By Richard Goldberg
An insider's examine the altering stability of strength on Wall Street
The conflict for Wall Street follows the fight for energy among giants: the dealers, conventional advertisement and investments banks; and the purchasers, upstart hedge cash, inner most fairness companies and so on. The conflict is ready profitable the hearts, minds, and – convinced, the wallets – of worldwide traders. This conflict remains to be working its direction, and with the insights of veteran Richard Goldberg, who has had a entrance row seat, readers will achieve a close realizing as to what, precisely, is happening inside of this dynamic enviornment, in particular the forces in the back of the shift of strength from the outdated promote facet gatekeepers to the recent purchase part players. The publication will play out in 3 acts: Act One will study the tools of switch – liquidity and monetary know-how – in addition to their effect at the promote and purchase aspects. Act will examine the brokers of swap – hedge cash, deepest fairness, monetary marketers, endowments, exchanges and sovereign wealth cash – and their influence at the promote and purchase facets. In Act 3, Goldberg will take out his crystal ball and stroll in the course of the strategic implications for the winners and losers during this conflict, opposed to the dramatic backdrop of the subprime loan predicament and the ensuing shakeup of worldwide organisations like endure Stearns.
But Wall road is not easily approximately associations or company battles. It’s a panorama ruled through personalities. Goldberg's exact entry to significant gamers will deliver this publication to lifestyles with striking anecdotes and tales in regards to the monetary generals who've left their mark within the conflict for Wall Street.
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Additional resources for The Battle for Wall Street: Behind the Lines in the Struggle that Pushed an Industry into Turmoil
S. and European financial institutions for most of 2007–2008. ) Sound familiar? During the credit crisis that began in 2007, numerous American (and European) financial institutions went looking for liquidity abroad, and found it with sovereign wealth funds and other foreign investors. The names of liquidity players may change—but not the waves of liquidity hitting the financial beaches. One of the firms coming ashore by riding on the waves of liquidity was Mitsui. What was this Japanese firm buying when it bought Dellsher?
The little guys would have struggled, and the big guys might not have gotten into the market at all. Providing prime brokerage services gave the hedge fund industry a jump start. How big a jump start? Well, without prime brokerage, it’s quite possible that the hedge fund industry that we know today would have sat in the starting gate for another 5 or more years. Bottom Line I guess you could say that Ricciardelli turbo-charged the industry. For the most part, the buy and sell sides have a divergence of interests—but trailblazers like Ricciardelli found a way for them to converge, for both sides to come together in the prime brokerage meeting hall.
Electronic trading was now taking place away from traditional floor-based trading. What used to happen in a large, noisy room with traders doing face-to-face deals now was happening online, anonymously, and simultaneously in many different places in the United States and around the world. In Chapter 7, I’ll drill down into the world of electronic versions of exchanges. The emergence of technology on Wall Street also enabled people to see information from a global perspective. indd 20 11/22/08 4:12:02 PM Financial Information in a Digital Age 21 can access information about January’s Asian trade flows in February.