Latest news with #PiperSandlerGlobalExchange&TradingConference
Yahoo
06-06-2025
- Business
- Yahoo
Citadel Securities' Esposito says US deficit is a 'ticking time bomb'
By Anirban Sen NEW YORK (Reuters) -The U.S. government's growing debt pile is a "ticking time bomb" and how the Trump administration reacts to this crisis is going to be "super important", Citadel Securities President Jim Esposito said on Thursday. Several other leaders of the financial services industry have issued similar warnings about the current U.S. deficit in recent weeks. Earlier in June, JPMorgan Chase CEO Jamie Dimon said the U.S. national debt is a "big deal" that could create a "tough time" for the bond market that causes spreads to widen. "The stock of debt and the budget deficit is a ticking time bomb. No one is smart enough to predict when exactly it will rear its ugly head. We've been talking about this for more than 20 years, so in some ways the market's gone into complacency, but over a multi-year period we can work this out," Esposito said at the Piper Sandler Global Exchange & Trading Conference. Shifting U.S. economic policies have sent bond markets tumbling in recent weeks. In May, ratings agency Moody's downgraded the U.S. sovereign credit rating. Long-dated bonds have been under pressure due to deficit concerns, with investors delivering a tepid response to a 20-year auction in May and sending the 30-year bond yield to its highest level since October 2023. Higher bond yields can translate into higher borrowing costs for consumers, businesses and governments. Citadel Securities, a market-making behemoth that was founded by hedge fund billionaire Ken Griffin, plans to double down on cryptocurrency trading this year under a new regulatory framework. "This year you'll see us getting more active providing liquidity on specific crypto exchanges. So that's a part of our strategic plan. I think we'll execute on that in this calendar year, like everybody else," said Esposito. "We're excited by the prospects of the SEC (U.S. Securities and Exchange Commission) coming out with the rule set. So crypto is definitely a space we're going to get bigger in, and we're excited about the prospects," he added. The market volatility this year has boosted the fortunes of large market makers like Citadel Securities and Jane Street. During the first quarter of 2025, Citadel Securities' net trading revenue surged 45% to $3.4 billion, while its profit jumped 70% - a record for the firm, according to people familiar with the matter. "The number of growth opportunities that lie in front of us is almost unlimited. In our core businesses, our equity business at the moment is a bit too skewed towards the U.S. at the expense of the rest of the world - so Europe is a very big growth opportunity for us," Esposito said.
New Straits Times
06-06-2025
- Business
- New Straits Times
Citadel Securities' Esposito says US deficit is a 'ticking time bomb'
NEW YORK: The US government's growing debt pile is a "ticking time bomb" and how the Trump administration reacts to this crisis is going to be "super important", Citadel Securities President Jim Esposito said on Thursday. Several other leaders of the financial services industry have issued similar warnings about the current US deficit in recent weeks. Earlier in June, JPMorgan Chase CEO Jamie Dimon said the US national debt is a "big deal" that could create a "tough time" for the bond market that causes spreads to widen. "The stock of debt and the budget deficit is a ticking time bomb. No one is smart enough to predict when exactly it will rear its ugly head. We've been talking about this for more than 20 years, so in some ways the market's gone into complacency, but over a multi-year period we can work this out," Esposito said at the Piper Sandler Global Exchange & Trading Conference. Shifting US economic policies have sent bond markets tumbling in recent weeks. In May, ratings agency Moody's downgraded the US sovereign credit rating. Long-dated bonds have been under pressure due to deficit concerns, with investors delivering a tepid response to a 20-year auction in May and sending the 30-year bond yield to its highest level since October 2023. Higher bond yields can translate into higher borrowing costs for consumers, businesses and governments. Citadel Securities, a market-making behemoth that was founded by hedge fund billionaire Ken Griffin, plans to double down on cryptocurrency trading this year under a new regulatory framework. "This year you'll see us getting more active providing liquidity on specific crypto exchanges. So that's a part of our strategic plan. I think we'll execute on that in this calendar year, like everybody else," said Esposito. "We're excited by the prospects of the SEC (US Securities and Exchange Commission) coming out with the rule set. So crypto is definitely a space we're going to get bigger in, and we're excited about the prospects," he added. The market volatility this year has boosted the fortunes of large market makers like Citadel Securities and Jane Street. During the first quarter of 2025, Citadel Securities' net trading revenue surged 45 per cent to $3.4 billion, while its profit jumped 70 per cent - a record for the firm, according to people familiar with the matter. "The number of growth opportunities that lie in front of us is almost unlimited. In our core businesses, our equity business at the moment is a bit too skewed towards the US at the expense of the rest of the world - so Europe is a very big growth opportunity for us," Esposito said.
