Date: Jun 19, 2012
June 19, 2012: Regulator seen conflicted in Nasdaq’s Facebook mess; Strained SEC holds up swaps rules; G20 targets growth to restore confidence
Nasdaq asks FINRA to look over the broken pieces of the Facebook IPO; FINRA says it’s normal, but some see a conflict of interest. The CFTC and others are ready to go on swaps rules, but the SEC is having trouble keeping up, delaying the approval of the new regulatory structure. The G20 gets out their public relations wallpaper and plans to issue a resolution today declaring their fervent support of the euro, and their commitment to fixing problems through growth. Today’s first read gives a look at the new JLN Forex logo and blog site; and an opportunity to step up and help treat kids with serious brain tumors.
JLN FX Buys Some Vowels and Consonants
We are re-branding JLN FX as JLN Forex. I wish I had a grand strategic analysis for why we made the change to share with you, but the reason is more mundane. As we have migrated the newsletters and accompanying blogs from Blogger to WordPress, we developed new and improved logos for each of the publications.
I must note that not everyone agrees with the “improved” part, especially one friend of mine who misses all the waves of the original JLN logo that brought him a smile every time he saw it. He believes I am good at making waves. The new logo pays tribute to the waves of the original and unifies the branding and logos of all the John Lothian Newsletters by colors rather than title.
The top one is the new logo and the bottom the old.
We have also launched the new WordPress version of the site at www.jlnforex.com to reflect its new title.
JLN Forex is a weekly newsletter that focuses on the forex industry and the exchange and OTC currency markets. The free email newsletter also provides original commentary and features on the sector. The newsletter and companion blog are edited by John Lothian News (JLN) Editor Jon Matte and Editor-at-Large Doug Ashburn.
~John J. Lothian
Beckett Ryba, the son of Mildred Ryba of the CME Group, is a special young boy. Besides being a source of joy for his family and friends, what is special about Beckett is his brain tumor. Beckett, who is 26 months old, was diagnosed with an a benign but inoperable brain tumor in May of last year.
So far so good for Beckett’s treatment. He has responded well to the chemotherapy that is almost done and the tumor has shrunk significantly. If the tumor’s growth can be controlled his prognosis is very good.
Beckett is one of the lucky ones. Some children with pediatric brain tumors are so sick that they do not make it. Beckett’s family would like to help make a difference in helping more children with this condition make it.
So Beckett’s family and friends are participating in a “Run for Gus,”, a 5K/1 mile walk that supports the oncology and neurosurgery clinics at the Ann and Robert H. Lurie Children’s Hospital of Chicago.
You can support the run, which is held in July of every year, by becoming a runner/walker on Beckett’s team, by becoming a corporate sponsor for the run in honor or Beckett, or by making a personal donation to the cause in Beckett’s name via the heroesforlife.org website.
The address is http://www.heroesforlife.org/goto/BeckettsBattle.
You can also show your support by visiting the Beckett’s Battle Facebook page, http://www.facebook.com/BeckettsBattle.
We are blessed in this industry. I ask you to share some of your blessings with Beckett’s family as they seek to help children like Beckett face pediatric brain tumors and make it through to a happy, healthy, joyful life.
~John J. Lothian
WFE names Erkan as new chief
By Jeremy Grant in Singapore – Financial Times
The World Federation of Exchanges (WFE) on Monday appointed Hüseyin Erkan, former head of Turkey’s biggest bourse, as its new secretary general as the group seeks to beef up its lobbying efforts amid a wave of global regulation and intensifying competition with off-exchange venues. The move is a sign that the once-sleepy organisation is set to go on the offensive in Brussels and Washington, advocating on issues ranging from equity market fragmentation, “dark pools” and “high-frequency” trading (HFT) to building confidence in the role of exchanges as platforms for equity capital raising.
**** Thank you to Thomas Krantz on his 15 years of service to the WFE.
New Single-Day Volume Record Set On Monday at CBOE Futures Exchange
CBOE Futures Exchange (CFE) announced that Monday, June 18 was the most active trading day in CFE history. Volume totaled 160,552 contracts traded throughout its full suite of products. Today’s record volume surpassed the previous high of 152,133 contracts set on August 5, 2011.
