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News & Commentary
Content tagged with Risk Management posted in July 2012
Recession, Libor, Facebook Punish Europe's Banks
News  |  7/31/2012  | 
Leading European banks reported dismal profits on Tuesday, blaming everything from the continent's debt crisis and Spain's property market crash to Facebook's disastrous stock market debut.
Momentum Trading Partners Closes Shop, Shops Around
Commentary  |  7/31/2012  | 
The hedge fund brokerage that kept a lid on information leakage stopped trading yesterday and is putting itself on the market. Why? Tough market realities that are claiming other struggling brokerages.
Futures Industry Debates Solution to Protect Customer Segregated Accounts
Commentary  |  7/30/2012  | 
A CFTC panel agreed on the urgency of developing a technological solution for verification of funds in customer segregated accounts, but one industry veteran, warned not to wait until everything is perfect.
The Mobile Frontier: Next-Gen Apps on the Street
Commentary  |  7/30/2012  | 
The rise of mobile apps is transforming Wall Street, enhancing the customer experience, improving portfolio and risk management, advancing the search for alpha, and even strengthening compliance.
The True Cost of HFT, Sandy Weill's About Face, Death Star of Finance, and more
Slideshows  |  7/27/2012  | 
Sandy Weill, the former Citigroup chief executive and shatterer of Glass-Steagall says the industry needs a return to the separation of commercial and investment banks, while a recent study on HFT reveals that the practice costs long-term investors $2.5 billion per year.
The Funniest Sandy Weill Twitter Responses
Slideshows  |  7/26/2012  | 
Former Citigroup CEO and the architect of the modern mega-bank dropped a bombshell on CNBC yesterday: We should break up the big banks that are too big to fail. This statement may seem simple and sensible but consider the source: this came from the man who created these very banking behemoths. Needless to say, Twitter was abuzz comparing Sandy Weill's truth bomb to other statements no one ever expected to hear. Enjoy.
U.S. Big Banks' Glory Days Feared to Be Gone for Good
News  |  7/25/2012  | 
The summer of 2012 may be remembered as the time when regulation, scandals and a protracted slow-growth economy finally caught up with big American banks.
Prosecutors, Regulators Close to Making Libor Arrests
News  |  7/23/2012  | 
U.S. prosecutors and European regulators are close to arresting individual traders and charging them with colluding to manipulate global benchmark interest rates, according to people familiar with a sweeping investigation into the rigging scandal.
Assessing the Risk in Europe: La Francaise's Partnership With S&P Capital Markets Could Provide New Avenue for Credit Innovation
News  |  7/23/2012  | 
Paris-based fund manager La Francaise AM taps proprietary credit market analytics and advisory services from S&P Capital IQ's Global Market Intelligence unit to create a credit fund in the Eurozone.
Tech Innovators Focus On Big Data
News  |  7/20/2012  | 
A number of entrepreneurs showcasing their latest inventions to venture capitalists at the FinTech Innovation Lab aim to help financial institutions make better sense of Big Data.
Quantitative Analytics for iPhone Levels the Playing Field For Investors
News  |  7/20/2012  | 
Chaikin Power Tools is a stock market app developed by the computer pioneer who once built the first real-time analytics workstation for stock traders and portfolio managers.
Wall Street's High Crime Area, Libor Scandal Expands, Confidence Crisis, and More
Slideshows  |  7/20/2012  | 
The Libor scandal continues to spread, with more banks and regulators being placed under the microscope for their involvement in rate rigging. Meanwhile, Wall Street's image continues to take a pounding while UBS Americas' chairman strikes out on his own.
Fidessa Updates Canadian Trading Platform
News  |  7/18/2012  | 
It's called - drumroll, please - Version 12.1 and the firm's trading kit has been deployed across 90 percent of Fidessa's Canadian's clients, including eight of the top ten financial institutions north of the border.
HSBC Exec Quits As Senators Hammer Money-Laundering Lapses
News  |  7/17/2012  | 
HSBC Holdings put itself at the mercy of the U.S. Senate on Tuesday, acknowledging shortcomings in its anti-money laundering operations and revealing the resignation of a global executive.
