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Goldman Looks Overseas Amid Derivative Trading Rules
Goldman Sachs (NYSE:GS) units have gained a banking license in Hong Kong and additional access to funding in the United Kingdom, as the New York-based investment bank looks for ways to book trades...
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A trading team at a Wall Street bank got whacked with a near-$100 million loss
The losses keep rolling in for big banks’ trading desks. Jefferies is taking a hit of nearly $100 million on its distressed trading desk, according to Laura J. Keller and Zeke Faux at Bloomberg. The...
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‘Flash crash’ trader extradition hearing to go ahead
Navinder Sarao, the so-called “flash crash” day trader, has failed in his bid to postpone his US extradition hearing. He has been accused by US authorities of market manipulation that contributed to...
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Mom and Pop Outsmart Wall Street Pros
Here’s a bit of role reversal for you: Mom and Pop were content to ride out the market’s volatility this past month, more or less sitting tight. Meanwhile, the pros were driven to the point of near...
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Flash Crash Trader E-Mails Show Spoofing Strategy, U.S. Says
The British day trader accused of contributing to the 2010 flash crash enlisted a computer programmer to help him work out a system to manipulate stock prices, e-mailing pleas for help perfecting his...
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JPMorgan Abandons Floor Trading at the London Metal Exchange
JPMorgan Chase & Co. will leave the floor of the London Metal Exchange, the last open outcry trading in Europe, as clients move to electronic trading. That leaves nine firms, including Societe...
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35 year-old bankers who lose their jobs in 2015 may never get rehired
2015 is not going well. After the chaos of August, J.P. Morgan analyst Kian Abouhossein is predicting that banks’ revenues and earnings per share could fall all the way through to 2017. And not just in...
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Leon Cooperman says blame ‘the machines’ for market volatility
Automated trading is largely to blame for extreme volatility that is scaring retail investors out of the market, a well-known hedge-fund manager said Tuesday. “I think the machines seem to be taking...
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Traders accused of coaching juniors to employ dishonest practices
‘Not only did these traders lie to their customers, but they created a corrupt culture on…(the) trading desk by coaching more junior traders to employ the same deceptive and dishonest trading practices...
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The S&P 500 Hasn’t Seen This Many ‘All or Nothing Days’ Since 2011
Here’s another sign of just how extreme recent stock market trading has been. As Bespoke Investment Group points out, “all or nothing days,” or trading sessions when the number of advancing stocks...
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No More Privacy Phones for Traders
Wall Street has a message for its traders: Watch what you say. At large banks in the U.S. and Europe, traders’ everyday activities are being recorded and monitored more often than ever before. Lately,...
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Ex-NYSE Chief Admits “It’s Not A Fair Market… It’s Bad For The Country”
When a digital dickweed exposes the reality “the equity markets are broken,” it can be shrugged off as the rantings of a kid in his mom’s basement. When an experienced investigative writer claims “the...
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Fired traders won’t leave quietly
As banks try to clean up trading floors beset by benchmark-rigging scandals, not all fired workers are leaving quietly. London’s specialist employment courts offer a chance to get justice, recover lost...
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City bankers ‘bid’ for good-looking women, claims female trader in sex...
City bankers made ‘bids’ for good-looking women and labelled those less attractive as ‘offers only’, a female trader claiming £3.5m for sex discrimination has claimed. Dalal Belghiti, 36, said women...
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Asset Managers Team Up to Develop Standards for Dark Pools
Financial regulators are ramping up efforts to police dark pools, rapidly growing private trading venues. While there was no significant regulatory action against any dark pool before 2011, this year...
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Former trader claims Lloyds made him redundant over whistleblowing
A former foreign exchange trader at Lloyds Banking Group has accused the bank of making him redundant because he was a whistleblower after he raised concerns about the unit, including about a currency...
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One Trader Just Made $1.7 Million on AB InBev’s Impending Offer
A single trade, made yesterday, wagering that shares of Anheuser-Busch InBev NV would surge is now paying off big time. A block of AB InBev calls betting on an 11 percent advance in the next three...
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Much-loved trader dies
He was on the trading floor for 55 years. Robert Newburger, who began trading on the floor of the New York Stock Exchange in 1940 and didn’t stop for 55 years, has died. He was 102. Bloomberg News...
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London Stock Exchange Investigates ‘Fat Finger’ Trade
It’s a bad day for stocks, with markets across Europe jittery and in the red, prompted by uncertainty over the U.S. rate path and worries over the health of the global economy. But one trader may be...
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Empty trading floors a sign of the times
When Goldman Sachs moved into its new tower near the Hudson River in 2009, the sprawlingtrading desks on the fourth, fifth and sixth floors were some of the most active and lucrative in the world. The...
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