**** Lots of people buying vols.
IDG’s Computerworld Names CME Group to 2012 List of Best Places to Work in Information Technology
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that it has been selected by IDG’s Computerworld as a 2012 Best Place to Work in Information Technology (IT) honoree, one of 100 top organizations that challenge their IT employees while providing great benefits and compensation.
**** The CME Geeks are all geeked!
The End of the Line For Famed Exchange
By DAVID WINNING – WSJ
The financial symbol of one of the world’s legendary gold rushes in the mid-1800s is about to disappear. The owner of the Bendigo Stock Exchange, which traces its roots to a time when thousands of prospectors descended on Victoria state after gold was discovered by two women washing clothes in a creek, plans to close the institution at the end of June.
EDHEC-Risk Institute Warns Against “Speculative” Regulatory Proposals For Commodities Markets In Europe
In a robust critique of a recent paper by the public interest group Finance Watch (“Investing Not Betting: Making Financial Markets Serve Society,” April 2012), EDHEC-Risk Institute has taken issue with a number of positions that this paper deems to be self-evident, e.g. that speculators must have a minority role in futures markets; that excessive speculation undermines the commodity price formation mechanism; and that there should be a linear relationship between a commodity’s supply-and-demand data and its price.
Rolet transforms LSE into hive of activity
Michelle Price – Financial News
Xavier Rolet, chief executive of the 211-year old London Stock Exchange, is also the City’s most famous apiarist. Last September, the French-born, bee-keeping enthusiast oversaw the installation of two beehives on the exchange’s rooftop to help boost London’s ailing bee population – and his transformation of the iconic London bourse has not stopped there.
**** There are ways to create buzz then there are ways to create buzz.
‘Flash Crash’ Was a Warm-Up: Computerized Trading Threatens Global Financial System, Author Says
By Daniel Gross | Daily Ticker
Between 60 and 70 percent of all trading is done by automated high frequency trading computers, says Scott Patterson, a reporter at the Wall Street Journal and author of the new book Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System. And while the machines don’t control the broad direction of the markets, a great deal of the day-to-day fluctuation can be ascribed to algorithms, ultra-fast computers, and a set of systems that have built up to remove human agency from stock trading.
**** Will Smith will be starring in the movie based on the book.
Keene: Damn those HFTs!
Terry Keene – iSys via FOW
High frequency traders. They’re the ones causing all the chaos in the markets. That is if you believe all the financial press and television pundits. Their electronic trading algorithms can execute many thousands of trades a second to try to pick off a handful of PIPS (hundredths of a penny) per trade. Volatility is HFT nirvana. The more that prices move, up or down, the more opportunity there is to pick up a PIP or two.
FIA Japan Conference to be held in Tokyo (July 25-26)
Futures Industry Association Japan (FIA Japan), the only organization in Japan with a membership which spans the futures industry, will hold the FIA Japan Conference at the Palace Hotel in the center of Tokyo on July 25-26, 2012. This major event, organized by FIA Japan with the cooperation of FIA and FIA Asia, will focus on vital developments currently taking place in Japan’s financial markets. TSE, as one of the host exchanges, offers its welcome to investors all over the world.
Todd Larsen Steps Down as President of Dow Jones & Company
NEW YORK, June 19, 2012 (GLOBE NEWSWIRE) — Dow Jones & Company
announced today that Todd Larsen has resigned his post as president, a
role he has held since January 2010.
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Analysis: Regulator seen conflicted in Nasdaq’s Facebook mess
Reuters via Yahoo! News
It is not every day that a company bungles something so badly that it has to turn to a regulator for help to clean up its mess. But that is what the Nasdaq stock market has done with the Financial Industry Regulatory Authority following its blunders in Facebook’s $16 billion initial public offering. The move is causing raised eyebrows because of the long and intertwined relationship between the exchange and Wall Street’s industry-funded regulator.
Strained SEC holds up swaps rules
By Shahien Nasiripour in Washington – Financial Times
New rules intended to regulate the $648tn swaps market are being delayed by the US Securities and Exchange Commission over the objections of other regulators and lawmakers, people familiar with the matter said.
G20 targets growth to restore confidence
By Chris Giles in Los Cabos – Financial Times
The eurozone members of the Group of 20 leading economies will pledge on Tuesday to “take all necessary policy measures” to safeguard the single currency, according to leaked drafts of the summit communiqué.
