Content posted in August 2012
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Europe Still Holds an Allure to U.S. Asset Managers
Despite seemingly bad news about the Eurozone every day, a surprising number of large U.S. asset managers are still attracted to a continent that accounts for 35 percent of the world's mutual fund assets.
Deutsche's Advice To Investment Banks: Cut More Staff
Investment banks, set to book
$240 billion revenue this year, still need to cut jobs and costs
to make the industry profitable, Deutsche Bank said.
Nomura to Cut Another $1 Bln of Costs in Overseas Revamp
Nomura Holdings Inc,
Japan's largest investment bank, is cutting an additional $1
billion in costs in the second major restructuring of its
loss-making overseas operations in less than a year.
Post-Knight, A Newly Risk-Averse JP Morgan Reviews Dealings With Brokerages
JP Morgan's move could spark other firms to do the same, an article in the Wall Street Journal suggests.
To Be Profitable, Investment Banks Must Cut Staff: Deutsche
Despite pulling in $240 billion in revenue this year, the industry still needs to cut jobs in order to be profitable, according to Deutsche Bank.
After Latest Financial Scandal, Another Regulator Set To Review Staffing Practices
The last 12 months have seen a host of financial scandals. Now, the NFA has ordered a review of its staff. But can it really revamp its staff?
Barclays Signals Shift From Riskier Investment Banking
Barclays named retail
banker Antony Jenkins as chief executive on Thursday, signalling
a shift from riskier investment banking as it tries to recover
from the interest rate-rigging scandal that brought down his
predecessor.
China Smartphone Market to Overtake U.S. in 2012
China will overtake the United
States as the world's biggest smartphone market this year,
according to research firm IDC, which expects demand to grow for
lower-priced smartphones based on Google Inc's Android.
Pimco, the Quiet Giant Among Commodity Investors
Pimco is well-known as the
world's largest bond fund. But how many people realise it is
also the largest investor in commodities, with a portfolio
dwarfing the more high-profile pension funds?
SEC Tech Roundtable Takes Aim at Preventing Knight Sequels
In the aftermath of several high-profile technological mishaps in the marketplace, the SEC's roundtable next month will seek ways to prevent costly trading mistakes, and come up with best practices for handling crises in real-time.
Knight Accepts Nasdaq's $62 Mln Facebook Payback Plan
Knight Capital Group Inc said it
accepts Nasdaq OMX Group Inc's $62 million payback plan
for firms that suffered losses on Facebook Inc's market
debut due to Nasdaq technical glitches, but rejects the idea of
having to waive the right to sue the exchange.
Pimco, the Quiet Giant Among Commodity Investors
Pimco is well-known as the
world's largest bond fund. But how many people realize it is
also the largest investor in commodities, with a portfolio
dwarfing the more high-profile pension funds?
Barclays Retail Boss Jenkins Gets CEO Task
Britain's Barclays has
picked softly spoken retail boss Antony Jenkins as its new chief
executive to fill the shoes left by Bob Diamond, the colorful
American investment banker who resigned after a rate-rigging
scandal.
Asian Regulators Urge CFTC to Review Dodd-Frank Swap Rules
Market regulators from
Australia to Singapore have asked their U.S. counterparts to
review proposed rules on derivatives trading, pointing out the
potential for conflict with domestic rules and the risks of
systemic instability.
Citigroup Reaches $590 Mln Settlement Over CDOs
Citigroup Inc has reached
a $590 million settlement of litigation accusing the bank of
fraudulently concealing tens of billions of dollars of exposure
to risky collateralized debt obligations heading into the global
financial meltdown.
SEC Proposes Lifting Ad Ban on Private Stock Offers
U.S. securities regulators
voted 4-1 on Wednesday to propose lifting a long-standing ban on
general advertising for private securities offerings, a measure
that some say will spur economic growth but one which critics
fear could pave the way for fraud.
US SEC Proposes Lifting Ad Ban on Private Stock Offers
U.S. securities regulators
voted 4-1 on Wednesday to propose lifting a long-standing ban on
general advertising for private securities offerings, a measure
that some say will spur economic growth but one which critics
fear could pave the way for fraud.
Citigroup Reaches $590 Mln Settlement Over CDOs
Citigroup Inc has reached
a $590 million settlement of litigation accusing the bank of
fraudulently concealing tens of billions of dollars of exposure
to risky collateralized debt obligations heading into the global
financial meltdown.
Gamification Gets Serious for Financial Services Compliance Training
True Office, a start-up that gamifies compliance training, has named former SunGard CEO and financial technology innovator Cristóbal Conde as executive chairman.
Hedge Fund Assets Climbed During First Half of 2012: Study
PerTrac says investors are showing more interest in alternative investments, and a growing tendency to invest directly in hedge funds.
Knight Capital Appoints Three New Directors
Financial services company
Knight Capital Group Inc said it
appointed three new board members three weeks
after receiving a $400 million investment from a group of firms
to keep it afloat.
Buy-Side Firms Fund Lab to Promote Supercomputing for Market Regulation
Infinium Capital Managment, Tudor Investment Corp., and AJO Partners are helping fund research aimed at stabilizing and enforcing an increasingly complex marketplace.
Knight Capital Appoints Three New Directors
Knight Capital has appointed three new board members, including the CEO of TD Ameritrade, three weeks after receiving a $400 million investment from a group of firms to keep it afloat.
Financial Firms Fund Lab To Promote Supercomputing For Market Regulation
Firms including Infinium Capital Management and AJO Partners are supporting the research.
