The following video was published by McAlvany Financial on Nov 12, 2014
Bet Against the Debt or Lose Your Cash | Gregory Mannarino (Part 1)
The following video was published by FinanceAndLiberty.com on Nov 12, 2014
Former Bear-Stearns stock and equities trader Gregory Mannarino joins us to expose the disturbing truth of our financial system’s design based not on building wealth creation for citizens, but based on making us debtors. Mannarino spells out what you can do to bet against the debt, which asset is best to protect your family, and why you need to prepare for a worst-case scenario. Mannarino even outlines how you can learn to take advantage of the runaway stock market if you want to benefit from the imbalances in today’s financial markets.
Cartels R Us: Tab for Rigging Foreign Exchange $3.3 Billion and Rising
Two U. S. and three foreign banks have been charged with rigging the foreign exchange market where $5.3 trillion changes hands daily and have settled civil claims for $3.3 billion. (The charges are very similar to those in the rigging of the international interest rate benchmark known as Libor.) Additional charges and settlements by other regulators are expected to follow before the end of the year.
The U. S.-based Commodity Futures Trading Commission (CFTC) levied a total of over $1.4 billion in fines against JPMorgan, Citigroup, UBS, HSBC and RBS. The same five banks were fined $1.7 billion by the U. K.’s Financial Conduct Authority (FCA). Swiss regulator FINMA charged only UBS with a fine of $139 million and included rigging of precious metals trading along with rigging foreign exchange.
While the details that were released are skimpy and the Financial Conduct Authority is already being criticized in London for essentially allowing the banks’ lawyers to conduct their own investigations and hand over their findings to the regulator, no bank comes out looking worse than JPMorgan – which has serially promised to beef up its internal controls and compliance while serially being charged with ongoing, serious crimes.
The FCA said the foreign exchange market rigging occurred between January 1, 2008 through October 15, 2013 while the CFTC fines and investigation covered a shorter period from 2010 through 2012, according to documents released by the regulators this morning. The important takeaway from these dates is that the corrupt banking culture that crashed global economies in 2008, and then received taxpayer bailouts to resurrect these same institutions, still poses a serious financial threat to investors and taxpayers.
Both the U. S. and U. K. regulators faulted JPMorgan for inadequate internal controls and supervisory failures. The CFTC wrote that JPMorgan ‘lacked adequate internal controls in order to prevent its FX traders from engaging in improper communications with certain FX traders at other banks. JPMC lacked sufficient policies, procedures and training specifically governing participation in trading around the FX benchmarks rates and had inadequate policies pertaining to, or insufficient oversight of, its FX traders’ use of chat rooms or other electronic messaging.’
This post was published at Wall Street On Parade on November 12, 2014.
Swiss regulator fines UBS for silver price manipulation so this is now a matter of fact not speculation
The Swiss Financial Market Supervisory Authority found evidence of ‘serious misconduct’ by UBS employees in trading precious metals and most markedly in silver in an investigation of the bank’s foreign exchange and precious metal trading operations, it emerged today.
Traders have used electronic chat media to front run silver prices. That is to say traders have been illegally employing their knowledge of an upcoming silver transaction to profit from price-sensitive orders.
Like forex manipulation
‘The behavior patterns in precious metals were somewhat similar to the behavior patterns in foreign exchange,’ said Mark Branson, Finma CEO. ‘We have also seen clear attempts to manipulate fixes in the precious metals markets.’
Regulators in Switzerland, the UK and US ordered UBS and four other banks to pay about $3.3 billion to end an investigation into the rigging of foreign-exchange rates and precious metal markets. Nobody is going to lose their jobs over silver price manipulation but ‘bonuses for foreign exchange and precious metals employees globally will be capped at 200 per cent of their basic salary for two years’.
READ MORE
This post was published at SilverSeek on November 12, 2014 –.
Is Wall St. Now Just A Form Of Legal Gambling?
Submitted by Mark St. Cyr,
It’s really hard to tell the difference when one looks at the markets today to see any real difference from that of the floor of any casino.
