The Cartel: How BP Used a Secret Chat Room for Insider Tips – Bloomberg
Traders at BP regularly received valuable information from counterparts at some of the world’s biggest banks – including tips about forthcoming trades, details of confidential client business and discussions of stop-losses, the trigger points for a flurry of buying or selling – according to four traders with direct knowledge of the practice.
No Relief in Sight for Battered Currencies – Financial Times (subscription)
Commodity currencies suffered in 2014 as the oil price fell and the US dollar strengthened, yet few are predicting a rebound in 2015.
Ditching US Dollar: China, Russia Launch Financial Tools in Local Currencies – RT
China and Russia have effectively switched to domestic currencies in trading using financial tools as swaps and forwards, as they seek to reduce the influence of the US dollar and foreign exchange risks.
Euro, Global Stock Gains Suggest No Greek Contagion – Financial Times (subscription)
Gains for the euro and global stocks indicated little risk of market contagion from a government crisis in Athens that hammered Greek assets.
Here’s How Banking Pay Will Evolve in 2015 – eFinancialCareers
The history of banking pay is like the history of homo sapiens. Having failed to evolve for a long, long time, there have been some recent dramatic changes. And there may be more changes to come. Here’s what to expect in 2015.
How Trading Jobs Stopped Being Sexy – eFinancialCareers
Trading never offered a brilliant career path, but at least there was a route to glory. In the past, top traders could expect to be given bigger books and broader risk limits. If they performed within these parameters, they could even get out of banking and move to a hedge fund.