Facebook Fiasco Dents UBS Profit
UBS reported a
surprise slump in profit, hit by a big trading loss on
Facebook's stock market debut and a drop in revenue that
pushed its investment bank into the red.
The Mobile Frontier: Next-Gen Apps on the Street
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.
Barclays Dragged Into New Probe After Libor Blow
Barclays revealed a new regulatory probe and more U.S. lawsuits on Friday, making it harder for the British lender to rebuild its reputation damaged by the central role it played in the interest rate-rigging scandal shaking banks.
Dow Jones to Sell Newswires Through WSJ.com
When Lex Fenwick started his job as CEO
of Dow Jones & Co more than five months ago, he found it strange
that one of Wall Street's most historic and well-known brands
did not have a direct pipeline into Wall Street itself.
The Danger of Too Much Dark Liquidity
Dark pools play a critical role in today's market. But rising dark pool volumes mean wider spreads and higher costs on the lit markets, according to researchers in the U.S. and abroad.
Prosecutors, Regulators Close to Making Libor Arrests
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.
Singapore Exchange Denies LSE Merger Talks
The Singapore Exchange (SGX) denied it was in talks to buy the London Stock Exchange, a sign there is little appetite for more large cross-border deals after several takeover attempts failed.
Blackstone's Earnings Slump on Choppy Markets
Blackstone Group LP, the largest
publicly listed alternative asset manager, said on Thursday its
second-quarter earnings dropped as challenging public markets
eroded the value of its assets and crimped its lucrative
BNY Mellon Profit Falls, Bank Frets Over Euro Deposits
Bank of New York Mellon Corp on
Wednesday reported lower second-quarter profit and discussed
charging clients on their euro deposits as jittery investors
feel more comfortable parking their cash rather than buying
stocks and bonds.
Fidessa Updates Canadian Trading Platform
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.
BofA Plans $3 Bln of New Cost Cuts
Bank of America Corp said it
plans to slash costs by $3 billion annually in commercial
lending, investment banking and wealth management, becoming the
latest big bank to take aim at expenses in a sluggish economy.
Citi's Loss Beats Wall Street's Expectations
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.
EU Banks Still Face Major Challenges
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.
The IT Stress Test for Financial Services Firms
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.
Hedge Funds Fail to Wow in First Half
Hedge funds have little to brag
about halfway through 2012, with some of the industry's biggest
names reporting only small gains and trailing the benchmark U.S.
stock index by a wide margin.
A Time-Out for HFT
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?