Plus Markets secures vote for Icap sale
Tom Osborn and Michelle Price – Financial News
Plus Markets has won a crunch vote on the disposal of its loss-making junior stock exchange to interdealer broker Icap, after facing a shareholder revolt from angry minority shareholders. The exchange has secured enough votes to pass through the sale of the Plus exchange, Plus SX, to Icap for £500,000 at an extraordinary general meeting held this morning.
Quick View: Malaysia derivatives shine
By Jeremy Grant – Financial Times
As traders scour Asia for the next big trading opportunity, the sexy asset class is not equities, nor necessarily FX, but exchange-traded derivatives. The Korean market has long been a hotspot with its Kospi futures, as has Singapore with its Nikkei-225 futures and more recently its Nifty index venture with the National Stock Exchange of India.
One Wall Street Seer Says the Greek Tragedy Is Near
By ANDREW ROSS SORKIN – NY Times
Mark Grant doesn’t call his assumptions Doomsday, but reality: Greece will most likely fall apart in the next four months unless “there is debt forgiveness or Europe keeps handing them money like they are a ward of the state.”
Greek Voting Past, Europe Returns to Fiscal Rescue
By NICHOLAS KULISH and JACK EWING – NY Times
After Greek elections eased fears that the country’s exit from the euro zone was imminent, attention turned Monday to an even bigger challenge: restoring the economic body to health with Greece still in it.
Regulators Join Dimon at House Panel Hearing
By BEN PROTESS and JESSICA SILVER-GREENBERG – NY Times
Jamie Dimon, the outspoken chief executive of JPMorgan Chase, is returning to Washington to face another round of questions about his bank’s multibillion-dollar trading loss. This time, Mr. Dimon will have company. The committee will also hear from the bank’s regulators, including the comptroller of the currency and the general counsel of the Federal Reserve.
At G-20, Europe Leaders Fend Off Pressure; EU’s Barroso Lashes Out at U.S.
By SUDEEP REDDY and DAVID LUHNOW – WSJ
European officials sought to deflect mounting pressure from world leaders, warning of a long road ahead to end the region’s debt crisis.Heads of the Group of 20 advanced and developing economies, which opened their meeting here Monday, quickly shifted their focus beyond Greece’s Sunday election to weigh broader worries in the 17-nation currency union
Backing grows for one EU bank supervisor
By Alex Barker in Brussels – Financial Times
A push by EU leaders to create a single supervisor for Europe’s largest banks is gaining momentum as support builds for giving the European Central Bank oversight powers in a big step toward “banking union”.
IIF Says Regulation Will Lead to More Shadow Banking
The regulatory backlash against banks could push more banking activity into unregulated and non-transparent areas of the financial markets, creating more of the risks that it was meant to tackle, the International Institute of Finance argued in a report Monday.
Libor Trader Faces Ban With FSA’s ‘Weapon of Last Resort’
London bankers are increasingly being banned for life for breaking market abuse rules by a regulator that is trying to burnish its image as a tougher watchdog.
DealBook: Loopholes Abound Despite New Rules
New York Times
Regulators are trying to clamp down on rogue traders like JPMorgan Chase’s Bruno Iksil, nicknamed the London Whale, who amassed large positions in credit derivatives as part of a complex trading strategy that eventually soured.
[NFA] Updated – Forex Transactions: A Regulatory Guide
Board Of Governors Of The Federal Reserve System: Scott G. Alvarez, General Counsel, Bank Supervision And Risk Management, Before The Committee On Financial Services, U.S. House Of Representatives, Washington, D.C.
Exchanges & Trading Facilities
HKEx’s LME bid raises hackles in London
By Nick Lord | Finance Asia
The £1.4 billion bid by Hong Kong Exchanges & Clearing (HKEx) for the London Metal Exchange (LME) is raising hackles in the UK, where some people see it as yet more hollowing out of the British economy by cash-rich plunderers from overseas.
LME Bid by Hong Kong Seen as Way to Expand Into China
Hong Kong Exchanges & Clearing Ltd.’s bid for the London Metal Exchange, the most expensive bourse merger over $1 billion, is seen as a way for the LME to expand into China, the world’s largest buyer of metals.
Why LME members will most likely sell
By Jack Farchy – Financial Times
When the London Metal Exchange first announced the possibility of a takeover last year, the big question was whether shareholders would sell one of the last member-owned exchanges in the world.
