News & Commentary
Content posted in January 2013
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Mandatory Electronic Exchange: Determining the Right Market Model for OTC Derivatives
Commentary  |  1/31/2013  | 
While global derivatives regulations are in various stages of implementation, there is a concern that moving bespoke swaps from low-tech, high-touch, bi-lateral voice transactions to multiple trading venues could harm liquidity, according to consultants at Sapient Global Markets.
Deutsche Bank Swallows $4 Bln of Charges for Clean Up
News  |  1/31/2013  | 
Deutsche Bank plunged to its worst quarterly loss in four years on Thursday after it took nearly $4 billion in charges to try and draw a line under a slew of scandals and boost its balance sheet without asking shareholders for cash.
Second Twitter Hoax in Two Days Smacks Another Stock
News  |  1/31/2013  | 
Sarepta Therapeutics became the second company in as many days to see its shares plunge as a result of a Twitter hoax.
Pimco's Gross Calls US Economy 'Supernova' on Path to Extinction
News  |  1/31/2013  | 
Bond guru Bill Gross of Pimco warned on Thursday that the U.S. economy has become too credit-reliant and is requiring more and more government stimulus to produce ever-diminishing rates of growth, much like Japan has experienced over the past decade.

Nasdaq Profit Tops Expectations As Non-Trading Revenues Rise
News  |  1/31/2013  | 
Nasdaq OMX Group reported a higher fourth-quarter profit on Thursday, as an increase in non-transaction-based revenues outweighed an industry-wide drop in trading volumes.

Deutsche Bank Swallows $4 Bln of Charges for Clean Up
News  |  1/31/2013  | 
Deutsche Bank plunged to its worst quarterly loss in four years on Thursday after it took nearly $4 billion in charges to try and draw a line under a slew of scandals and boost its balance sheet without asking shareholders for cash.

The Hedge Fund Transparency Challenge
News  |  1/31/2013  | 
As hedge funds face an onslaught of financial regulations and data reporting requirements from regulators and investors, they're scrambling to aggregate data and calculate risk metrics.
Economic Outlook: Europe Stabilizes, Debt Worries Mount
Commentary  |  1/30/2013  | 
Europe is finally stabilizing, while Latin America's problems continue to get worse, according to Rebellion Research's Chief Investment Officer.
Despite High Hopes, BB10 Likely To Become Only A Niche Player
Commentary  |  1/30/2013  | 
The new platform offers a different user experience, but this might not be enough to reverse the company's slide.
From RIM to BlackBerry, A Company in Transition
News  |  1/30/2013  | 
Research In Motion Ltd has launched its new line of re-engineered BlackBerry smartphones, taking the wraps off the long-delayed devices at a series of events around the world on Wednesday.

JPMorgan Bet Against Itself in 'Whale' Trade
News  |  1/30/2013  | 
There is a new twist in the London Whale trading scandal that cost JPMorgan Chase $6.2 billion in trading losses last year. Some of the firm's own traders bet against the very derivatives positions placed by its chief investment office, said three people familiar with the matter.
Chinese Investment Bank Builds Algo Strategies for Retail Customers, Taps Progress Apama Platform
News  |  1/30/2013  | 
Citing demand from high-net worth retail customers, China Merchant Securities is providing eight common strategies for equities and equity derivatives, and plans to expand the offering to institutional clients in the future.
Follow The Money: Transform Your IT Supply Chain
News  |  1/30/2013  | 
To avoid a future that repeats the past, organizations need to establish core tenets for how they approach contracts and manage the IT supply chain.
Dell Founder May Control PC Maker After Buyout-Bloomberg
News  |  1/30/2013  | 
Dell Inc's founder and chief executive may pay as much as $1 billion out of his personal fortune to assume control of the world's No. 3 PC maker in a leveraged buyout, Bloomberg News reported on Wednesday citing people familiar with the matter.

Fidelity Contrafund Cut Apple Stake 3 Pct in December
News  |  1/30/2013  | 
Portfolio manager Will Danoff, whose $85 billion Fidelity Contrafund is the largest active shareholder in Apple Inc, trimmed his holdings in the maker of the iPhone by 3.1 percent in December.