Citi's Loss Beats Wall Street's Expectations
News  |  7/16/2012  | 
Citigroup Inc said on Monday quarterly earnings fell 12 percent as it was stung by losses from credit crisis-era assets, but the bank's results were better than many analysts expected after cost-cutting.
Bad Betting Admissions Wrap Up Rough Week for Investing World
Commentary  |  7/13/2012  | 
JPMorgan Chase had to admit that their Bad Bet was now a $5 billion debacle, ending a week of negative news for the investing world.
PFGBest: Just Like Madoff, Regs Ignored Every Single Warning Bell
News  |  7/13/2012  | 
Regulators missed multiple red flags that something was amiss. And some of those signs were starkly similar to the clues they also missed in the Madoff scandal.
JPMorgan Trader "London Whale" Leaves - source
News  |  7/13/2012  | 
Bruno Iksil, the JPMorgan Chase & Co trader known as the "London Whale", has left the bank, a person familiar with the situation said.
JPMorgan Loses $4.4 bln on Trades; Traders May Have Hidden Losses
News  |  7/13/2012  | 
JPMorgan Chase & Co, the biggest U.S. bank, said it had lost $5.8 billion in 2012 from disastrous credit bets and that traders might have tried to conceal the extent of the losses earlier this year.
Hot Remarks From JPMorgan's Earnings Call
Slideshows  |  7/13/2012  | 
The investment bank's $2 Billion "Bad Bet" has blossomed to a staggering $5 Billion as it unwinds, and industry observers predict it could continue to grow. In a dramatic quarterly earning report, JP Morgan CEO Jamie Dimon got a grilling from financial reporters compared to his appearance before Congress last month. Here are some of the most dramatic quotes from this morning's conference call.
Wall Street Ethics, Derivatives Rules Loopholes, The Weirdness of PFGBest and More
Slideshows  |  7/13/2012  | 
Wall Street’s take on ethics and the downfall of PFGBest dominated financial news this week, while the CFTC finally approved rules for derivatives trading and HSBC admitted that for years it had done next to nothing to prevent money laundering.
JPMorgan Loses $4.4 Bln on Trades; Traders May Have Hidden Losses
News  |  7/13/2012  | 
JPMorgan Chase & Co, the biggest U.S. bank, said it had lost $5.8 billion in 2012 from disastrous credit bets and that traders might have tried to conceal the extent of the losses earlier this year.
The CFTC Sniffs Out Another Bad Broker
Commentary  |  7/12/2012  | 
U.S. Grain Trade Wants Answers in PFGBest Broker Scandal
News  |  7/12/2012  | 
The largest U.S. grain trade group was stunned by the latest scandal to hit the futures industry when Iowa-based brokerage PFGBest collapsed after regulators accused the firm of misappropriating customer funds.
Outgunned: Why the SEC Can’t Effectively Police Wall Street
News  |  7/12/2012  | 
Even as the SEC and CFTC ramp up their technology, they still lack the firepower to effectively police the capital markets.
HSBC Admits Wrongdoing in Another Money Laundering Affair
News  |  7/11/2012  | 
Another day, and another bank fails to implement what should be standard controls and procedures.
Iowa Broker PFGBest Collapses After Hiding Millions
News  |  7/11/2012  | 
In what looks like a mini-Madoff scandal, $200 million is missing as the firm's founder and chairman Russell R. Wasendorf Sr. attempted suicide on Monday.
EU Banks Still Face Major Challenges
News  |  7/11/2012  | 
The European Banking Authority said there remained significant challenges ahead for Europe's banks after they successfully met new requirements to bolster their core capital buffers.
Many Wall St Execs: Wrongdoing Is Necessary
News  |  7/10/2012  | 
If the ancient Greek philosopher Diogenes were to go out with his lantern in search of an honest many today, a survey of Wall Street executives on workplace conduct suggests he might have to look elsewhere.
