MarketsMuse Editorial Team is proud to be the first media outlet to profile Sept 27 Boston #SoldierRide, a cycling-for-dollars event that raised more than $100k for Wounded Warriors. We extend a special commendation to Fidelity Investment PM Fergus Shiel (pictured on left) and Mischler Financial Group’s Head of Equities Joe Digiammo (pictured on right) for being among the 300 athletes who turned out for this fund raising event on behalf of service-disabled veterans who have served with honor and distinction.
Fidelity Investment’s Fergus Shiel (l) and Mischler Financial’s Joe Digiammo (r)
Below excerpts courtesy of “Quigley’s Corner”, a daily summary of debt capital market activity from Mischler Financial Group’s Ron Quigley
On the “Backpedal”, “Reverse”, “Renege”, “U-Turn”, “About-Face”…………and the FED
The week’s biggest data point belongs to the release of today’s FOMC Minutes. Here are the major talking points:
o Several Fed officials said “forecasts overstated the pace of rate increases.”
o The FOMC minutes did not mention a “rate rise six months after the end of QE.”
o Most FOMC participants saw inflation rising to the 2% Fed goal.
o Minutes revealed “slack” persisting in the Labor market and a gradual decline in unemployment.
o A continued housing recovery was sighted..
o Several members identified trends that pose financial stability risks.
So, what’s it all mean? Great question, simple answer:
Breaking News..New York, NY Feb 25 Latest Update: 9.45 pm EST
At a gala financial industry awards ceremony hosted by Wall Street Letter to recognize the year’s top investment banks, institutional brokers and trading technology providers, 300 of the financial industry’s senior executives gathered tonight to salute their peers in a best-in-class competition extending across 20 categories. Thanks to tweets sent from attendees during tonight’s dinner event, MarketsMuse is first to report the following announcements midway through the evening’s program:
Tom Quigley (l) WallachBeth Capital. MD/Electronic Trading Desk
Spotlighting one of the most talked-about service offerings in today’s brokerage industry landscape, in the category “Best DMA Offering,” agency-only execution specialist WallachBeth Capital took home the gold, with Bloomberg’s Tradebook and Object Trading receiving honorable mentions. WallachBeth’s electronic trading/DMA group was launched in 2013 to complement the firm’s widely-recognized ETF, Options, Delta One trade desks and healthcare sector equities research team. The firm’s trading system technology platform is powered by OEMS solutions vendor OMEX Systems.
Sunguard Financial Systems, Instinet, Wolverine Execution Services, Tethys Technol0gies, Inc, Advent Software, Interactive Brokers, ITG Inc. and Bloomberg LP‘s Tradebook were among the other top contenders in several of the 20 brokerage and technology categories.
The 2014 WSL Institutional Trading Award for “Best Broker-Dealer/Research,” a new category that combined providers of equities research and fixed income content, Newport Beach-based Mischler Financial Groupwas selected best-in-class in which the 2 other contenders for that top spot were Stifel Nicolaus, the BD subsidiary of Stifel Financial, and investment bank Sandler O’Neil + Partners. Mischler Financial is a full service investment bank/institutional brokerage and the securities industry’s oldest and largest minority firm owned and operated by service-disabled veterans. The firm specializes in primary debt capital markets, fixed income syndicate market commentary and operates a 24/6 global institutional equities execution platform.
At press time, the winner of WSL’s 2014 Best Broker Dealer/Client Service was in the process of being announced. Contenders for this coveted award included BNP Paribas Securities Services, Northern Trust Securities, Sunguard Financial Systems, WallachBeth Capital, Bloomberg Tradebook and Mischler Financial.
Officials of Pageant Media, Ltd., the UK-based media giant and parent of Wall Street Letter announced the official listing of winners will be available at Wall Street Letter website.
Wall Street Letter, one of the Industry’s must-read publications courtesy of financial media company Pageant Media, just announced its “short list” of finalists in connection with WSL’s 3rd Annual institutional trading awards.
While the 2014 “best of” categories cover each of the likely specialties (e.g. best agency-broker/options, best brokerage platform, best DMA platform, best algo platform, best technology vendor(s), best research, etc.), this year’s “bake-off of the best” includes not only the ‘likely suspects’ whose brands are burnished across the industry landscape, but a selection of boutique firms that certainly deserve a shout-out (and perhaps the trophy!), particularly when looking at those on the short list of nominees for “Best Options Trading Platform“, “Best DMA Offering”, Best Client Service-Broker/Dealer“, “Best Research-Fixed Income” and “Best Options Broker-Dealer.”
Far be it from us to front-run WSL by disclosing the full picture of front-runners; we’ll give credit where credit is due…..”And, the WSL 2014 Award nominees are (drum roll please!)…..CLICK HERE
In honor of this coming Veteran’s Day, Mischler Financial Group, Wall Street’s oldest (and largest) service-disabled veteran (SDV) owned institutional brokerage/banking firm (and 1 of 9 investment bank selling group members for yesterdays Twitter IPO) announced last week the firm has pledged 10% of November profits to Children of Fallen Patriots Foundation.
CEO Dean Chamberlain, Mischler Financial Group
According to Dean Chamberlain, CEO of Mischler Financial Group, “In the course of our serving leading corporations, public plan sponsors and the industry’s most recognized investment managers, our mandate is to dedicate the fruits of those labors to veteran-centric organizations that make a crucial difference in the lives of military veterans and their families. Towards that goal, our embracing an organization that sponsors college education for deserving, yet financially-challenged children of military members killed in the line of duty is perhaps one of the most impactful ways that we can “pay it forward.”