Nasdaq OMX to Combine Global Data and Index Businesses
News  |  1/29/2013  | 
Exchange operator looks to combined unit for data distribution and product innovation as a revenue opportunity.
Insider Trading Escalates At Hedge Funds, Reflecting Weak Controls
Commentary  |  1/29/2013  | 
The ongoing proliferation of insider trading cases at hedge funds points to the need for more transparency into investment decisions and trading processes. One way to stop the pattern is for hedge funds to form internal control groups that scrutinize the links between investment themes and material non-public information.
US Treasury Allowed Excessive Pay at TARP Firms
News  |  1/29/2013  | 
The Treasury Department failed to curb executive pay last year for the second year running at companies rescued by the government.
ICE's CEO Has Fielded Calls About Selling Euronext
News  |  1/29/2013  | 
ICE has received inquiries from rivals interested in buying NYSE Euronext's European stock exchanges once ICE completes its purchase of the New York-based exchange operator.
U.S. Probed Media's Handling of Economic Data — Source
News  |  1/29/2013  | 
U.S. law enforcement authorities conducted an investigation into whether media companies facilitated insider trading by prematurely releasing market-sensitive government data, but decided not to bring charges, a source familiar with the probe said.

RBS Close to Libor Settlement with U.S., UK Authorities - WSJ
News  |  1/29/2013  | 
Royal Bank of Scotland Group is close to a 500 million pounds ($785.32 million) settlement with U.S. and British authorities over claims that some of its employees submitted false Libor rates, the Wall Street Journal reported, citing people briefed on the negotiations.

Video: The Future Of Data Management
News  |  1/29/2013  | 
Larry Tabb of TABB Group recently discussed with WS&T senior editor Melanie Rodier how firms are adapting their data management processes to the post-financial-crisis environment.
Optimizing Your Data Management Strategy in 2013
Commentary  |  1/28/2013  | 
Data governance is a trend that has moved back to the forefront of the "how to manage information" discussion.
Buy Side Needs to Assess Readiness for Derivatives Regs
News  |  1/28/2013  | 
With mandatory clearing of derivatives set to begin on March 13, Woodbine Associates provides a checklist for buy-side firms to assess their readiness for new derivatives regulations, including clearing, execution venues and pre-trade analysis.
Peregrine Financial's ex-CEO's ex-Wife Sued Over Divorce Money
News  |  1/28/2013  | 
Some of the more than $100 million Peregrine Financial's former chief executive stole from his brokerage's clients went to pay for his divorce settlement, the trustee of the now-bankrupt brokerage said in a lawsuit late Friday against the former wife.

The Other Side Of An Insider Trading Investigation
News  |  1/28/2013  | 
When the SEC suspects an organization is involved in fraud, the investigation can last for months, if not years.
Peregrine Financial's ex-CEO's ex-Wife Sued Over Divorce Money
News  |  1/28/2013  | 
Some of the more than $100 million Peregrine Financial's former chief executive stole from his brokerage's clients went to pay for his divorce settlement, the trustee of the now-bankrupt brokerage said in a lawsuit late Friday against the former wife.

The Kyte Group Goes Live with AlgoSpan
News  |  1/28/2013  | 
Futures commission merchant The Kite Group is tapping AlgoSpan for low-latency infrastructure and access to European exchanges/MTFs, to meet the demands of HFT clients and hedge funds.
Spain May End Short-Selling Ban as Crisis Eases
News  |  1/28/2013  | 
Spain may end its ban on short-selling stocks and bonds this week as the euro zone crisis relents, although controls could stay for bank shares which speculators targeted heavily during last year's turmoil.

Bank of America Begins Moving $50 bln of Derivatives to UK - FT
News  |  1/28/2013  | 
Bank of America has begun moving $50 billion of derivatives out of its Irish-based operations into its British subsidiary, The Financial Times reported on its website on Sunday, citing people close to the operation.

Hedge Funds Jostling to Bet Against France's Peugeot
News  |  1/25/2013  | 
Hedge fund short-sellers have hoovered up nearly all available shares in Peugeot in their scramble to bet the French carmaker will be an early victim in an industry struggling to overcome a collapse in European sales.

Raymond James CEO: Post-Integration, New Name for Morgan Keegan
News  |  1/25/2013  | 
Raymond James Financial Inc Chief Executive Officer Paul Reilly expects more advisers to join the firm once it finishes the integration of its Morgan Keegan brokerage unit next month.

