Nomura Issues Apology to Investors after almost $300 Million Lost in Exchange Traded Note

Nomura Issues Apology to Investors after almost $300 Million Lost in Exchange Traded Note

Japanese Bank, Nomura has issued an apology to investors after almost $300 Million (96%) was wiped out on its Exchange Traded Note (ETN).   The ETN was early redeemed by Nomura at ¥1,144 per unit, valued at ¥1.3 billion (Tokyo 3 pm on 7th February 2018) , down from ¥32 billion (5th February 2018), a 96% in a few days.  Credit Suisse is also buying back a volatility ETN that has declined almost 95% from a peak of $2 billion in January 2018.

” Nomura Early Redeems ETN after 96% Loss in a few days “

The product is listed, and can be bought by individuals and institutional investors.  The ETN (Nomura’s Next Notes S&P500 VIX Short-Term Futures Inverse Daily Excess Return Index ETN) was structured to to track the opposite of the daily return of S&P Vix short-term futures index.

Source: Bloomberg, Japan Times

 

About Nomura Group

Nomura is an Asia-headquartered global investment bank with an integrated network spanning over 30 countries. By connecting markets East & West, we service the needs of individuals, institutions, corporates and governments through our three business divisions: Retail, Asset Management, and Wholesale (Global Markets and Investment Banking).

Visit: Nomura Group

 


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UK Authority Fines ex-RBS Trader £250,000 for Manipulating Libor Rates

UK Authority Fines ex-RBS Trader £250,000 for Manipulating Libor Rates

UK Financial Conduct Authority (FCA), has fined ex-RBS interest rate derivatives trader, Neil Danziger, a sum of £250,000 for Libor misconduct.  Neil has committed the offences while he was working at the RBS trading products desk, referencing to JPY LIBOR.

” ex-RBS Trader fined £250,000 for Libor misconduct “

Between 2007 to 2010, he had made requests to RBS’s primary submitters, benefiting from the trade positions he and his fellow derivatives traders were responsible for.  He had also twice, secured the help of a broker to manipulate the JPY LIBOR submission of other banks.  Between 2008 and 2009, he had also entered into “wash trades” or transactions that cancelled out each other, to generate brokerage fees to brokers in return for receiving hospitality treats (dining & drinks).  In addition to the fine of £250,000, the ex-RBS trader is also prohibited from working in the financial services.

Since 1st April 2013, the FCA has became responsible for conduct supervision of all regulated financial firms, and imposed 7 penalties totalling £426 million in fines on firms for misconduct relating to LIBOR.

Source: Financial Conduct Authority

 

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About Royal Bank of Scotland

Today’s RBS and its brands are made up of hundreds of past banks. They were all different – large and small, city and country, traditional and innovative – and grew to serve the banking needs of unique communities all over the United Kingdom. Each one has left its mark on our identity today.  The Royal Bank of Scotland was founded in Edinburgh in 1727. It went on to become one of the biggest banks in Scotland.

Visit: Royal Bank of Scotland

 

About Financial Conduct Authority

The Prudential Regulation Authority (PRA) is the prudential regulator of around 1,500 banks, building societies, credit unions, insurers and major investment firms. As a prudential regulator, it has a general objective to promote the safety and soundness of the firms it regulates.

We were established on 1 April 2013, taking over responsibility for conduct and relevant prudential regulation from the Financial Services Authority.

Visit: FCA


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Billionaire Carlos Slim Sold New York Times shares for $240 Million

Billionaire Carlos Slim Sold New York Times shares for $240 Million

Mexican billionaire Carlos Slim has sold more than half of 17 percent stake in the New York Times Co. to U.S. hedge fund investors more $240 million.  The sale structure is expected to create tax benefits for the billionaire.

“Slim Sell more than half of his New York Times shares for $240 Million”

After the selloff, he is still the second-largest NYT shareholder, behind Black Rock’s 8.1 percent stake.  He had acquired shares in the New York Times after lending the company $250 million in 2009.

Source: New York Post, Bloomberg

 

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European Union Publishes Blacklist of 17 Tax Havens

European Union Publishes Blacklist of 17 Tax Havens

The European Union have published a long-awaited blacklist of global tax havens.  17 countries have been named in the latest step in the bloc’s crackdown for failing to meet agreed tax good governance standards.  The 17 countries are: American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates.  Blacklisted countries could lose access to EU funds and other possible countermeasures.

“ EU publishes blacklist of 17 tax havens ”

In addition, 47 countries have committed to addressing deficiencies in their tax systems and to meet the required criteria. However, they need to meet EU criteria by the end of 2018, or 2019 for developing countries without financial centres, to avoid being listed.

