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Tom Farley. Photo by: David A. Grogan via Getty Images.

Far Point Acquisition, a "special purpose acquisition vehicle" formed by former New York Stock Exchange president Tom Farley and Dan Loeb's Third Point, began trading yesterday after raising $550 million in its IPO.

"I had learned a lot about the SPAC structure from all the ones that went public on NYSE, but one big fly in the ointment is that investors can redeem... So I made one phone call to Dan Loeb, who I'd gotten to know over the years, and asked him to provide a $400 million backstop as a partner and to provide expertise. He said yes, and here we are."
Tom Farley to Axios

Far Point will seek to acquire a fintech company, and Farley says his job change was predicated by seeing all the interesting fintech acquisitions that NYSE turned down because they weren't a good strategic fit. He also had a CEO itch, which he was unlikely to scratch at NYSE with Jeff Sprecher firmly in place atop parent company ICE.

Expect Far Point to seek out B2B players in overlooked sectors like market infrastructure, with Farley saying it's more likely to seek out a 6% growth business he can try bringing to 12%, as opposed to a hypergrowth startup.

"My last day at NYSE was the Friday before Memorial Day, and my colleagues surprised me by having me ring the bell. I walked out onto the floor and got a standing ovation, which brought tears to my eyes. But then they had me ring the bell again for Far Point, just two weeks later. Now everyone's looking at me like the uncle who stayed too long at the party."

Go deeper

32 mins ago - World

"I assume full responsibility," Duterte says of drug war

Rodrigo Duterte in 2017. Photo: Linus Escandor II/AFP via Getty Images

Philippines President Rodrigo Duterte said Thursday that he assumes full responsibility for a violent war on drugs that has killed thousands of people, Reuters reported.

Why it matters: Last month the International Criminal Court (ICC) formally authorized an investigation into alleged crimes against humanity during Duterte's war on drugs.

CDC approves boosters for Moderna and J&J and mix-and-match

Boxes containing vials of the Janssen COVID-19 vaccine. Photo: Jon Cherry/Getty Images

The Centers for Disease Control and Prevention's independent advisory panel voted unanimously to recommend booster doses of Moderna and Johnson & Johnson vaccine and allow people to mix-and-match doses.

The big picture: The agency aligns with the Food and Drug Administration authorization Wednesday night which said people could switch to whichever vaccine they wanted for their booster shot.

2 hours ago - World

Israel to approve new construction in West Bank settlements

Bennett (L) and Biden discussed the settlements issue. Photo: Nicholas Kamm/AFP via Getty

Israel will approve the construction of 4,400 new homes in the West Bank next week: 3,10o in the Jewish settlements and 1,300 in Palestinian villages.

Why it matters: This will be the first time Israel has approved new settlement building since President Biden assumed office, and it's the first time since 2007 that it approves a significant number of new homes for Palestinians in "Area C" of the West Bank, which is controlled by Israel.