Dr Sabine Keller-Busse Joins Board Of Directors Of SIX
The general meeting of SIX appointed Dr Sabine Keller-Busse to the Board of Directors as UBS representative. She takes office as Stephan Zimmermann steps down from the SIX Board.
[CBOE] Allocation Algorithm Change for SPX Opening Trades at the Minimum Price Increment
NYSE Euronext Financial Education Program Introduces Academic Credit For Participants – Teachers Who Successfully Complete Teachers Workshop May Now Acquire Post-Baccalaureate Academic Credits
PLUS Markets Group PLC Result Of General Meeting
BATS CHI-X EUROPE’S PAUL O’DONNELL TO RETURN TO MORGAN STANLEY
O’DONNELL TO DEPART BATS CHI-X EUROPE AT END OF SUMMER
LONDON and KANSAS CITY, Mo. – 19 June 2012 – BATS Chi-X Europe, the largest pan-European equities market operator by market share and notional value, today announced that Chief Operating Officer Paul O’Donnell will depart the firm at the end of the summer for personal reasons.
TABB Group Forecasts Bursa Malaysia Derivatives Futures Volume Will Rise Nearly 50% by EOY 2013
An Expanding Economy, Improved Access to Markets, Regulatory Easing and Support from CME Group and the Brokerage Community Point to Growth and Opportunity for Malaysia
Hedge Funds & Managed Futures
EDHEC: Hedge Funds Broadly Fail To Escape The Market Turmoil In May
JPMorgan’s Gulati Said to Meet Investors as He Weighs Hedge Fund
JPMorgan Chase & Co.’s Deepak Gulati is holding talks with investors as he and a team of traders consider leaving the bank to start a hedge fund, said four people with knowledge of the discussions.
KKR buys hedge fund provider Prisma Capital
Reuters via Yahoo! News
Kohlberg Kravis Roberts, the private equity company, has bought hedge fund money manager Prisma Capital Partners LP, marking the latest move by the private equity sector to boost assets by bolting on smaller funds-of-funds shops.
KKR Names Ex-Brazil Central Bank Chief Meirelles Adviser
KKR & Co., the New York-based buyout firm run by Henry Kravis and George Roberts, named former Brazil Central Bank Governor Henrique Meirelles as a senior adviser.
Options Trading System. Patent for Auction. ICAP Patent Brokerage Announces for Auction a Portfolio Trading System …
ICAP Patent Brokerage, a division of ICAP plc and the world’s largest intellectual property brokerage firm and organizer of ICAP Ocean Tomo Auctions, is offering for auction a patent portfolio related to an investment trading system that provides positive portfolio returns.
Morningstar Announces Fund Analyst Research Team Appointments
Morningstar, Inc., a leading provider of independent investment research, today announced several appointments within its fund analyst research team.
Top Fund Managers To Brief Growth Companies On Their Investment Strategies At The Quoted Companies Alliance Conference
Banks & Brokers
Julius Baer in talks over BofA non-US wealth unit
Reuters via Yahoo! Finance
Julius Baer is in talks with Bank of America about buying Merrill Lynch’s non-U.S. wealth management unit, reported to be worth up to $2 billion and which would see the acquisition-hungry Swiss private bank land another big deal.
Alvarez Says Fed Hasn’t Found Other Risk Weaknesses at JPMorgan
The Federal Reserve’s chief attorney said central bank supervisors reviewing a trading loss of at least $2 billion at JPMorgan Chase & Co. haven’t found other weaknesses, such as handling of risk, at the firm.
‘Whale’ Swam in Choppy Waters
BY GREGORY ZUCKERMAN AND DAN FITZPATRICK – WSJ
J.P. Morgan Chase & Co. trader Bruno Michel Iksil at times resisted sharing some details of his positions with superiors, while trading executive Achilles Macris had a history of clashing with co-workers, according to current and former colleagues.
Scottrade’s IT Environment Continues to Grow, Recognized as Best Place to Work
Business Wire via Yahoo! Finance
For the fifth consecutive year, leading financial services company Scottrade, Inc. was named one of the Best Places to Work in IT by IDG’S Computerworld magazine.
More high-profile departures at Goldman Sachs
A round of high-level departures from Goldman shows the difficulties big Wall Street banks are having dealing with declining revenue, according to New York Times reporter Susanne Craig.