For all intents and purposes financial shows seem to be more concerned with showing great legs on-screen as much as some sports broadcasts are pushing to have their female equivalent commentating from the side lines. What’s next – a cheer-leading squad of scantily dressed talking heads waving pom-poms every-time the camera pans? Sorry, I forgot… That’s CNBC.
I find it almost uncanny in just how the once bastions of free market capitalism are morphing into both the look and feel of today’s casino. If you look at the myriad of assorted slot machines on a casino floor one can’t help but notice that all the lights and sounds with their inner entangled games within games seem to have all the color pallets and changing graphics of most trading screens.
‘Look! You got three gold bars, Oh so close to the winning combination, but wait – here comes the free bonus round where you can win a great second chance. Just watch the screen above to see if you get that winning combo!’
Is it really all that dissimilar from today’s day-trader locked in their basement or ‘trading room’ in the dark with screens flashing multicolored candlesticks with ‘alerts’ ringing and buzzing to alert one ‘the three gold bars’ have just been hit. So look to your other screen and see if the 50 MA crosses the 100 MA and claim another prize!’
Whether it’s on the trading floor or in one’s own trading room there will be at any time from one to multiple television screens showing the ‘box scores’ ticketing across the screens from multiple sources with pre/post game analysis, game players, handicappers, et al touting exactly when, where, and how the next big game is about to unfold or has ended.
This post was published at Zero Hedge on 11/12/2014.
The Consequences of a Strengthening US Dollar
In early September, I made the case for a rising U. S. dollar, based on the basic supply and demand for dollars stemming from four dynamics:
Demand for dollars as reserves Other nations devaluing their own currencies to increase exports ‘Flight to safety’ from periphery currencies to the reserve currencies Reduced issuance of dollars due to declining U. S. fiscal deficits and the end of QE (quantitative easing) Since then the dollar has continued its advance, and is now breaking out of a downtrend stretching back to 2005 – and by some accounts, to 1985:
This post was published at PeakProsperity on November 12, 2014,.
Russell Napier Declares November 16, 2014 The Day Money Dies
From Russell Napier of ERIC
It is with regret and sadness we announce the death of money on November 16th 2014 in Brisbane, Australia
‘A mark, a yen, a buck, or a pound A buck or a pound A buck or a pound Is all that makes the world go ’round; That clinking, clanking sound Can make the world go ’round.’
‘Money’ from Cabaret by Kander & Ebb
In the musical Cabaret, Sally Bowles and the Emcee sing about money from the perspective of those witnessing its collapse in value in real terms in the great German hyperinflation of 1923.
Less than a decade later, and a continent away, a young lawyer from Youngstown, Ohio noted on July 25th 1932 how money’s value could also fall in nominal terms:
“A considerable traffic has grown up in Youngstown in purchase and sale at a discount of Pass-Books on the Dollar Bank, City Trust and Home Savings Banks. Prices vary from 60% to 70% cash. All of these banks are now open but are not paying out funds.”
The Great Depression – A Diary: Benjamin Roth (first published 2009)
In Youngstown the bank deposit, an asset previously referred to as “money”, had fallen by up to 40% relative to the value of cash. The G20 announcement in Brisbane on November 16th will formalize a “bail in” for large-scale depositors raising the spectre that their deposits are, as many were in 1932, worth less than banknotes. It will be very clear that the value of bank deposits can fall in nominal terms.
On Sunday in Brisbane the G20 will announce that bank deposits are just part of commercial banks’ capital structure, and also that they are far from the most senior portion of that structure. With deposits then subjected to a decline in nominal value following a bank failure, it is self-evident that a bank deposit is no longer money in the way a banknote is. If a banknote cannot be subjected to a decline in nominal value, we need to ask whether banknotes can act as a superior store of value than bank deposits? If that is the case, will some investors prefer banknotes to bank deposits as a form of savings? Such a change in preference is known as a “bank run.”
This post was published at Zero Hedge on 11/12/2014.
