team for their acquisition of Hashnote, further building out their comprehensive market-leading #Stablecoin stack. Also congrats to the Hashnote team and our friends at DRW and at Cumberland who have supported Leo Mizuhara through their growth journey. We were honored to have Jeremy as our keynote speaker at Rosenblatt Securities’ 2024 #FinTech Summit where he talked about Circle’s plans for 2025 and beyond, and how acquisitions fit into their strategic growth story. https://lnkd.in/dKkDmCQz  

Congratulating Caroline D. Pham on assuming the role of Acting Chairman at the U.S. Commodity Futures Trading Commission. Her deep expertise in financial markets built over many years of public sector and private experience will be a huge asset to the Commission at a critical point in financial innovation, especially around #Crypto and Digital Assets. It was an honor for Rosenblatt Securities to share the stage with Commissioner Pham at the Singapore FinTech Festival where our investment banker Dushyant (D) Shahrawat discussed with her the many initiatives that she has led like the Global Markets Advisory Committee (GMAC). Congratulations Chairman Pham!

I've been covering US stock exchanges as a journalist and analyst since 1996 and at no time during that stretch has the battle for order flow been as intense as it is right now, with a growing number of incumbents, upstarts and reinvigorated competitors vying for an ever-smaller slice of the market. Our latest Trading Talk report explains the phenomenon, details how exchanges are fighting back and breaks down the longer-term implications. Congrats to lead author Valerie Bogard, along with fellow US analyst Alex Kemmsies, on another job well done! Clients, put another log on the yule hearth and curl up with this 20 pages of in-depth analysis: https://bit.ly/4fwMKN4 Not a client? Let's talk.

Our banker Dushyant (D) Shahrawat spoke to Nasdaq TradeTalks’ Jill Malandrino at the Singapore FinTech Festival about the impact of a Trump Presidency on #FinTech and #Crypto regulation, the state of FinTech, and similarities/differences between the US and Asian FinTech sectors. https://lnkd.in/eW6Vem_X

Congratulations to Michael Hurlston, Ken Rizvi & the rest of the Synaptics Incorporated team on the closing of their convertible debt offering! Rosenblatt is proud to have served as a co-manager in the offering. #SYNA

Great article by Digiday on AdTech! Nice to see our own, Richard McDermott, featured.

If you are at the Singapore FinTech Festival 2024 this week, join our own Rosenblatt Securities #FinTech Banker Dushyant (D) Shahrawat as he moderates a discussion “The Asian Decade: Leading Global Financial Services” with leaders from prominent Asian Banks: Tan Su Shan, Deputy CEO of DBS Bank, Eric Lim, Chief Sustainability Officer of United Overseas Bank (UOB) Daniel Hong, VP of Financial Technology at Tencent, and Yoshihiro Hyakutome, Senior Managing Executive Officer & Co-head of Global Banking Unit, Sumitomo Mitsui Banking Corporation – SMBC Group. More information at https://lnkd.in/eaZDiAHN.

Join Rosenblatt Securities at the Singapore FinTech Festival next week, where our co-head of FinTech Banking, Dushyant (D) Shahrawat , will moderate a discussion “Convergence of TradFi and digital assets: The capital markets transformation". The esteemed panelists are: Honorable Caroline D. Pham, Commissioner, @CFTC Mathias Imbach, Co-Founder & Group CEO, Sygnum Bank Laura Loh, Director, Temasek Tommaso Mancini-Griffoli, Division Chief Payments, International Monetary Fund. Info at https://lnkd.in/eaZDiAHN