Citi Analysts Thought Everyone Knew ‘Hold’ Meant ‘Sell’

by The Compliance Exchange on November 26, 2014

A major function of an investment bank is to get people to buy and sell securities. The way this works is pretty much that the banks’ employees get on telephones or airplanes or Bloombergs and tell clients, “Hey here is a security you should buy,” and tell other clients, “Hey here is a security you should sell.”

Should they? The clients, I mean? I don’t know, that is a hard question to answer in the general case. But there seems to be a popular view that the investment bank should mean it when it … Read More »

US Prosecutors Are Coming To London To Interview Currency Traders About Alleged Market Manipulation

by The Compliance Exchange on November 26, 2014

U.S. prosecutors will travel to London in the coming weeks to interview traders about currency market manipulation, the latest sign that authorities are closer to filing criminal charges stemming from the long-running probe, sources told Reuters.

Officials from the U.S. Department of Justice will interview current or former employees at HSBC Holdings plc, among … Read More »

High court judges orders Goldman Sachs to disclose Libya profits

by The Compliance Exchange on November 26, 2014

A high court judge has ordered Goldman Sachs to reveal how much profit it made on a deal that lost Libya’s government more than $1bn when financial bets turned sour.

The Libyan Investment Authority, created in 2006 to look after the country’s oil riches, accused the Wall Street bank of duping … Read More »

CME Market Surveillance Found Lacking by Its Chief Regulator

by The Compliance Exchange on November 26, 2014

big brother animated GIF CME Group Inc. (CME) must improve how it polices trading on some of the biggest exchanges in the world, according to the company’s primary regulator.

Although CME’s markets generally meet their surveillance obligations, shortcomings include taking too long to finish probes, having insufficient investigators and imposing … Read More »

Is Wall Street corruption endemic?

by The Compliance Exchange on November 26, 2014

“If a graduating MBA student were to ask me, ‘How do I get rich in a hurry?’ I would not respond with quotations from Ben Franklin or Horatio Alger, but would instead hold my nose with one hand and point with the other toward Wall Street.” — Warren Buffett

There will come a time … Read More »

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