Almost there! Dan DeFrancesco in NYC, and I can not cease this awkward photograph from the debt ceiling negotiations. Home Speaker Kevin McCarthy seems to be like me when my spouse promised we might solely take two pictures however begins making totally different poses.

I am nonetheless amassing questions for a future mailbag. Submit any questions you have got through this Google Doc. (It is nameless.) No private finance questions, please.

Immediately, we’ve tales on why Apple poses a giant risk to neobanks, the dealmakers nonetheless making a living amid a drought, and summer-friendly button-downs.

However first, can I inform you a secret?

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1. That is why her hair is so large. It is stuffed with secrets and techniques.

Coca-Cola’s syrup formulation. KFC’s recipe for its fried rooster. Citadel Securities’ buying and selling methods?

You have doubtless heard of how carefully Coke and KFC guard their secrets and techniques, however the large market-making agency may be probably the most protecting of the bunch in terms of its “secret sauce.”

Look no additional than a just lately filed lawsuit by Citadel Securities in opposition to two former staff, per Bloomberg. The swimsuit, which you’ll learn right here, alleges the previous staff have been constructing a competing high-frequency buying and selling agency whereas nonetheless employed and used commerce secrets and techniques gained whereas at Citadel Securities.

Leonard Lancia and Alex Casimo unveiled Portofino Applied sciences, a market-making agency targeted on cryptocurrencies, in September 2022 with $50 million in funding from backers like Coatue Administration. A serious a part of the pitch? Make investments with the blokes who had a front-row seat working at one of many high buying and selling corporations on the earth, per the grievance.

Portofino’s announcement additionally got here just some months after experiences of Citadel Securities working by itself crypto-focused brokerage with a slew of different high-profile corporations. Portofino informed Bloomberg that the Citadel Securities lawsuit was “company bullying” and that it could defend itself.

Whichever aspect you fall on concerning the lawsuit, it does elevate some fascinating questions on Wall Road’s commerce secrets and techniques and the extent some corporations will go to guard them.

On the one hand, buying and selling corporations make investments some huge cash — take a look at some wage ranges right here — in creating these methods. Margins are skinny, and the distinction between making and dropping cash comes all the way down to fractions of a second, actually.

However I additionally do not wish to dwell in a world the place employers can restrict the longer term incomes capacity of their employees on the idea of “commerce secrets and techniques.”

In case you suppose this is not high of thoughts for each buying and selling agency on the earth, suppose once more. As Insider’s Alex Morrell has beforehand lined, stopping staff, notably quants, from defecting to rivals is a high precedence.

Contained in the paranoid, hyper-competitive onslaught to forestall quant merchants from leaving for rivals.

In different information:

2. Prepared or not, Apple is right here to upend fintechs. Revolut’s US CEO made the case for why Apple poses a giant risk to digital banks because it expands its banking choices. Here is why the Large Tech big poses a danger to some neobanks.

3. Gross sales tax made simple. It isn’t horny or thrilling, however navigating gross sales tax compliance throughout a number of states is a large headache for companies. Enter Zamp, a startup that is seeking to alleviate the ache with an automatic resolution. Here is the deck it used to lift a $4 million seed spherical. And take a look at greater than 50 pitch decks fintechs used to lift hundreds of thousands of {dollars} in funding.

4. AI goes to ship the market up and to the fitting, per Steve Cohen. The billionaire founding father of Point72 is feeling “fairly bullish” in regards to the markets due to the cutting-edge tech, based on Bloomberg. No phrase on if AI can invigorate the Mets’ offense, although.

5. Amid a dealmaking drought, Raine is making it rain charges. The service provider financial institution will make $65 million from advising on the Endeavor-WWE deal, ought to it shut, per the Monetary Occasions. Here is who else is ready to receives a commission from engaged on the deal.

6. Gen Z is moving into credit-card debt simply in time for student-debt funds to restart. This could finish nicely. Here is a bunch of information on how delinquencies are on the rise.

7. Go woke, go broke, spend money on alts? Underneath Florida Governor Ron DeSantis, who has railed in opposition to “woke” funding methods, the state pension fund has transferred greater than $1 billion into various investments. However evaluation by Lever discovered the transfer doubtlessly price state staff billions of {dollars}. Extra right here.

8. The job markets to wager your profession on. It seems AI will not take all the roles. A current report from the World Financial Discussion board highlights the fastest-growing jobs for the subsequent 4 years. Test them out right here. (OK, you are still going to wish to find out about AI.)

9. Dressed to impress with out the dreaded sweat stain. Guys, we have all been there. You arrive to work wanting such as you simply left a sauna due to the hellhole that’s the NYC subway in the summertime. Choose up a few of these summer-friendly button-downs.

10. Some ideas for the solo traveler. Not searching for firm in your subsequent trip? We have 9 ideas for these of you who need to journey alone. Learn all of them right here.

Curated by Dan DeFrancesco in New York. Suggestions or ideas? E mail ddefrancesco@insider.com, tweet @dandefrancesco, or join on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.

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