Welcome to Finance Insider, Business Insider’s summary of
the top stories of the past 24 hours. Sign up here
the best of Business Insider delivered direct to your
Microsoft seals deal with GitHub
Microsoft is buying GitHub, a massive
software-development platform with 24 million users, for $7.5
The deal is expected to pass regulatory review and close by the
end of 2018. GitHub’s most recent private valuation, as of 2015,
put the software company at about $2 billion, after raising $350
million in venture capital since its founding in 2008.
The $7.5 billion being offered to GitHub is to be paid in
Microsoft stock. As Business
Insider reported last weekthe two companies have talked
about a potential acquisition for some time — at one point, a $5
billion price tag was floated.
As the result of the acquisition, Microsoft’s vice president Nat
Friedman is taking over as CEO of GitHub, a role left unfilled
since the company’s cofounder Chris Wanstrath announced 10 months
ago that he would step down.
New war on Wall Street
to shake up stock trading in the US has been tearing apart Wall
Street, and now the infighting has reached a fever pitch.
The Securities and Exchange Commission in March proposed a pilot
program that would examine the impact of rebates, a type of
incentive some stock exchanges pay out to traders to lure them to
their venues. The pilot would eliminate rebates in certain cases
to analyze how the practice affects the markets.
Legacy stock exchanges, including the New York Stock Exchange and
the Nasdaq, are up in arms over the proposal, with the
NYSE saying in a letter to the
SEC last week that it would put venues like
theirs in economic jeopardy. On the other side of the fight are
pension funds and the upstart exchange IEX, which argue the pilot
will provide regulators with the necessary information to make a
judgment on rebates.
Deutsche loses another big trader
Deutsche Bank has lost another senior fixed-income executive as
staff turnover continues to plague the German bank.
Raj Bhattacharyya, the head of the emerging-market debt and
foreign-exchange business in the Americas,
is leaving the firm after 17 years, according to an internal memo
seen by Business Insider.
In markets news