Driving the Day Good Tuesday morning. CONFUSION AT 1600? Here is what the White House has asked the Hill to do immediately: 1) Pass a repeal of Obamacare before August recess. 2) Lift the debt ceiling before August recess. 3) Agree on the outlines of a broad-based overhaul of the nation’s tax code before the August recess. 4) Clear outstanding executive and judicial branch nominations. UHH, GUYS ... There are 13 legislative days scheduled until the August recess. Obamacare repeal is in a tough spot. Congress is extremely unlikely to lift the debt ceiling before the August recess. And we can’t see any agreement on the horizon on tax reform. Story Continued Below HILL FOLKS TELL US that the timeline for tax reform has not changed -- the White House wants it done by the end of 2017 -- but you have to wonder why the administration is suddenly changing its tune. HEADS UP -- WHAT TO EXPECT -- Expect a growing chorus of voices to call for Congress to cancel all -- or part -- of … [Read more...] about What 1600 PENN wants Congress to do in next 3 weeks — WHAT TO EXPECT: Hill to remain in session for PART of August recess — LEIBOVICH’s cover story on TRUMP’S WASHINGTON: ‘This Town Melts Down’
Best brokers for day trading
While many industries struggled to recover from the recent recession, a few were growing naturally, in large part due to the worldwide belt-tightening. One example? High-end pawn brokers. With banks still hesitant to give loans, people with jewelry, art and even vintage wine, have gone to these brokers for a quick trade of assets for cash. Borro, one of the primary firms in the business, offers personal-asset loans for up to $2 million -- many on the same day or within days. Launched in London in 2008, Borro arrived in the U.S. last year. Recently, we spoke to founder and CEO Pail Aitken about Borro's model -- and why the company dislikes the term "pawn broker." CBS MoneyWatch: Borro has been defined as a high-end pawn broker. Why don't you like this term? Paul Aitken: Technically that's right. But technically a bank that has loans is also a high-end pawn broker. It doesn't totally encapsulate what we do, and our customers don't see us that way. We're online and have offices in big … [Read more...] about Borro’s CEO: We’re much more than “pawn brokers”
Last Updated Jun 18, 2010 1:45 PM EDT Much ink has been spilled heralding the announcements that Schwab, Fidelity and Vanguard were eliminating commissions on exchange-traded funds (ETFs) to one degree or another. And as both I and my Moneywatch colleague Allan Roth have written, that development has the potential to be a good one for investors. But as appealing as commission-free trades might seem to be at first glance, those trades might come with a cost that doesn't show up in any prospectus or on your quarterly statement. When you place a trade for an ETF, that order is routed to and fulfilled by one of several "market centers," which match buyers and sellers of those securities. But not all market centers are alike. When you place an order, the SEC requires that buyers receive the best available ask price, and sellers receive the best available bid price, which is known as the national bid and best offer (NBBO). Orders fulfilled at large, liquid market centers are likely to be … [Read more...] about Do Commission-Free ETF Trades Have a Hidden Cost?
Frank Chaparro, provided by Published 7:26 pm, Friday, March 9, 2018 LMAX Cryptocurrency-exchanges are growing fast thanks to the booming market for digital coins. That has David Mercer, the CEO of LMAX Exchange, a foreign exchange trading firm, warning Wall Street that crypto-exchanges might soon come after their respective businesses. Some of most powerful people on Wall Street have derided cryptocurrencies as a "fraud," "bleeding edge," and as a "bubble." But it might be cryptocurrency-companies that have the last laugh, according to David Mercer, the chief executive of LMAX Exchange, a UK-based forex trading technology company. LATEST BUSINESS VIDEOS Now Playing: Now Playing Chip and Joanna Gaines Turn Fixer Upper Into Hot New Restaurant Buzz 60 Fed Chair On Strong Outlook, New Rates Forecast Associated Press Johnnie Walker Unveils Jane Walker Logo Fortune Could This Renault EZ-Go be the Future of Self-Driving Taxis? Buzz 60 What is … [Read more...] about ‘We all better listen up’: The CEO of an FX trading firm says Wall Street needs to pay attention to the breakneck growth of crypto exchanges
As 2017’s roaring bull market gives way to a markedly choppier 2018, the buzz among Wall Street stock touts is that the best of the Trump Trade has passed. Sure, more gains could be wrung out, but nothing like the 30 percent burst over the past 16 months. Don’t try to tell that to the true believers in San Angelo, Texas. Or Covington, Louisiana. Or Sioux Falls, South Dakota. They’re sure this rally has just begun, and they’re sure they know why. “I hear it every day,” said Jimmy Freeman, a financial adviser at Edward Jones in San Angelo, a city of some 100,000 that’s just east of the booming Permian Basin shale oil fields. “The market’s going up because of Trump. They all think it’s Trump.” Across middle America, in the towns big and small that voted overwhelmingly for Donald Trump, his most ardent, and financially comfortable, backers are opening stock-market accounts or beefing up existing ones, according to interviews … [Read more...] about In Trump Country, the Stock Bulls Are Freaking Out Their Brokers