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Private-equity firm buys 2 Chicago options shops
Crain's Chicago Business
New York-based private-equity firm General Atlantic LLC plans to take control of two Chicago-based options trading shops, OptionsHouse LLC and TradeMonster Group Inc., by investing in each of them and then merging the companies. General Atlantic said in a statement it is buying OptionsHouse from its owner, Chicago-based Peak6 Investments LP, and separately buying a majority stake in TradeMonster. The combined company will keep its headquarters in Chicago.
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Unusual strategies and intriguing analysis
CFA Chicago
Besides boasting a successful 30-year career in portfolio management, Rob Arnott has made a name for himself in the financial landscape for reasons other than tenure — Arnott has continued to impress his colleagues as "one of the world's most provocative practitioners." On Thursday, June 19 at 12 p.m., Arnott will share his respected theories and intriguing analysis with those who attend the Distinguished Speaker Series at the Metropolitan Club in Willis Tower. This is a must-attend event, so register now to secure a spot.
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Weber — excellence in Europe and beyond
CFA Chicago
Axel Weber was elected to the Board of Directors (BoD) at the 2012 AGM and was thereafter appointed Chairman of the BoD. He has chaired the Governance and Nominating Committee since 2012 and became chair of the Corporate Responsibility Committee in 2013. Weber was president of the German Bundesbank between 2004 and 2011, during which time he also served as a member of the Governing Council of the European Central Bank, a member of the Board of Directors of the Bank for International Settlements, German governor of the International Monetary Fund, and as a member of the G7 and G20 Ministers and Governors. Join CFA on Friday, June 27 from 12 - 1 p.m. for the Axel A. Weber Distinguished Speaker Series
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Exploring the intricacies of the energy industry
CFA Chicago
The energy industry impacts everyone in one way or another, from commuters to bottled water consumers. Oil and natural gas are the world's leading energy supply, with gas stations in every neighborhood fueling cars and trucks that travel millions of miles a day. However, oil's ubiquity should not be mistaken for simplicity; sound investment decisions require the exploration of the many intricacies within this space. On Wednesday, June 25, at 9 a.m., CFA Chicago will introduce a simplified version of our oil and gas integrated model to better help attendees grasp the key drivers of growth within the energy industry.
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PNC takes pop-up branch to Chicago
Pittsburgh Business Times
Pittsburgh’s largest bank, PNC Financial Services Group, has opened its mobile branch, aka a pop-up, in Congress Plaza, where it will stay for the next three months before moving to a new location in the Windy City. Yes, it’s the same pop-up PNC debuted last summer in Atlanta, where it generated new business on par with a traditional branch in terms of new account openings in checking, savings, money markets and credit cards.
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After crisis, a new spirit of reining in the banks
The New York Times
It is widely believed that there has long been something that could be called a regulator-banker complex. People with similar views on the proper level of regulation move back and forth between the two groups. Their hats change, but not their policy preferences. Retired chairmen of Goldman Sachs tended to wind up in important government jobs, and some took for granted that was true of all top regulators.
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BlackRock's Rieder says treasuries attractive relative to world
Bloomberg
BlackRock Inc., the world’s biggest money manager, says U.S. Treasury 10-year notes yielding less than 3 percent still have value in today’s low-inflation environment. “U.S. Treasuries don’t look that bad, relative to the rest of the world,” Chief Investment Officer Rick Rieder said in a television interview on “Bloomberg Surveillance” with Tom Keene. “Given the liquidity, the size of the markets, owning some duration is agreed by many as pretty OK. At these levels today, U.S. Treasuries at 2.43 percent aren’t that bad.”
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Budget plan could impair Illinois' credit standing
Reuters
Illinois' $35.7 billion fiscal 2015 budget, which could receive final legislative approval soon, risks sinking the state's credit ratings to a level rarely visited by U.S. states. Temporary income-tax rate hikes, passed in 2011 in the midst of one of the state's budget pinches, are set to partially expire on Jan. 1, causing an estimated $2 billion revenue decline in the upcoming fiscal year that begins July 1. And budget bills passed by the Democratic-controlled House and pending in the Democratic-controlled Senate keep most spending flat despite the projected revenue decline.
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Morningstar to acquire HelloWallet
Crain's Chicago Business
Morningstar Inc. said it would pay $39 million to acquire the portion of HelloWallet Holdings Inc. it doesn't already own. Chicago investment research company Morningstar, which acquired a minority ownership stake in HelloWallet in 2012, said in a statement that the acquisition values HelloWallet at $52.5 million. Washington-based HelloWallet provides financial guidance to about 1 million people through their employer benefit plans to help them track their retirement savings.
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Private-equity firm buys 2 Chicago options shops
Crain's Chicago Business
New York-based private-equity firm General Atlantic LLC plans to take control of two Chicago-based options trading shops, OptionsHouse LLC and TradeMonster Group Inc., by investing in each of them and then merging the companies.

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CME vows to keep trading pits open if electronic platform fails
Reuters
CME Group Inc. recently pushed back against calls for it to close open-outcry trading if its electronic platform fails, saying that most traders have access to the pits.

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Yellen wants to put people back to work
Bloomberg Businessweek
The year was 1999, the unemployment rate was 4.3 percent, and President Bill Clinton’s top economic adviser had a message for economists gathered at Yale University.

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US Fed seen sticking to range when hiking interest rates
Reuters via Chicago Tribune
Don't count on the U.S. Federal Reserve to go back to a numerical bulls-eye to aim at when it finally decides to raise interest rates. A target range for the federal funds rate may well be here to stay, at least for the foreseeable future. While the liftoff for rates is likely a year or more away, Fed officials already have devoted a lot of thought to the mechanics of how they pull off that move. It's a delicate issue for the central bank.
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Audit: State paid $12 million in health costs — for dead people
Chicago Sun-Times
Cook County has long been ridiculed for allowing dead people cast votes, but the state may have just garnered a new distinction. It paid $12 million in health care for people who were already dead — including in one case, for a person who had died in 1989. A new financial audit released by Auditor General Bill Holland’s office found that the Illinois Department of Health and Family Services had 8,232 people still on Medicaid rolls qualifying for benefits, even though they were dead.
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TRENDING ARTICLES
Missed last week's issue? See which articles your colleagues read most.

    CME vows to keep trading pits open if electronic platform fails (Reuters)
Yellen wants to put people back to work (Bloomberg Businessweek)
Low volatility: How to profit from a quiet VIX (Barron's)
The future of finance: 10 key talks from the 67th CFA Institute Annual Conference (CFA Institute's Enterprising Investor)
Exclusive: Chicago Growth Partners calls it quits (Fortune)

Don't be left behind. Click here to see what else you missed.
 



CFA Society Chicago NewsBrief

Colby Horton, Vice President of Publishing, 469.420.2601
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