Knight Promotes Leonard J. Amoruso and Steven Bisgay to Executive Vice Presidents
Knight Capital Group, Inc. today announced the promotions of Senior Managing Directors Leonard J. Amoruso, General Counsel, and Steven Bisgay, Chief Financial Officer, to Executive Vice Presidents.
Vikram Pandit Sees ‘Strength in U.S. Consumer’
Wall Street Journal Blogs
Citigroup Chief Executive Vikram Pandit said Monday that consumers in the U.S. and the housing market here are gaining strength.
Analysis: ANZ’s Asia gamble; time to splash the cash?
Reuters via Yahoo! News
HSBC banker Michael Smith’s 2007 presentation on how he would grow ANZ , Australia’s No.4 lender, across Asia to rival his own bank and Standard Chartered so impressed ANZ’s board they appointed him CEO.
Goldman paid bulk of Rajat Gupta’s legal fees: NYT
Reuters via Yahoo! News
Goldman Sachs has paid for the bulk of former board member Rajat Gupta’s legal defense in an insider trading case that ended in his conviction, the New York Times reported, citing two people with direct knowledge of the matter.
BGC Partners Second Quarter 2012 Financial Results Announcement to be Made Prior to Market Open on Thursday, July 26 …
BGC Partners, Inc., a leading global brokerage company primarily servicing the wholesale financial and property markets, today announced that it plans to issue an advisory press release by 8:00 a.m. ET on Thursday, July 26, 2012, notifying the public that a complete and full-text financial results press release is accessible at the “Investor Relations” section of http://www.bgcpartners.com.
DealBook: Dimon to Testify Again, to a Feistier House Financial Panel
New York Times
On Tuesday, Jamie Dimon will stick to a familiar script: once again, he will apologize for his bank’s huge trading loss while playing down its effect on JPMorgan Chase and the broader financial system.
State Street Corporation Appoints Valerie Haertel as Senior Vice President of Investor Relations
State Street Corporation, one of the world’s leading providers of financial services to institutional investors, announced today the appointment of Valerie Haertel as senior vice president of Investor Relations with responsibility for managing relationships with the company’s shareholders and analysts.
George Estey to Join Evercore as Senior Managing Director and Head of Canada
Evercore Partners Inc. announced today that George Estey has agreed to join the Firm’s Investment Banking business as a Senior Managing Director and Head of Canada.
Lehman Creditors Drop Legal Action Against Geithner
Lehman Brothers Holdings Inc.’s creditors dropped a legal action against U.S. Treasury Secretary Timothy Geithner after he agreed to answer questions in writing about the defunct investment bank’s failure.
KPMG names new head of Chicago office
By Steve Daniels – Crain’s
KPMG LLP has promoted the head of its Boston office to run its larger Chicago operation. Patrick Canning, 53, will take over as managing partner in Chicago on July 1 for the fourth-largest accounting firm in Chicago.
Clearing & Settlement
Bovespa urged to open up clearing
By Samantha Pearson in São Paulo – Financial Times
BM&FBovespa’s monopoly over the Brazilian stock market should end and rivals should be allowed access to its new multi-asset class clearing house, according to a landmark study for the country’s securities commission.
Omgeo Addresses New Collateral Management Requirements
Omgeo, the global standard for post-trade efficiency, today announced the availability of new functionality on Omgeo ProtoColl, its automated collateral management solution. The new version of ProtoColl has been developed to help market participants manage their collateral and risk management operations ahead of the implementation of complex regulatory requirements for over-the-counter (OTC) derivatives clearing.
CME Group Clearing Advisory
NYMEX Options Expiration Operational Procedures for the Trading Floor and Clearing Members (CH, RX, W) Effective Tuesday, June 19, 2012
SunGard’s Fox River Execution Solutions Extends its Award-Winning Suite of Algorithms to Support Trading in Canada
SunGard has extended its Fox River suite of award-winning algorithms to cover the Canadian equities market as well as the U.S., helping customers in the two countries trade inter-listed equities and reach a broader pool of liquidity. Traders can trade in one currency and settle in another, providing access to traditional and non-traditional trading venues in both countries with the simplicity of settling in a single currency.
Migdal Stock Exchange Services Joins the SunGard Global Network
Migdal Stock Exchange Services, the brokerage arm of Israeli investment group Migdal Capital Markets and member of the Tel-Aviv Stock Exchange (TASE), now offers trading services and research expertise on the Israeli capital markets via the SunGard Global Network (SGN).