 

Blacklist Tax Havens:
American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia, United Arab Emirates

Improve Transparency Standards:
Armenia, Bosnia & Herzegovina, Botswana, Cape Verde, Hong Kong SAR, Curaçao, Fiji, Former Yugoslav Republic of Macedonia, Jamaica, Maldives, Montenegro, Morocco, New Caledonia. Oman, Peru, Qatar, Serbia, Swaziland, Taiwan, Thailand, Turkey, Vietnam.

Improve Fair Taxation
Andorra Armenia, Aruba, Belize, Botswana, Cape Verde, Cook Islands, Curaçao, Fiji, Hong Kong SAR, Jordan, Labuan Island, Liechtenstein, Malaysia, Maldives, Mauritius, Morocco, Niue, St Vincent & Grenadines, San Marino, Seychelles, Switzerland, Taiwan, Thailand, Turkey, Uruguay, Vietnam

Introduce substance requirements
Bermuda; Cayman Islands; Guernsey; Isle of Man; Jersey; Vanuatu.

Commit to apply OECD BEPS measures
Albania, Armenia, Aruba; Bosnia & Herzegovina, Cape Verde, Cook Islands, Faroe Islands, Fiji, Former Yugoslav Republic of Macedonia, Greenland, Jordan, Maldives, Montenegro, Morocco, Nauru, New Caledonia, Niue, Saint Vincent & Grenadines, Serbia, Swaziland, Taiwan, Vanuatu

Source: Reuters, Telegraph, Europa.eu, Europa.eu

 

 

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About European Union

The European Union is a unique economic and political union between 28 European countries that together cover much of the continent.  The predecessor of the EU was created in the aftermath of the Second World War. The first steps were to foster economic cooperation: the idea being that countries that trade with one another become economically interdependent and so more likely to avoid conflict.

The result was the European Economic Community (EEC), created in 1958, and initially increasing economic cooperation between six countries: Belgium, Germany, France, Italy, Luxembourg and the Netherlands.  Since then, 22 other members joined and a huge single market (also known as the ‘internal’ market) has been created and continues to develop towards its full potential.  What began as a purely economic union has evolved into an organization spanning policy areas, from climate, environment and health to external relations and security, justice and migration. A name change from the European Economic Community (EEC) to the European Union (EU) in 1993 reflected this.

The EU has delivered more than half a century of peace, stability and prosperity, helped raise living standards and launched a single European currency: the euro. More than 340 million EU citizens in 19 countries now use it as their currency and enjoy its benefits.  Thanks to the abolition of border controls between EU countries, people can travel freely throughout most of the continent. And it has become much easier to live, work and travel abroad in Europe. All EU citizens have the right and freedom to choose in which EU country they want to study, work or retire. Every member country must treat EU citizens in exactly the same way as its own citizens for employment, social security and tax purposes.

The EU’s main economic engine is the single market. It enables most goods, services, money and people to move freely. The EU aims to develop this huge resource to other areas like energy, knowledge and capital markets to ensure that Europeans can draw the maximum benefit from it.

Visit: European Union

 


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Hedge Fund Manager Neil Chriss is Closing His $2.2 Billion Firm Hutchin Hill Capital

Hedge Fund Manager Neil Chriss is Closing His $2.2 Billion Firm Hutchin Hill Capital

Neil Chriss is closing his $2.2 billion hedge fund firm Hutchin Hill Capital LP after three years of poor performance and will be returning all capital to investors.  In 2017, Hutchin Hill lost 5.5%  this year through mid-November.  The firm had returned a net cumulative 83.2 percent and 6.6% on an annually since 2008.

“Hedge Fund Manager Neil Chriss is closing His $2.2 Billion Firm Hutchin Hill”

Neil has a doctorate in mathematics from the University of Chicago, and have previously worked for Morgan Stanley, Goldman Sachs and SAC Capital.  As a sophomore in high school, he had built a videogame called D’ Fuse and sold it to Tymac.

Source: Reuters, Bloomberg

 

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Tencent Becomes Asia’s First Company to Cross $500 Billion in Market Value

Tencent Becomes Asia’s First Company to Cross $500 Billion in Market Value

Tencent becomes the first Asian company to top $500 billion in market value, hitting a high of HK$437.40 ( 22nd November 2017).  This gives Tencent a market value of HK$4.15 trillion or $532 billion at an exchange rate of USDHKD 7.69.

” Tencent Crosses $500 Billion in Market Value, Becomes Asia’s Most Value Company “

The only companies with more than $500 billion market value in the world are Apple, Alphabet, Microsoft and Amazon.  Tencent, a leading provider of internet value added services in China, was founded in 1998 and went public in 2004.

