While You Were Working - February 7

Too big to manage

This is a weak editorial from Bloomberg. It is in response to Janet Yellen’s spanking of Wells Fargo on her way out the door of the Fed and it implies that asking if a bank is too-big-to-manage is some kind of new query. People have been asking that question for at least a decade now and headline after headline of misdeeds at banks indicates the answer is obvious. But for policymakers, that answer always seems to be too-hard-to-accept.

New digs for Nasdaq

Nasdaq is moving its headquarters from Lower Manhattan to Times Square. The move makes sense and is in line with other moves the exchange has made to market itself – and its technology - around the world. I also gotta say that Adena Friedman hit the ground running when she took the helm of Nasdaq t the beginning of last year and it seems like rarely a week goes by when I don’t see her pitching the exchange and its offerings in places like Scandanavia, the Middle East and … of course … Davos.

More on volatility at Cboe

As I noted yesterday, there are good kinds of volatility and bad kinds of volatility in the markets. However, the companies for whom all kinds of volatility is usually good are exchange operators. They care less about whether the market goes up or down and more about the volume of trades … except when the volatility obliterates a product that has been making a bundle for an exchange.

Looks like Jamie Dimon might have some competition in Africa

It is good to hear Citigroup is expecting big things from its businesses in Africa and the Middle East. But seeing as how Saudi Aramco’s potential IPO is being eyed as a huge opportunity, what happens if the IPO never happens?

WYWW Appetizers