Today's Market Structure Obscuring Real Value of Equities
In a piece published by Tabb Forum, ConvergEx Group's Nicholas Colas says the current market structure means CEOs and their boards should no longer make their company's stock price the central fixture of their corporate strategy.
ANALYSIS: How Apple Overwhelmed Samsung's Patent Case Tactics
In August 2010, just a few months after Samsung launched its Galaxy smartphone, a team of Apple lawyers flew to South Korea.
Nomura to Cut Hundreds of Jobs in Equities, Investment Banking
Nomura is finalizing plans to cut hundreds of jobs, mainly in equities and investment banking, in an overhaul aimed at restoring its overseas operations to profitability.
Looking at the Ins and Outs of Volatility Trading: Opalesque
In a video interview with Opalesque TV, Maple Leaf trader Michael Wexler breaks down the ins and outs of volatility trading.
Knight Capital's Rogue Algorithm a Wake-Up Call to the Buy Side
A head trader at a firm with more than $200 billion under management tells Advanced Trading that the buy side generally puts a lot of blind faith in the tools provided by their brokers, almost to the point of complacency.
Inside Abel Noser's Trading Floor
Advanced Trading takes you on an exclusive tour of Abel Noser's New York trading floor, where the agency broker known for transaction cost analysis, is customizing algorithms for the buy side, while growing its fixed income trading and transitions business.
Hedge Funds Can Profit From Sell-Offs By Preempting Spikes in Volatility
Planning for and potentially mitigating high volatility not only allows for a better night’s sleep but also can be profitable as a trading strategy.
7 Most Striking Reasons Only 2% of Pro Investors Trust The Market
Only 2 percent of capital markets industry professionals say they really trust market structure, according to a new survey from TABB Group. Here's how the Twittersphere explains it.
Citadel's Runnfeldt to Retire From Hedge Fund
The hedge fund oversees $12.8 billion in assets and was founded by Kenneth Griffin, who launched Citadel Asset Management in 1990.
New York Fed Sells Last of its AIG Assets, Ending Ties With Firm
The Federal Reserve Bank of New
York brought to a close another chapter in the government's
taxpayer-funded bailouts of 2008 with the sale of its remaining
assets of insurer American International Group, the bank
said.
The SEC Fumbles a Crucial Post-Crisis Battle
And so we've marked a defining moment:
Securities and Exchange Commission Chairman Mary Schapiro's
hard-fought effort to re-regulate money market funds was the
first real litmus test of the agency's approach to individual
investor protection in a post-financial-crisis world.
Northern Trust's Scott Murray: A Man of Action
In establishing centers of excellence for IT disciplines, EVP and CTO Scott Murray is helping Northern Trust's technology organization improve quality while the bank continues to grow.
Fidelity CIO Walks In His Father's Footsteps
Fidelity Institutional CIO Ron DePoalo began learning about Wall Street IT from his father at an early age. Now he is drawing on those lessons to to drive tech innovation and business alignment.
Wait Before Using That New Algo
When it comes to using new trading algorithms, the buy side resembles kids standing around the deep end of the pool. No one wants to be the first to jump in.
Nasdaq Systems Issue Impacts Short Sales, Points to Ongoing E-Trading Glitches
This is the latest in a series of technical glitches that have eroded investor confidence in the market infrastructure.
Ex-RBS Trader Details Bank's Libor Fixing
A former dealer for RBS has provided fresh details on how traders at the bank tried to influence Libor rates.
Knight Capital Rescuers Let Scottrade In On Deal
The firms that rescued Knight Capital after its near-fatal software glitch earlier this month have sold some of their preferred stock in the firm to Scottrade.
Knight Cap Rescuers Let Scottrade In On Deal
Purple helicopter to the rescue.
Goldman Tells Clients to Bail Out of Equities As Fiscal Cliff Looms
The bank's chief U.S. equity strategist says stocks are due to plunge with Congress unlikely to address the fiscal cliff before Election Day.
Citigroup CEO Shows Shaky, Skewed Recollection of the Financial Crisis
In a speech Vikram Pandit gave this week in Singapore, he basically congratulated himself and Citigroup’s executive team on restructuring the company after the financial crisis. But that's not exactly how things went down.
Ex-RBS Trader Details Bank's Libor Fixing
A former dealer for the Royal
Bank of Scotland Group PLC has provided fresh details
on how traders at the British bank tried to influence Libor
rates, court documents filed in Singapore show.
Cosy World of Inter-Dealer Brokers Faces Shake-Up
Inter-dealer brokers, the
fast-talking middlemen who match buyers and sellers of complex
financial products, are under pressure to strike takeover deals
as business shrinks and regulators shine a light on their murky
trillion dollar markets.
trillion dollar markets.
US-China Accounting Standoff A Threat to Hedge Funds, Capital Markets
Publicly-traded Chinese firms face the threat of de-listing from U.S. exchanges over their resistance to American accounting standards, a scenario that holds huge implications for U.S. hedge funds and the nation's capital markets.
RBS, Commerzbank Drawn into U.S. Iran Money Probe
U.S. authorities are
investigating Royal Bank of Scotland and Commerzbank
over possible breaches of sanctions on Iran, in a
widening crackdown which has already cost Standard Chartered
a hefty fine.
Facebook's Director in Spotlight After Cashing Out
Peter Thiel was the first
investor to take a gamble on Facebook Inc. Now some
people are wondering whether, in selling most of his stake, the
Facebook board member is signaling to others that it's time to
rush for the exits.
Hedge Fund Exit Requests Rise in August
Client demands to pull money out of hedge funds rose to their second-highest level this year in August, industry data showed.
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