Lime Brokerage (A Wedbush Company) to Provide Ultra-Low Latency Market Data Service Powered by NovaSparks
Business Wire via Yahoo! Finance
Lime Brokerage, a Wedbush Company and provider of ultra-low latency trading technologies, announces a partnership with NovaSparks to deliver the lowest latency, hardware based FPGA data feed handlers in the market to clients.
Seven New Members Join SWIFT Board – Board Composition Reflects Global Nature Of SWIFT Community
Capita Financial Selects Calastone’s Daily Reconciliation Service – Full Automation Of Daily Unit Reconciliation, Further Changing Market Infrastructure
Redkite Deploys Market Surveillance Application On The Options PIPE Private Financial Cloud
Firms Now Have On-Demand Access To A Fully Managed Real-Time Market Surveillance Solution Via The Ultra-Low Latency Options PIPE Velocity Service
Exegy Available Via Thomson Reuters RMDS
NFA permanently bars Auburn, Alabama futures firm, TS Capital Management
National Futures Association (NFA) has permanently barred TS Capital Management LLC (TS Capital), a commodity pool operator located in Auburn, Alabama. The Decision was rendered by NFA’s Business Conduct Committee (BCC).
NFA: Enforcement and Registration Actions
SureInvestment LLC, et al. (Crosby Wood)
Hackensack trader to be sentenced in $2 million fraud, Ponzi scheme
Victor Eugene Cilli, 46, pleaded guilty in 2011 to securities fraud, conspiracy to commit bank fraud and tax evasion
ASIC takes action on RESI home loans advertising
ASIC imposes licence conditions on insurance group
Environmental & Energy
Phil O’Reilly: Emissions trading scheme must bring investors certainty
New Zealand Herald
ETS should be changed infrequently and with care, writes Phil O’Reilly.
**RKB — Column stresses: The ETS is an economic instrument, embedded in our economy. As such, it should be treated more like tax policy – changed infrequently and with care.
UN Envoys Close to Deal on Energy, Sustainability Goals
Envoys from 190 nations attending a United Nations conference in Rio de Janeiro are close to reaching an agreement that will mark one of the broadest steps yet to harmonize economic development with global efforts to protect the environment.
**RKB – Most commentary is undermining effectiveness of talks, citing economic weakness and other factors. But this Bloomberg piece slightly more upbeat: Negotiators are “galloping toward the finish line” and mood is “positive.”
Nasdaq joins environmental disclosure push
By Pilita Clark in Rio de Janeiro – Financial Times
Nasdaq OMX has joined forces with four other stock exchange groups to encourage companies listing with them to disclose more about their environmental and social performance.
Maneet Ahuja: Hedge Fund Manager James Chanos on His Big Short Position in China
The Huffington Post
Part of the problem in understanding China, Chanos says, is the prevailing myths. One is that the country’s balance sheet is healthy in that it doesn’t show much debt.
[OSE] Approval of Application to Acquire Trading and Clearing Qualifications: Merrill Lynch Japan Securities Co., Ltd.
[OSE] Designation of Market Maker for FX Margin Trading: Merrill Lynch Japan Securities Co., Ltd.
Hong Kong’s Securities And Futures Commission: Short Selling Regulation Made More Robust Via Reporting Implementation
Shanghai Stock Exchange President Zhang Yujun: Great Investment Opportunities Of Capital Market In Economic Transition
Brics Swaps, FX Pooling Aims to Boost Confidence
By AARON BACK And SHEN HONG – WSJ
A proposal to establish multilateral currency swaps and pool foreign-exchange reserves between Brazil, Russia, India and China is a precautionary measure aimed at boosting confidence, an official with China’s central bank said at the Group of 20 summit Monday.
City’s status under threat, warns Sants
By Brooke Masters, Chief Regulation Correspondent – Financial Times
London’s position as a global financial centre is under threat because the UK financial sector is not rethinking its business models quickly enough in the face of a new political atmosphere and regulatory change, says Hector Sants, the departing chief executive of the Financial Services Authority.
So long, suckers — I’m leaving Wall Street
By David Weidner, MarketWatch
After covering the tobacco industry for three years in North Carolina, I moved to New York in 1997 to cover a really dirty business: Wall Street. Fifteen years after I made that switch, I’m moving on again. More on that in a moment.