The Unravelling of Tom Hayes, Part Three: The U-Turn – Wall Street Journal (subscription)
Tom Hayes came bearing big news when he arrived at his lawyers’ offices in central London in August 2013. He had decided to fight the criminal charges filed against him by the UK’s Serious Fraud Office. Lydia Jonson, his lawyer at the time, delivered a blunt response. “The SFO will crush you.”
Blockchain Initiative Backed by Nine Large Investment Banks – Financial Times (subscription)
Nine of the largest investment banks, including Goldman Sachs, JP Morgan and Credit Suisse, are planning to develop common standards for blockchain technology in an effort to broaden its use across financial services.
Mind The Gap – Profit & Loss (subscription)
The numerous benefits that technology has brought, and continues to bring, to the FX market have been well documented, but some banking sources have expressed concerns about some of the risks created as a by-product of this technology. One issue flagged by these sources when discussing banks’ FX risk management capabilities is that new traders coming into the industry don’t have the same level of understanding around how risk operates as they once did.
A New Paradigm for Prime Services – Profit & Loss (subscription)
As many prime brokers continue to withdraw their services from smaller clients, the prime-of-primes are seeing more business come their way. Profit & Loss looks at the implications of this trend for the FX market and asks whether it is a temporary shift or a permanent evolution for the industry.
Rules for ‘Dark Pool’ Trading Need Strengthening: Report – Reuters
US regulators need to accelerate their efforts to beef up the rules governing “dark pool” trading platforms to better protect investors from poor trade execution and conflicts of interest, according to a new report released Tuesday.
FX: Debate on Last Look Continues to Rage – Euromoney
Regulators might be suspicious of it, but even market participants who have shifted their stance on last look reckon clients should be allowed to make up their own minds.
European Bankers Can’t Catch a Break as Firings Keep Coming – Bloomberg
New management teams at Deutsche Bank, Barclays and Standard Chartered are among executives contemplating reorganisations that could involve thousands of job reductions.
Translating Wall Street: Know Your Trading Slang – Financial News (subscription)
Monkey, bang, slam, hammer, spoof, alligator, pony, put some pants on it: Can you tell what these traders are talking about?