IT Job Prospects Looking Good for Finance Tech Pros
Commentary  |  1/25/2013  | 
IT workers have reasons to be optimistic about their careers, after two reports say salaries are increasing and technologists are in high demand.
Lautenberg Charity, Other Madoff Investors Try to Revive Claims
News  |  1/25/2013  | 
A federal appeals court signaled that victims of Bernard Madoff's fraud more than four years ago might be allowed to eventually sue the swindler's family members over their losses, if they're willing to wait longer.

SEC taps Capitol Police Inspector General as Top Watchdog
News  |  1/25/2013  | 
The U.S. Securities and Exchange Commission has selected a criminal investigator as the agency's new top internal watchdog, a hire that comes just one day after President Barack Obama tapped a former criminal prosecutor to chair the SEC.

Does The SEC Really Need Mary Jo White?
News  |  1/25/2013  | 
Some observers have serious reservations about the former John Gotti prosecutor.
What Does the Sale of Eze Castle, RealTick OMS/EMS Platforms Mean for the Buy Side?
News  |  1/25/2013  | 
In spinoff from ConvergEx, Eze Castle OMS and RealTick EMS will soon have a new financial backer, TPG Capital, focused on software. Will this impact buy side clients?
When Wall Street Meets Antitrust Enforcers
News  |  1/25/2013  | 
Antitrust enforcers are increasingly scrutinizing the world's major banks.
Whitman Capital Founder Gets Two Years for Insider Trades
News  |  1/25/2013  | 
Hedge fund manager Doug Whitman was sentenced to two years in prison after he became the first defendant in a broad U.S. crackdown on insider trading to take the stand to convince jurors of his innocence.
Open Letter to Mary Jo White
Commentary  |  1/25/2013  | 
Themis Trading's letter to Mary Jo White asks the SEC Chairman nominee to consider regulating dark pools, changing the SRO rule-making process and banning payment for order flow at all levels.
Market Ebullience Due a Reality Check
News  |  1/25/2013  | 
Only four weeks into the new year, ebullient world stock markets have clocked up gains of more than four percent, so already there are murmurs about whether it's too much, too soon.

Italy's Monti Calls for Investigation of Monte Paschi Scandal
News  |  1/25/2013  | 
Italian Prime Minister Mario Monti called on Friday for an immediate investigation of a widening scandal at Monte dei Paschi di Siena over the historic bank's losses of nearly $1 billion in a series of complex derivatives deals.

Financial Industry Is Massively Underprepared for OTC Regulation
News  |  1/24/2013  | 
Meanwhile, 95 percent of firms said they are already trading swaps or other OTC derivatives.
Obama to Tap Former Federal Prosecutor to Head SEC
News  |  1/24/2013  | 
President Barack Obama will nominate former federal prosecutor Mary Jo White to head the SEC.
The Great Rotation: A Flight to Equities in 2013?
News  |  1/24/2013  | 
One of the big investment shifts of our day may be at hand - regardless of how global markets actually perform this year.
Banks Try to Put Past Sins Behind Them at Davos
News  |  1/24/2013  | 
Leaders of the world's largest banks have gone some way to persuading investors that their industry's near-death experience is over, even though the public still don't trust them.
ICE Eyes IPO of NYSE Euronext's Equity Exchanges in Europe After Deal Closes
News  |  1/24/2013  | 
InterContinental Exchange is buying NYSE Euronext to become a global powerhouse in derivatives, but European equities are a different story.
The Future of Data Management
The Future of Data Management
Wall Street & Technology Videos  |  1/24/2013  | 
Larry Tabb, founder and CEO of TABB Group, recently discussed with WS&T senior editor Melanie Rodier how financial institutions are adapting their data management processes to the post-financial crisis environment.
Janus Earnings Beat Street, But Fund Outflows Continue
News  |  1/24/2013  | 
Asset manager Janus Capital Group Inc posted higher-than expected fourth-quarter earnings on Thursday, but customers continued pulling cash out of its funds.

UK Court Forces Barclays to Reveal Staff on Libor List
News  |  1/24/2013  | 
A British judge forced Barclays to identify top executives alongside traders linked to a probe into rate fixing, naming ex CEOs Bob Diamond and John Varley and current Finance Director Chris Lucas on Thursday despite requests for anonymity.

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