“JPMorgan Chase & Co must face a lawsuit from shareholders accusing it of securities fraud by misleading them about its ability to manage risk, which surfaced when it lost $6.2 billion in the “London Whale” scandal. “U.S. District Judge George Daniels in Manhattan said shareholders could pursue claims that JPMorgan, Chief Executive Jamie Dimon and […]
“The United States stock market, the most iconic market in global capitalism, is rigged.” “That’s what Michael Lewis told Steve Kroft on the CBS show “60 Minutes” on Sunday evening. It was a clever, if hyperbolic, way for Mr. Lewis to describe the topic of his important new book, “Flash Boys,” a make-your-blood-boil read about […]
“The Federal Bureau of Investigation is probing whether high-speed trading firms are engaging in insider trading by taking advantage of fast-moving market information unavailable to other investors. “The investigation, launched about a year ago, involves a range of trading activities and is still in its early stages, according to a senior FBI official and an […]
“Score one for the humans! Critics of high speed, computer-driven trading have a new champion. “Michael Lewis, one of the nation’s best known financial writers, takes on the topic of high-frequency trading — a strategy in which traders use computer algorithms to buy and sell stocks in the blink of an eye — in his […]
“European corporate bond issuance surged last week as investor demand pushed down interest rates on government bonds from “peripheral” eurozone countries such as Portugal, Spain and Italy to multiyear lows. “The value of European investment-grade corporate bonds issued topped $20bn, the first week it had done so for nearly five years, according to Dealogic. “The […]
“JPMorgan Chase & Co. (JPM) is seeking to become one of the world’s three biggest stock brokers, lifting a division that has fallen behind its capital markets, equity derivatives and investment banking units. “The largest U.S. bank is trying to boost electronic trading and increase commission pools to climb from sixth place in cash-equities trading, […]
“Michael Lewis, the author of Liar’s Poker and The Big Short, has Wall Street on edge. “The prospect of a new book by the prolific former bond salesman turned chief scrutiniser, taking a hard look at the predatory world of high-frequency trading, is spurring industry participants to change their approach to a business that has […]
“Bank of America Corp. should win dismissal of a U.S. Justice Department lawsuit accusing it of misleading investors about the quality of loans tied to $850 million in mortgage-backed securities, a judge said. “The government’s claim that the bank made false statements wasn’t properly supported, U.S. Magistrate Judge David Cayer in Charlotte, North Carolina, said […]
Sunday night, March 30th, 60 Minutes did a story on market structure, computer trading and Michael Lewis’s new book “Flash Boys: A Wall Street Revolt,” which was released March 31. This show (and the book) hopefully will jump start the long simmering, but largely dormant discussion of the many well-known problems with the current markets structure. If […]
WASHINGTON—“U.S. securities regulators, under pressure from the asset-management industry, are preparing to exempt a majority of money-market mutual funds from a central plank of rules intended to curb risks in the $2.6 trillion market, according to people familiar with the agency’s discussions.” “The Securities and Exchange Commission, poised to implement structural changes to money funds […]
“U.S. securities regulators, under pressure from the asset-management industry, are preparing to exempt a majority of money-market mutual funds from a central plank of rules intended to curb risks in the $2.6 trillion market, according to people familiar with the agency’s discussions. “The Securities and Exchange Commission, poised to implement structural changes to money funds […]
“More Chinese companies are heading toward default as higher funding costs and slowing growth weigh on existing debt commitments, according to Morgan Stanley. “The pressures are now on for the corporate default rate to be moving higher,” said Viktor Hjort, the Hong Kong-based head of Asia fixed-income research at the U.S. lender. “Any economy that […]
“Bank of America is paying $6.3 billion to settle a lawsuit arising out of troubled mortgage-backed securities it cobbled together and sold to Fannie Mae and Freddie Mac in the run-up to the financial crisis. “The bank agreed on Wednesday to pay that sum to settle a lawsuit filed on behalf of the two government-sponsored […]
“I’ve heard that charge numerous times from the Conservatives I know — that these government-supported agencies were the ones at fault for the “bad” Mortgages of last decade, and as a result responsible for the ultimate collapse of the Mortgage-Backed-Securities market. This they claim, this govt-charity for the poor, led directly to the Great Recession […]
“Putting to rest one of its biggest remaining headaches, Bank of America Corp. has agreed to pay $9.5 billion to settle claims by Fannie Mae and Freddie Mac. “The government-sponsored mortgage finance giants had demanded compensation from the Charlotte, N.C., bank for losses on securities backed by faulty loans issued during the housing boom. “The […]
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