DR Horton’s Latest Quarter: Lipstick On A Pig
Like Toll Brothers, DR Horton released impressive earnings. I can’t figure out who is buying those homes given that mortgage applications have been declining almost every week (93% of all new homes are bought using a mortgage). Perhaps a lot of the newly-minted part-time employees working 2 jobs per the latest Government report have amassed enough cash to pay for these homes outright… I would suggest that DR Horton has taken market share from competitors like KB Home and HOV.
However, an in-depth analysis of DR Horton’s financials shows trouble brewing beneath the surface. My article posted on Seeking Alpha goes into details:
With its current level of debt, DHI is making a bigger bet on the direction of the housing market now than it had been making during the housing bubble years.
This post was published at Investment Research Dynamics on November 12, 2014.
How To Outperform The Market With Just 30 Minutes Of Work Per Day
By now, the world and his pet rabbit is aware of the ‘odd’ ramp in US equity markets as the European Close looms each day. Today – once again – was no exception, so we thought it worth quantifying this magical – and now self-fulfilling ‘pattern’. In the last 4 months, if you bought the S&P 500 at 1100ET and sold at 1130ET, you would have won 55 times (garnering 129 points of profits) and lost 31 times (losing 70 points) for a total profit of over 59 points. This compares to the 53 point gain in the S&P 500 if you had just ‘buy-and-hold’-ed over that period… and a quick glance at the chart tells you all you need to know about volatility…
This post was published at Zero Hedge on 11/12/2014.
Yesterday’s Outside Reversal in Meal, Negated by Today’s Outside Reversal
Please see the comments and chart I posted yesterday asking the question whether the Meal has finally topped out. That price action was in response to a bearish USDA supply and demand report for the beans, especially the global supply numbers that they announced.
Today, that report was completely ignored. Instead, hedge fund computers began gorging themselves on the meal and the beans early in the session with the result being an enormous reversal day on huge volume, this time to the upside.
In other words, today’s OUTSIDE REVERSAL DAY exceeded the range of yesterday’s reversal day, which had exceeded the range of Friday’s.
Welcome to the idiocy of the modern futures markets, courtesy of both the hedge fund algorithms and the exchange officials who not only allow it, but love it.
I should note that the volume in the contracts that I was tracking actually exceeded the volume of the USDA report day. In all my years of trading, I cannot recall seeing anything remotely like this. Report days generate massive amounts of trading and produce huge surges in volume as the markets react to what is the new demand/supply numbers provided by the USDA.
This is the reason I have to constantly take the gold permabulls to task for their erroneous, breathtaking comments and articles detailing what they naively refer to as “Flash Crashes”. I have no problem with anyone noting huge swings in price but those who propose the Flash Crash theory when it comes to GOLD, use it as evidence that the price of gold is being manipulated by the bullion banks, acting as agents of the Fed, to suppress the price of the metal.
This post was published at Trader Dan Norcini on November 11, 2014.
Swiss Regulator: ‘Clear Attempt To Manipulate Precious Metals ‘ … ‘Particularly Silver’
Further proof of manipulation of gold and silver prices – if any were needed – came overnight as Switzerland’s financial regulator (FINMA) found ‘serious misconduct’ and a ‘clear attempt to manipulate precious metals benchmarks’ by UBS employees in precious metals trading, particularly with silver.
Bloomberg report
Switzerland’s regulator found ‘serious misconduct’ by UBS AG (UBSN) employees in precious metals trading, particularly with silver, as part of its review of the bank’s foreign-exchange business.
Electronic chats played a ‘key’ role in the improper conduct in foreign exchange and precious metals trading, the Swiss Financial Market Supervisory Authority, or Finma, said in a statement today. It found front running, when traders profit from advance knowledge about a transaction expected to influence prices, over client orders for silver.
This post was published at Gold Core on 12 November 2014.
The Economic End Game Explained
Throughout history, in most cases of economic collapse the societies in question believed they were financially invincible just before their disastrous fall. Rarely does anyone see the edge of the cliff or even the bottom of the abyss before it has swallowed a nation whole. This lack of foresight, however, is not entirely the fault of the public. It is, rather, a consequence caused by the manipulation of the fundamental information available to the public by governments and social gatekeepers.