Source: South China Morning Post, Tech Crunch, CNN Money

 

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About Tencent

Founded in November, 1998, Tencent is a leading provider of Internet value added services in China. Since its establishment, Tencent has maintained steady growth under its user-oriented operating strategies. On June 16, 2004, Tencent Holdings Limited (SEHK 700) went public on the main board of the Hong Kong Stock Exchange.

Visit: Tencent

 


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Credit Suisse to Pay Fine of $135 million for FX Trading Misconduct

Credit Suisse to Pay Fine of $135 million for FX Trading Misconduct

Credit Suisse has agreed to pay a settlement of $135 million for its foreign exchange misconduct after investigations by the Department of Financial Services of New York State (DFS).  The U.S. authority had investigated its FX trading practices between 2008 to 2015, including trading ahead of clients (“front running”) or manipulating exchange rates.   The DFS concluded the bank brokers had misled clients and manipulated exchange rate values.

“Credit Suisse Agreed to Pay Fine of $135 million Forex Trading Misconduct”

The $135 million settlement was agreed between Credit Suisse and the Department of Financial Services of New York State (DFS).

Source: Reuters, Bloomberg

 

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About Credit Suisse

Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.

Visit: Credit Suisse

 


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Appleby and the Wealthy Braces for a Repeat of The Panama Papers

Appleby and the Wealthy Braces for a Repeat of The Panama Papers

A Bermuda based offshore law fim, Appleby had suffered a data breach in 2017 where client data were stolen.  More than a year later, some of  world’s richest and most powerful people and companies whom had used Appleby’s  services, are now bracing themselves for a potential leak of their information.

” Appleby and the Wealthy Braces for a Repeat of The Panama Papers “

International Consortium of Investigative Journalists (ICIJ), which had released the Panama Papers, had been reported by various media to have approached Appleby for more data and clarification.

Source: Bloomberg, Business Insider, Independent

 

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About Appleby

Appleby is an offshore law firm with around 470 people, including 60 partners, operating from 10 offices around the globe. We advise global public and private companies, financial institutions, and high net worth individuals, working with them and their advisers to achieve practical solutions, whether in a single location or across multiple jurisdictions.

Appleby represents combined ingenuity and talent taken from all of the most significant international offshore financial centres, and is focused on the development of new products and the provision of effective service to its many international clients.

Appleby today is one of the world’s leading offshore law firms. The Group has offices in the key offshore jurisdictions of Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, the Isle of Man, Jersey, Mauritius, and the Seychelles, as well as a presence in the international financial centres of Hong Kong and Shanghai.

Appleby has been ranked as one of the world’s largest providers of offshore legal services by number of lawyers in The Lawyer’s 2016 Offshore Survey. With over 470 people, including lawyers and professional specialists, across the Group, Appleby delivers sophisticated, specialised services, primarily in the areas of Corporate, Dispute Resolution, Private Client and Trusts, Regulatory and Property. The Group advises public and private companies, financial institutions, and high net worth individuals, working with these clients and their advisers to achieve practical solutions, whether in a single location or across multiple jurisdictions.

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Former HSBC FX Trader Convicted for $3.5 Billion Trading Fraud

Former HSBC FX Trader Convicted for $3.5 Billion Trading Fraud

Former HSBC FX trader, Mark Johnson had been convicted of fraud for $3.5 billion of currency trades in 2011.  He was found guilty of defrauding a client named Cairn Energy. Prosecutors said Johnson, FX trader at HSBC,  schemed to increase the price of British pounds before trading for Cairn to make millions of profit for HSBC at Cairn’s expense.

“Former HSBC FX Trader Convicted for $3.5 Billion Trading Fraud”

Mark Johnson had spent three days on the witness stands, in his own defense, and became the first person to be charged by the US Justice Department for FX-rigging offences.  This conviction was concluded after a three-year probe into foreign-exchange rigging practices in global financial institutions.

Source: Fortune, BBC News, International Business Times, CNBC

 

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About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about213,000 shareholders in 132 countries and territories.

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George Soros Donates $18 billion to Open Society Foundations

George Soros Donates $18 billion to Open Society Foundations

George Soros, reknown investor and philanthropist, has donated $18 billion to his charitable foundation, Open Society Foundations. The donation makes it the second largest charitable foundation in the world, according to the National Philanthropic Trust.

“ George Soros Donates $18 Billion to Open Soceity Foundations “

The organization promotes democracy and human rights in more than 120 countries and recently, has invested in programs to protect gays and lesbians and reduce abuses by the police. Soros has been involved in philanthropic efforts for decades and donated more than $30 billion to various causes, including this massive donation.

Source: The Guardian, The New York Times, CNN

 


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