Wall Street Cut From Guest List for Jackson Hole Fed Meeting

by The Compliance Exchange on July 22, 2014

Wall Street (SPX) doesn’t lead to Jackson Hole this year.

As the Federal Reserve Bank of Kansas City prepares to host next month’s annual gathering of central bankers in Wyoming, seasoned Fed watchers from the financial markets, including the chief U.S. economists of the biggest American banks, aren’t being invited, according … Read More »

Bankers accused in Libor case may have to wait two years

by The Compliance Exchange on July 22, 2014

Six bankers accusing of manipulating the Libor interest rate may have be forced to wait another two years to discover their fate.

Barclays were fined after six of their bankers allegedly attempted to manipulate the rate.

Peter Johnson, Stylianos Contogoulas, Jonathan Mathew, Alex Pabon, Jay Merchant and Ryan Reich were all at Southwark Crown Court … Read More »

SEC Charges Penny Stock Company CEO and Purported Business Partner for Defrauding Investors With False Press Releases

by The Compliance Exchange on July 22, 2014

The Securities and Exchange Commission today charged a serial con artist and a penny stock company CEO with misleading investors in a supposed vaccine development company by issuing false press releases portraying it as a successful venture when it was in fact a failing enterprise.

The SEC alleges that Christopher … Read More »

Wall Street’s New Enforcers Aim to Muzzle Whistle-Blowers

by The Compliance Exchange on July 22, 2014

Jordan Thomas is chairman of the whistle-blower representation practice at Labaton Sucharow and was a former assistant director in the enforcement division of the Securities and Exchange Commission. Tom Devine is legal director of the Government Accountability Project and co-author of “The Corporate Whistleblower’s Survival Guide: A Handbook for Committing the Truth.”

Welcome to … Read More »

SFO could soon announce criminal investigation into FX manipulation

by The Compliance Exchange on July 22, 2014

U.K. prosecutors are preparing to open a criminal investigation into alleged manipulation of foreign-exchange benchmarks, a person with knowledge of the matter said.

The Serious Fraud Office could announce the investigation as soon as this week, the person said, asking not to be named because the move isn’t public.

Authorities around the world have been investigating … Read More »

Feds crack down on debt collection ‘factory’

by The Compliance Exchange on July 22, 2014

Old debt doesn’t always go away. Collection companies buy it for pennies on the dollar, hoping to make a profit by collecting the uncollectable. But some of these firms use illegal and abusive tactics to get the job done.

Earlier this week, the Consumer Financial Protection Bureau announced it had filed a lawsuit against … Read More »

RBS boss says FX could be more costly than Libor

by The Compliance Exchange on July 22, 2014

Royal Bank of Scotland Group Plc Chief Executive Officer Ross McEwan said the foreign-exchange market scandal could be more expensive to the banking industry than Libor or improperly sold loan insurance.

“Unfortunately it has the hallmarks,” he said in a radio interview with LBC today. “I have the feeling that it … Read More »

Antitrust Regulator to Examine British Banks

by The Compliance Exchange on July 22, 2014

Britain’s antitrust authorities said on Friday that they expected to open a formal investigation into the country’s retail banking industry, citing potential barriers to competition that include the control of a national network of branches by four big banks that offer free banking to many customers.

If the … Read More »

Senate Panel to Examine Renaissance Trading Strategy

by The Compliance Exchange on July 21, 2014

Peter Brown, the co-chief executive of Renaissance Technologies, is scheduled to testify on Tuesday before a Senate panel hearing into a trading strategy that helped the firm pay lower taxes.

Representatives from Barclays and Deutsche Bank have also been called to the hearing by the Senate Permanent Subcommittee … Read More »

Citadel CEO: HFT firms need to be secretive

by The Compliance Exchange on July 21, 2014

Ken Griffin defended the industry as one that has helped market participants and lowered costs.

High-frequency trading is secretive because it has to be, according to the head of one of the industry’s biggest players.

Ken Griffin , CEO of Citadel, defended the industry as one that has helped market participants and lowered … Read More »



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