In the years leading up to the Great Depression, numerous mainstream ‘experts’ and politicians were quick to discount the idea of economic collapse, and most people were more than ready to believe them. Equities markets were, of course, the primary tool used to falsely elicit popular optimism. When markets rose, even in spite of other very negative fiscal indicators, the masses were satisfied. In this way, stock markets have become a kind of dopamine switch financial elites can push at any given time to juice the citizenry and distract them from the greater perils of their economic future. During every upswing of stocks, the elites argued that the ‘corner had been turned,’ when in reality the crisis had just begun. Nothing has changed since the crash of 1929. Just look at some of these quotes and decide if the rhetoric sounds familiar today:
John Maynard Keynes in 1927: ‘We will not have any more crashes in our time.’
H. H. Simmons, president of the New York Stock Exchange, Jan. 12, 1928: ‘I cannot help but raise a dissenting voice to statements that we are living in a fool’s paradise, and that prosperity in this country must necessarily diminish and recede in the near future.’
Irving Fisher, leading U. S. economist, The New York Times, Sept. 5, 1929: ‘There may be a recession in stock prices, but not anything in the nature of a crash.’ And on 17, 1929: ‘Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months.’
W. McNeel, market analyst, as quoted in the New York Herald Tribune, Oct. 30, 1929: ‘This is the time to buy stocks. This is the time to recall the words of the late J. P. Morgan… that any man who is bearish on America will go broke. Within a few days there is likely to be a bear panic rather than a bull panic. Many of the low prices as a result of this hysterical selling are not likely to be reached again in many years.’
Harvard Economic Society, Nov. 10, 1929: ‘… a serious depression seems improbable; [we expect] recovery of business next spring, with further improvement in the fall.’
This post was published at Alt-Market on 12 November 2014.
Wholesale Inventories & Sales Weak Trend Continues, Petroleum Inventories Plunge 13.2% YoY
Wholesales Inventories and Sales beat expectations ( 0.3% and 0.2% respectively) but, thanks to significant downward revisions in August, hope for a Q3 GDP boost are dashed. Sales growth remains near 2014 lows and inventory growth hovers near 14 month lows. Inventories-to-Sales ratios were flat in September at 1.19 months. Petroleum inventories plunged 5.3% MoM and down 13.2% YoY – the largest since Jul 2009.
Weaker trend continues…
This post was published at Zero Hedge on 11/12/2014.
Gold: The One Commodity Buffett and Bernanke Just Don’t Understand
The Royal Mint gets it.
Because I see such deep value in gold today, I was exploring various national mints last week, looking to buy some bullion – maybe some Austrian Philharmonics, some Canadian Maple Leafs or a few Britannia’s from the U. K.
And while reading through the bullion site for Britain’s Royal Mint, I came across some highly unexpected commentary.
While the likes of Ben Bernanke, Warren Buffett and others here in the States offer inane commentary on the uselessness of gold, the 1,100-year-old Royal Mint had this to say:
Gold is the ultimate store of value.
Gold is the original and still the most far-reaching global currency.
Gold is perhaps the ultimate form of insurance.
And, yes, the Royal Mint put those words in boldface.
That should tell you something – namely that gold bullion, at today’s lower prices, is an asset you should be adding to your portfolio.
What They’re Saying About Gold Warren Buffett once famously said that gold ‘has no utility. Anyone watching from Mars would be scratching their head’ over the Earthlings and their fascination with a metallic element. Meanwhile, former Fed-head Ben Bernanke once told Congress that gold is not money and it is just a precious metal – the price for which ‘no one really understands.’
This post was published at GoldSeek on 12 November 2014.
Government Revenue, Democratic Control, and the Squamish Nation
Ludwig von Mises wrote that, ‘[d]emocratic control is budgetary control. The government has but one source of revenue – taxes. … But if the government has other sources of income it can free itself from this control.’[1] This principle is particularly important for understanding the internal politics of Canadian Native tribes, whose governments are the recipients of large transfers from the Canadian federal government.
