Article: SEC Launches Review Of High-Frequency Traders’ Market Abuses

Article - Media

SEC Launches Review Of High-Frequency Traders’ Market Abuses

Tyler Durden, 09 June 2021

Nearly 8 years have passed since Michael Lewis published “Flash Boys”, raising awareness of the relatively new practice of high-frequency trading and its transformative impact on markets, allowing the most technologically-advanced traders to effectively see a picture of the market that’s nanoseconds ahead of what their non-NFT peers see, giving them a massive advantage.

Now, the SEC is finally considering changing the rules of how stocks are priced and traded to stop exchanges from incentivizing brokers (nowadays, particularly retail trading brokerages that have seen an explosion of activity in the past couple of years).

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Article: Meme Stocks Mania: What Is ‘Naked Shorting’ and Why Is It Trending on Twitter?

Article - Media

Meme Stocks Mania: What Is ‘Naked Shorting’ and Why Is It Trending on Twitter?

William White, 07 June 2021

Naked shorting is trending on Twitter (NYSE:TWTR) today and it looks like there’s no end in sight to the meme stock mania as users react to the news that kicked this all off.

All of the excitement around naked shorting started after CNBC host Melissa Lee mentioned that the practice was taking place with shares of AMC Entertainment (NYSE:AMC) stock. The host said the following while discussing the matter.

“There’s a lot of people, a lot of short sellers out there borrowing stock they didn’t have.” Continue reading “Article: Meme Stocks Mania: What Is ‘Naked Shorting’ and Why Is It Trending on Twitter?”

Article: BofA Hit Hardest as EU Fines Bond-Trading Trio $34 Million

Article - Media, Publications

BofA Hit Hardest as EU Fines Bond-Trading Trio $34 Million

Aoife White, 28 April 2021

Bank of America Corp. Credit Suisse Group AG and Credit Agricole SA were fined about 28.5 million euros ($34 million) by European Union regulators for colluding on trading of U.S. supra-sovereign, sovereign and agency bonds.

Bank of America got the largest individual penalty of 12.6 million euros, while Credit Suisse was fined 11.9 million euros and Credit Agricole was ordered to pay more than 3.9 million euros. Deutsche Bank AG participated in the cartel but dodged a potential penalty of about 21.5 million euros because it was the first to inform the EU about the illegal behavior. Continue reading “Article: BofA Hit Hardest as EU Fines Bond-Trading Trio $34 Million”

Article: EU Fines Trio of Banks $34 Million for Bond-Trading Cartel

Article - Media, Publications

EU Fines Trio of Banks $34 Million for Bond-Trading Cartel

Aoife White, 28 April 2021

Bank of America Corp., Credit Suisse Group AG and Credit Agricole SA were fined a total of about 28.5 million euros ($34 million) by European Union regulators for colluding on trading of U.S. supra-sovereign, sovereign and agency bonds.

Bank of America got the largest individual penalty of 12.6 million euros. Credit Suisse was fined 11.9 million euros and Credit Agricole was ordered to pay more than 3.9 million euros. Deutsche Bank AG participated in the cartel but wasn’t fined because it was the first to inform the EU about the illegal behavior. Continue reading “Article: EU Fines Trio of Banks $34 Million for Bond-Trading Cartel”

Article: Digital art frenzy raises questions for tax, law enforcement

Article - Media, Publications

Digital art frenzy raises questions for tax, law enforcement

Caitlin Reilly, 13 April 2021

The sale last month of a digital piece of art for a near-record price raises new questions about a technology that the financial sector sees as offering great opportunity.

Christie’s auctioned the artwork for $69 million and recorded the transaction on a public blockchain as a “non-fungible token,” or NFT. The digital collage incorporating 5,000 separate digital images was created by Beeple, whose real name is Mike Winkelmann, and can be seen on the auction house website. Continue reading “Article: Digital art frenzy raises questions for tax, law enforcement”

Article: Caught in a bear trap: How ‘short and distort’ attacks are costing Australian investors billions

Article - Media

Caught in a bear trap: How ‘short and distort’ attacks are costing Australian investors billions

Adele Ferguson

Sydney Morning Herald,

Australia has become a paradise for a new, aggressive form of short selling. And regulators’ failure to act is costing investors billions.

Dubbed the “short and distort” gang, a group of largely foreign-based research houses issue highly damaging reports, designed to cause maximum damage to the companies they target.

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Subject: Mary Jo White

Subject of Interest

Mary Jo White is an American attorney who served as the 31st Chair of the Securities and Exchange Commission (SEC) from 2013 to 2017. She was  the United States Attorney for the Southern District of New York, serving from 1993 to 2002. On January 24, 2013, President Barack Obama nominated White to replace Elisse B. Walter as Chair of the U.S. Securities and Exchange Commission. She was confirmed by the Senate on April 8, 2013 and was sworn into office on April 10, 2013. On November 14, 2016, White announced she would step down from her SEC position at the end of the president’s term and is now the Senior Chair at Debevoise & Plimpton. She received a bachelor of arts from the College of William & Mary in 1970. She earned an master of arts in psychology in 1971 from The New School for Social Research and a Juris Doctor degree from Columbia Law School in 1974.

Biography

Debevoise & Plimpton

Analyst: Edward White

Analyst

Edward White is a Managing Director of Equity Research at H.C. Wainwright whose research focuses on both the biotechnology and the specialty pharmaceutical sectors. Mr. White’s expertise covers companies operating in the oncology, immune-oncology, infectious disease, and gastrointestinal sectors. Prior to working at H.C. Wainwright, Mr. White has worked as a Wall Street Healthcare Analyst, on both the buy-side and the sell-side, since 1996. Mr. White’s previous sell-side experience includes working for Fahnestock & Company (now Oppenheimer), Gerard, Klauer, Mattison & Company (now BMO Capital Markets), Deutsche Bank Securities, and a couple of boutique firms.

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