Star Turn: Data Management Vendors Take Center Stage as Financial Transparency and Risk Management Are In Vogue
Commentary  |  7/9/2012  | 
It was data management providers' turn to shine at the SIFMA technology show in New York this year, while the prospects for low-latency vendors dimmed.
6 Tips for Avoiding a Data Deluge With Real-Time Analytics Tools
News  |  7/9/2012  | 
To successfully adopt real-time business intelligence, financial firms must consider these tips.
Managing the Bottom Line Means Managing Data
Commentary  |  7/9/2012  | 
Real-time reporting and risk management requirements are driving reference data improvements, says Paul Rowady, Tabb Group.
Real-Time Risk Reduction Needed in a Fast-Moving Trading World
News  |  7/9/2012  | 
GAIN Capital adopts real-time analytics to evaluate its liquidity partners and manage under-performers on the fly.
UBS Memo Deepens UK Political Row Over Rate-Fixing
News  |  7/9/2012  | 
A political row in Britain over fixing of interbank lending rates deepened on Saturday after the publication of confidential advice from UBS to the previous Labour government on how to reduce the key Libor rate at the height of the financial crisis in 2008.
Floodgates on U.S. Derivative Reforms Set to Open
News  |  7/9/2012  | 
The U.S. swaps regulator is set to finalize this week a critical reform that will trigger banks and traders having to comply with costly new derivatives rules.
The IT Stress Test for Financial Services Firms
Commentary  |  7/9/2012  | 
As financial services organizations approach the 2013 budget planning season, the process of constructing an IT stress test will help them to collect needed data and create hypotheses about the dynamics of IT and the business.
From Romney's Hedge Fund Family Tree to Parliament's HF Treasure Chest: The Top Hedge Fund Tweets 
Slideshows  |  7/6/2012  | 
What has the Twitterati been saying about hedge funds for the past few days? A potential First Lady invested a ton into her son's hedge fund, lawmakers in the UK want to grill the same hedge fund managers who donated a boatload of cash to their coffers and high-end ladies footwear were some of the hot topics. Advanced Trading chose a sample of the most provocative Tweets and gathered them into in one handy gallery. Did we miss your favorite? Send it to us and we'll re-tweet it in a hurry.
A Time-Out for HFT
Commentary  |  7/6/2012  | 
If high frequency traders can submit quotes and pull them out in an instant, why not set a time limit before they can resubmit a new quote?
LIBOR Lowlights, RIM's Downfall, Where's Jon Corzine and more
Slideshows  |  7/6/2012  | 
The LIBOR scandal and the fall of Barclays' CEO Bob Diamond dominated financial services coverage this week, while others chatter about disgraced MF Global CEO Jon Corzine, RIM's continued downward spiral and Goldman Sachs new universe.
What Happened to Jon Corzine?
Commentary  |  7/5/2012  | 
With clouds of the MF Global collapse hovering over him, Jon Corzine, the former senator and governor of New Jersey, is lying low in the Hamptons, reports the New York Post.
Hedge Fund Odey Snaps Up More Barclays Shares
News  |  7/5/2012  | 
Seeing an opportunity in a crisis, a hedge fund manager buys up shares of troubled Barclays, calling it 'the cheapest bank in the world.'
Ontario Teachers' Pension Plan Crams for Market and Credit Risk
News  |  7/3/2012  | 
The largest single-profession pension plan in Canada chose SunGard's Adaptiv Riskbox for Market and Credit Risk Management.
Barclays Boss Diamond Quits After Apology
News  |  7/3/2012  | 
Barclays boss Bob Diamond, who once said it was time for bankers to stop saying sorry, apologized and quit after a market rigging scandal on his watch.
S&P Capital IQ Completes Acquisition of CMA
News  |  7/3/2012  | 
The acquisition gives S&P Capital IQ the technology to move into intraday quotes on derivative and other OTC securities.
Ex-Citigroup VP Gets 8 Years for Stealing $22 Million
News  |  7/2/2012  | 
A former Citigroup vice president who embezzled more than $22 million was sentenced on Friday to 8 years in prison.

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