Yahoo
05-06-2025
- Business
- Yahoo
Citadel's Esposito says US deficit is a 'ticking time bomb'
By Anirban Sen NEW YORK (Reuters) -The U.S. government's growing debt pile is a "ticking time bomb" and how the Trump administration reacts to this crisis is going to be "super important", Citadel President Jim Esposito said on Thursday. Several other leaders of the financial services industry have issued similar warnings about the current U.S. deficit in recent weeks. Earlier in June, JPMorgan Chase CEO Jamie Dimon said the U.S. national debt is a "big deal" that could create a "tough time" for the bond market that causes spreads to widen. "The stock of debt and the budget deficit is a ticking time bomb. No one is smart enough to predict when exactly it will rear its ugly head. We've been talking about this for more than 20 years, so in some ways the market's gone into complacency, but over a multi-year period we can't work this out," Esposito said at the Piper Sandler Global Exchange & Trading Conference. Shifting U.S. economic policies have sent bond markets tumbling in recent weeks. In May, ratings agency Moody's downgraded the U.S. sovereign credit rating. Long-dated bonds have been under pressure due to deficit concerns, with investors delivering a tepid response to a 20-year auction in May and sending the 30-year bond yield to its highest level since October 2023. Higher bond yields can translate into higher borrowing costs for consumers, businesses and governments. Citadel, a market-making behemoth that was founded by hedge fund billionaire Ken Griffin, plans to double down on cryptocurrency trading this year under a new regulatory framework. "This year you'll see us getting more active providing liquidity on specific crypto exchanges. So that's a part of our strategic plan. I think we'll execute on that in this calendar year, like everybody else," said Esposito. "We're excited by the prospects of the SEC (U.S. Securities and Exchange Commission) coming out with the rule set. So crypto is definitely a space we're going to get bigger in, and we're excited about the prospects," he added. The market volatility this year has boosted the fortunes of large market makers like Citadel and Jane Street. During the first quarter of 2025, Citadel's net trading revenue surged 45% to $3.4 billion, while its profit jumped 70% - a record for the firm, according to people familiar with the matter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-06-2025
- Business
- Yahoo
Citadel's Esposito says US deficit is a 'ticking time bomb'
By Anirban Sen NEW YORK (Reuters) -The U.S. government's growing debt pile is a "ticking time bomb" and how the Trump administration reacts to this crisis is going to be "super important", Citadel President Jim Esposito said on Thursday. Several other leaders of the financial services industry have issued similar warnings about the current U.S. deficit in recent weeks. Earlier in June, JPMorgan Chase CEO Jamie Dimon said the U.S. national debt is a "big deal" that could create a "tough time" for the bond market that causes spreads to widen. "The stock of debt and the budget deficit is a ticking time bomb. No one is smart enough to predict when exactly it will rear its ugly head. We've been talking about this for more than 20 years, so in some ways the market's gone into complacency, but over a multi-year period we can't work this out," Esposito said at the Piper Sandler Global Exchange & Trading Conference. Shifting U.S. economic policies have sent bond markets tumbling in recent weeks. In May, ratings agency Moody's downgraded the U.S. sovereign credit rating. Long-dated bonds have been under pressure due to deficit concerns, with investors delivering a tepid response to a 20-year auction in May and sending the 30-year bond yield to its highest level since October 2023. Higher bond yields can translate into higher borrowing costs for consumers, businesses and governments. Citadel, a market-making behemoth that was founded by hedge fund billionaire Ken Griffin, plans to double down on cryptocurrency trading this year under a new regulatory framework. "This year you'll see us getting more active providing liquidity on specific crypto exchanges. So that's a part of our strategic plan. I think we'll execute on that in this calendar year, like everybody else," said Esposito. "We're excited by the prospects of the SEC (U.S. Securities and Exchange Commission) coming out with the rule set. So crypto is definitely a space we're going to get bigger in, and we're excited about the prospects," he added. The market volatility this year has boosted the fortunes of large market makers like Citadel and Jane Street. During the first quarter of 2025, Citadel's net trading revenue surged 45% to $3.4 billion, while its profit jumped 70% - a record for the firm, according to people familiar with the matter.
Business Times
05-06-2025
- Business
- Business Times
Nasdaq CEO says IPO demand boosted despite tariff worries, banks on Texas boom
[NEW YORK] Exchange operator Nasdaq is holding active talks with companies considering stock market debuts, CEO Adena Friedman said on Thursday, underscoring the US economy's resilience despite tariff uncertainty and signaling renewed market vigour. Several high-profile companies, including those in risk-heavy sectors such as crypto and financial technology, have successfully launched listings in recent weeks, pointing to pent-up demand and improving market conditions. 'The underpinning of the US economy continues to show strength,' said Friedman at the Piper Sandler Global Exchange & Trading Conference. 'That resilience has really helped because we've been managing through a lot of changes in the overall environment.' Friedman said the IPO pipeline is looking more robust for the second half of the year as more large private companies are starting to brave through the volatility to tap equity capital markets. 'People are continuing to put capital to work. Companies are putting capital to work. They're investing and the capital markets have gone through a lot of volatility, but that's also starting to kind of moderate,' Friedman said, adding that there was more opportunity for the IPO window to really open up now. Still, some firms exposed to trade policy uncertainty were adopting a cautious approach and holding off until there is greater clarity. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Sectors that are more impacted by the potential tariff environment, it's going to be harder for investors to predict the future of those companies... I think those companies are taking a little bit more of a wait-and-see approach,' Friedman said. Listings on the Nasdaq and rival Intercontinental Exchange have been closely watched as a barometer for renewed risk appetite and investor sentiment following a years-long slowdown in new listings. NYSE President Lynn Martin also said earlier on Thursday that public markets were ready for well-prepared companies even amid tariff concerns. All eyes on Texas Friedman highlighted Texas as an emerging capital markets hub, praising the state's pro-business environment and growth potential. 'Texas is a really big economy. We have 900 clients in Texas now and that includes about a little over 200 listed clients,' said Friedman. 'More and more companies are moving headquarters or establishing themselves in Texas. So it's a growth area for us.' Elon Musk-led Tesla and SpaceX, as well as tech giants Oracle and Hewlett Packard Enterprise, have moved to the Lone Star State in recent years, attracted by a favourable tax climate, lower living costs and reduced energy costs. In March, Nasdaq had said it would open a regional headquarters in Texas, deepening its presence in a state that is fast emerging as a major financial hub rivaling New York. A foothold in Texas could enhance the exchange's reach among the state's leading industries, including energy and manufacturing. REUTERS