Noted David Kim, the Founder and President of Children of Fallen Patriots and the co-head of Investor Relations for Apax Partners, one of the world’s most recognized private equity firms, “Among the many formidable organizations and individuals who support our efforts, having the additional financial support of the oldest veteran-owned Wall Street firm speaks volumes to the very heart of our mission.”
Newport Beach, CA & Stamford, CT, Nov 4–Mischler Financial Group, Wall Street’s oldest minority investment bank and institutional brokerage owned and operated by service-disabled veterans announced today that in honor of this upcoming Veteran’s Day, the firm has pledged 10% of its entire November profits to Children of Fallen Patriots Foundation (“CFPF”), a national organization that provides college scholarships and educational counseling to military children who have a lost a parent in the line of duty.
According to Dean Chamberlain, CEO of Mischler Financial Group, “In the course of our serving leading corporations, public plan sponsors and the industry’s most recognized investment managers, our mandate is to dedicate the fruits of those labors to veteran-centric organizations that can make a crucial difference in the lives of military veterans and their families. Towards that goal, our embracing an organization that sponsors college education for deserving, yet financially-challenged children of military members killed in the line of duty is perhaps one of the most impactful ways that we can “pay it forward.”
Noted David Kim, a U.S. Military Academy graduate, the Founder and President of Children of Fallen Patriots and the co-head of Investor Relations for Apax Partners, one of the world’s most recognized private equity firms, “Among the many formidable organizations and individuals who support our efforts, having the additional financial support of the oldest veteran-owned Wall Street firm speaks volumes to the very heart of our mission.” For the entire story, please click here.
Courtesy of Guest Contributor Ron Quigley, Managing Director of U.S. Syndicate and Primary Sales for Mischler Financial Group.
May 3-2013–We need 200k new jobs a month, or 2.4 million annually just to put a dent in unemployment. It takes, on average, about 125k new jobs per month to keep up with population growth! …..we would need to add 360k new jobs per month or just shy of 13 million jobs across three years to take unemployment to 6%. The last time we ever had 516k new jobs in one month was May 2010. Since then, that’s 36 months folks, we’ve averaged 119k new jobs per month. So, by 2020, when my 6-year old daughter becomes a teenager, we will have taken unemployment down from 7.6% to 5.4%.
Today was a well-deserved breather for fixed income syndicate desks, but rest assured origination and syndicate is hard at work on next weeks’ calendar of visitors to the IG DCM. This week we witnessed one of the single most impressive lists of high quality issuers in a long time, if not ever! Demand has been very strong with concessions non-existent on the week. (See below chart). Primary market mechanics are actually pretty simple though – liquidity is defining the global credit marketplace. For the week ending May 1, Lipper reported an inflow of $1.33 billion into corporate investment grade funds. When products are so heavily bought, prices go up and yields go down. Hence this week, we’ve seen CDX.IG.20 tighten another 3.96 bps as of yesterday’s close to its firmest level in 5.5 years. Meanwhile the VIX or “fear factor” ratcheted in 0.71 points in the same time period. Blue chip issuers dominated the leaderboards and I strongly suspect we’ll be seeing utilities entering the arena VERY shortly. Continue reading →
Refreshing Market Commentary courtesy of Ron Quigley, Mgn.Dir./Head of U.S. Syndicate Desk & Primary Sales for Mischler Financial Group.
With Washington in full-out gridlock, Americans should be turning to the best national news, namely corporate profits. Corporations are driving the resurgence in equity markets posting overall fabulous earnings. The flight to under-owned equities has also helped the DOW reach what today represented a new all-time high when it screamed past the previous record high of 14,164 set back on October 9, 2007 at the open. The DOW closed today’s session at 14,253 or 89 points above its previous record. The S&P meanwhile, is closing in on its all-time high of 1,565 also set on October 9, 2007, sitting a mere 26 points away ending the session at 1,539.
Today’s pair of economic data releases conveyed a mix message about the shape of the U.S.A. On one hand, the Institute for Supply Management’s (ISM) Non-Manufacturing Business Survey painted a bright picture indicating that segment of the nation’s economic activity grew for the 38th consecutive month. It was the highest such reading since the 56.1 registered in February of 2012. Construction is showing some signs of improvement as are financial and insurance companies among others. However, in the push-me/pull-you that characterizes much of the data we see, today’s Economic Optimism Index dipped by 5.1 points versus the prior while remaining over 5 points behind its annual average. Readings above 50 point to optimism, below it – pessimism. The Index is comprised of three component parts namely, a six-month economic outlook, a personal financial outlook and confidence in federal economic policies. All three categories posted declines. This month 60% of respondents indicate they believe the economy is in a recession.
So there it is…..more contradictory information to make our day a little brighter. Heck, my barometer of optimism is if I get all my work done in one day, can start from a clean slate the next and read a bed-time story to my six year-old daughter well then, things are looking good.
On another note, Hugo Chavez is dead and you all know what that means……..you can now go ahead and buy gas at your local Citgo station. Pleasant driving people!
Wall Street Letter, one of the Industry’s must-read publications courtesy of financial media company Pageant Media, just announced its “short list” of finalists in connection with WSL’s 3rd Annual institutional trading awards.
