News & Commentary
Content posted in August 2012
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Europe Still Holds an Allure to U.S. Asset Managers
Commentary  |  8/31/2012  | 
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
News  |  8/31/2012  | 
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
News  |  8/31/2012  | 
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
News  |  8/31/2012  | 
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
News  |  8/31/2012  | 
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
News  |  8/30/2012  | 
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
News  |  8/30/2012  | 
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
News  |  8/30/2012  | 
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
News  |  8/30/2012  | 
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
News  |  8/30/2012  | 
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
News  |  8/30/2012  | 
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
News  |  8/30/2012  | 
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
News  |  8/30/2012  | 
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
News  |  8/29/2012  | 
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
News  |  8/29/2012  | 
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
News  |  8/29/2012  | 
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
News  |  8/29/2012  | 
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
News  |  8/29/2012  | 
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
News  |  8/29/2012  | 
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
News  |  8/28/2012  | 
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
News  |  8/28/2012  | 
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
News  |  8/28/2012  | 
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
News  |  8/28/2012  | 
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
News  |  8/27/2012  | 
Firms including Infinium Capital Management and AJO Partners are supporting the research.
Today's Market Structure Obscuring Real Value of Equities
Commentary  |  8/27/2012  | 
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
News  |  8/27/2012  | 
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
News  |  8/27/2012  | 
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
Commentary  |  8/27/2012  | 
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
News  |  8/24/2012  | 
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
Trading Floors  |  8/24/2012  | 
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
News  |  8/24/2012  | 
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
Slideshows  |  8/24/2012  | 
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
News  |  8/24/2012  | 
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
News  |  8/24/2012  | 
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
News  |  8/24/2012  | 
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
News  |  8/24/2012  | 
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
News  |  8/24/2012  | 
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
Commentary  |  8/24/2012  | 
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
Commentary  |  8/23/2012  | 
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
News  |  8/23/2012  | 
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
News  |  8/23/2012  | 
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
News  |  8/23/2012  | 
Purple helicopter to the rescue.
Goldman Tells Clients to Bail Out of Equities As Fiscal Cliff Looms
Commentary  |  8/23/2012  | 
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
News  |  8/23/2012  | 
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
News  |  8/23/2012  | 
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
News  |  8/22/2012  | 
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
Commentary  |  8/22/2012  | 
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
News  |  8/22/2012  | 
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
News  |  8/22/2012  | 
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
News  |  8/21/2012  | 
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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