Article: Four non-Japanese Toshiba Corp. directors call for shake-up after explosive probe

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Four non-Japanese Toshiba Corp. directors call for shake-up after explosive probe

SOURAV D , 12 June 2021

On Friday, four non-Japanese independent directors of Toshiba Corp., the Tokyo-based multinational conglomerate focused on a swathe of sectors ranging from utility to industrial to consumer electronics goods, called for a sweeping overhaul of the company’s management and board after an investigation had unveiled a potential tie-up between Toshiba Corp and the Japanese Government aimed at ‘beating up’ foreign shareholders, sending shockwaves into the Japanese securities.

In point of fact, latest leg of explosive findings on Toshiba Corp’s securities exchange malpractice to squeeze more money out of foreign shareholders, would likely to add to further restrain on influx of foreign capitals into the Japanese money markets following a much-debated Ghosn scandal in late-2018 which had significantly loosened the Nissan-Renault-Mitsubishi alliance, suggested analysts. Continue reading “Article: Four non-Japanese Toshiba Corp. directors call for shake-up after explosive probe”

Article: US and eurozone consumer confidence hit one-year highs; German inflation jumps – as it happened

Article - Media, Publications

US and eurozone consumer confidence hit one-year highs; German inflation jumps – as it happened

Graeme Wearden,  30 March 2021

US consumer confidence has leapt sharply this month, hitting its highest level since the pandemic began. Stimulus spending and vaccine rollout are spurring hopes of an economic recovery.

US house prices have also continued their recent climb:

In the eurozone, economic confidence has also jumped to a one-year high. Industrial firms, services companies and consumers all reported more optimism about the future.

French consumer confidence also picked up.

In Germany, inflation has risen – hitting 2% on an EU-harmonised basis. Economists predict it will keep rising in the coming months, with higher energy prices partly to blame. Continue reading “Article: US and eurozone consumer confidence hit one-year highs; German inflation jumps – as it happened”

Article: A “Very Surprised” JPMorgan Calculates The Damage From The Archegos Collapse

Article - Media, Publications

A “Very Surprised” JPMorgan Calculates The Damage From The Archegos Collapse

TYLER DURDEN,  30 March 2021

Unlike the devastating London Whale debacle in 2012, which was all JPMorgan eventually drawn and quartered quite theatrically before Congress (and was a clear explanation of how banks used Fed reserves to manipulate markets, something most market participants had no idea was possible), this time JPMorgan was nowhere to be found in the aftermath of the historic margin call that destroyed hedge fund Archegos. Which is may explain why JPMorgan bank analyst Kian Abouhossein admits he is quite “puzzled” by the recent fallout from the Archegos implosion (or maybe JPM simply was not a Prime Broker of the notorious Tiger cub), which however does not prevent him from trying to calculate the capital at risk from the Archegos collapse. Continue reading “Article: A “Very Surprised” JPMorgan Calculates The Damage From The Archegos Collapse”

Article: Banks Can Argue Funds Passed On UK Forex Rigging Losses

Article - Media, Publications

Banks Can Argue Funds Passed On UK Forex Rigging Losses

Christopher Crosby, 25 February 2021

Institutional investors suing some of the world’s largest banks for manipulating the foreign exchange market will have to prove their losses were not passed on to others after a London court ruled on Thursday that the issue has to be determined at trial.

Nigel Teare, sitting as a judge at the High Court, refused to knock down the legal defense raised by Barclays, CitiBank, HSBC and other lenders to fight claims for damages for allegedly manipulating benchmark rates in the forex market.. Continue reading “Article: Banks Can Argue Funds Passed On UK Forex Rigging Losses”

Article: Government Is Broadening Investigations of Spoofing-Like Practices

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Government Is Broadening Investigations of Spoofing-Like Practices

Dave Michaels, 17 March 2020

WASHINGTON—Authorities are investigating whether traders at JPMorgan Chase & Co. manipulated the market for Treasury securities and futures contracts, according to regulatory disclosures and people familiar with the matter.

The investigation shows that federal prosecutors and regulators continue to expand a campaign against an illicit practice known as spoofing, which has mainly focused on wily trading in derivatives. A move to scrutinize whether similar practices have affected the $17 trillion market for Treasury securities would open a new, and potentially more complicated, front in the war on spoofing.

The bank disclosed in a Feb. 25 regulatory filing that it is dealing with “related requests concerning similar trading-practices issues in markets for other financial instruments, such as U.S. Treasurys.” According to people familiar with the matter, the investigation also is probing the bank’s trading in futures. It couldn’t be learned which time period authorities are focusing their investigation on.

The Justice Department’s Fraud Section and regulators at the Commodity Futures Trading Commission are involved, the people said. A spokeswoman for JPMorgan declined to comment. A spokesman for the Justice Department declined to comment.

Regulators and other authorities cracked down on spoofing after Congress specifically outlawed the feinting strategy in 2010. Citigroup Inc. paid $25 million in 2017 to settle regulatory claims that five traders spoofed Treasury futures. The same year, the Bank of Tokyo-Mitsubishi UFJ, Ltd. paid $600,000 to resolve CFTC claims over similar misconduct.

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Release: CFTC Orders Two Trading Firms, Bank to Pay a Total of $3 Million for Spoofing

Release

CFTC Orders Two Trading Firms, Bank to Pay a Total of $3 Million for Spoofing

CFTC, 1 October 2019

The U.S. Commodity Futures Trading Commission today announced that civil enforcement actions were filed and simultaneously settled against two trading firms and one bank for violating the Commodity Exchange Act’s (CEA) prohibition on spoofing (bidding or offering with the intent to cancel the bid or offer before execution). These cases were brought in connection with the Division of Enforcement’s Spoofing Task Force.

“As these cases demonstrate, the CFTC is committed to preserving the integrity of our markets—like the financial and precious metals futures markets at issue here—and to rooting out unlawful practices like spoofing,” said CFTC Enforcement Director James McDonald. “We will continue to vigilantly investigate and prosecute misconduct by entities that spoof in our markets.”

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Article: JPMorgan, UBS among five banks facing £1 billion FX-rigging suit

Article - Media, Publications

JPMorgan, UBS among five banks facing £1 billion FX-rigging suit

Bloomberg, 29 July 2019

London: JPMorgan Chase & Co and UBS Group AG are among five banks being sued over allegations of foreign-exchange rigging in a class-action lawsuit seeking more than £1 billion ($1.2 billion, Dh4.4 billion).

Barclays Plc, Citigroup Inc and Royal Bank of Scotland Group Plc are also among the targets of the UK suit that will say pension funds, asset managers, hedge funds and corporations lost out because of market manipulation between 2007 and 2013 and should be compensated.

The lawsuit centres on collusion on foreign-exchange trading strategies, for which the European Commission fined Barclays, RBS, Citigroup, JPMorgan and Mitsubishi UFJ Financial Group, Inc a total of €1.07 billion ($1.2 billion) in May. UBS escaped a fine because it was the first to tell regulators about the collusion. Continue reading “Article: JPMorgan, UBS among five banks facing £1 billion FX-rigging suit”