Ouch, That Hurts
Money in return. Asked how much money it makes from securities securities, Robinhood mentioned its public disclosure. Payment for order flow Contracts. It states that it does not have a contract covering customer order execution with other hedge funds or private equity firms. In a separate statement by DealBook, Robinhood spokesman said: “Apart from the rebate received through payment for Order Flow, Robinhood does not receive any money from Security Securities, which are all publicly disclosed.”
Ms. Warren’s response: “What is still not clear from Robinhood’s response to my questions is the full extent of Robinhood’s ties to huge hedge funds and market makers. I am sure to ensure fair operation of our markets, especially for small investors. I am going to push regulators to use their full range of regulatory tools. “
Vlad Tenev, CEO of Robinhood, and Ken Griffin, CEO of Citadel, among them will be Testifying at congressional hearings tomorrow.
Exclusive: Ariel sees a trillion-dollar opportunity for minority-owned businesses
Chicago-based asset management firm Ariel Investments will today announce an initiative by positioning minority-owned businesses as the preferred supplier to the nation’s largest companies. Project Black, as known from the initiative, comes with a $ 200 million commitment from JP Morgan Chase. The firm will be run by a new affiliate of Ariel Alternatives, and led by Leslie Brun, an Ariel board member and founder of investment firm Hamilton Lane.
It started with a call from Jamie Dimon, Which asked JP Morgan board member Melody Hobson, Ariel’s co-CEO, how to help black-owned businesses. The result, Project Black, is supposedly what Fortune 500 companies currently spend with minority-owned suppliers – about 2 percent of their total purchases. It can also be seen what could happen if businesses received a pledge to spend more than 10 to 15 percent with these suppliers as part of the racial racking of corporate America. Ms. Hobson estimates the opportunity to be about $ 1 trillion.
“The pledges are fantastic, but they are very difficult to fulfill,” said Ms. Hobson, as there are no minority-owned businesses of sufficient size to meet the demand.
Project will acquire suppliers to Black Fortune 500 companies, Whether they are minority-owned or not. As Ariel grows these companies into “sustainable, scalable, long-lived providers, at the tier-one level,” Mr. Brun said, it tapped on its network to bring in new executives and transition firms as needed Will do. Certified Minority-Owned Business Enterprises.