A recent scandal involving the Squamish Nation, a Vancouver-area tribe with a population of about 4,000, is a case in point. Two political officials of the band spent $1.5 million from an emergency fund for their personal ends. According to the investigation that eventually exposed them, ‘it was clear they handed out funds to develop political support from members.’ [2] The scandal derives from the fact that funds earmarked for one purpose, emergencies, were used for a different purpose. But the interesting economic story would nonetheless hold if the funds had been used only for their intended purposes.
According to its most recent financial statements,[3] the Squamish Nation earned $11.3 million from Aboriginal Affairs and Northern Development Canada, i.e. the Canadian Federal Government, and only $8.4 million from taxation in 2014. As Mises suggests in the quote above, a government with alternative sources of income besides taxation can use this income to free itself from democratic control. Robbing Peter to pay Paul is a favourite activity of all governments, but when the robbery occurs through taxation, it is at least limited by Paul’s awareness that he is being robbed.
This post was published at Mises Canada on November 11th, 2014.
The World is Ditching Its ‘3rd Wheel’, finally!
The Naughty 3rd Wheel
Have you ever had a 3rd wheel along on a date? Fun times!
I mean, there’s balance, there’s harmony, everyone feels wanted and loved, and everyone has the best time they could possibly have under the circumstances! It’s good, clean fun for all!
Right?
Wrong, brother!
Nobody likes a 3rd Wheel!
Truth is we’ve probably all known that one person who just couldn’t take a hint, that one guy or gal, who, after all our countless clues stating that we’d like to be alone with our significant other, is still so obtuse, so unaware, that they just insist on coming along no matter how many tactful means we employ to communicate their genuine unwanted’ness!
Many 3rd wheels aren’t bad folks though. Most of them are either simply in the wrong place at the wrong time, or just gloriously oblivious.
That’s one thing.
But what about when the conversation goes like this:
3rd Wheel: Hey guuurl! Whatcha up to!?
Gurl: Oh, hey Wheel! Just headin’ downtown for a dinner and movie night, ya know? Just me and muh boo!
Boo: Yeah, ‘Revenge of the Arizona Axeman’ is already sold out, good thing I got tickets early! You just won’t be able to get a seat by this time.
3rd Wheel: Oh, cool!……… Can I come?
Boo: Really? I mean, didn’t you just hear me? They’re sold out, Wheel! Besides, me and my hunnie have been waiting all week to spend some alone time together. Be a brah, take one for the team!
Gurl: Yeah, we don’t get to see much of each other anymore, but my man would love to go see it with you another time.
Boo: Of course I would! How does Tuesday sound? Would you like to catch it with me Tuesday?
3rd Wheel:…. Listen, I get whatcha sayin’ and all, and I respect it, ok? But, lemme run this by you: if you don’t take me along on this date with you, I’ll show up at the theater, and slash your tires. That’s all.
Gurl: You’ll…what?!
3rd Wheel: Yeah, ya know, if you don’t take me with you on your hawt date, I’ll slash your man’s tires.
Boo: Dude, that’s not cool! Don’t even joke around like that!
3rd Wheel: Ohhh hey, that’s nothin’! Alright? When you finally get that sweet car towed off, and those tires replaced, you’ll get to come home to a charred, burned down house, too. Crisp’aaaay!
Gurl: What is wrong with you?!
3rd Wheel: Wrong with me? Nothin’, ya know? I’m just statin’, it’s all totally your choice, and I’ll respect whatever choice you make, however, if you do choose to go it alone without me, I might just hafta cut ya. Know what I’m sayin?
Boo: You’ll have to…..
3rd Wheel: With this switchblade here, pretty kickin’, right?
Boo: You’re off your meds man! And this is illegal!
3rd Wheel: Come now, you’re making this way more unpleasant than it has to be, friend! I just wanna go along with you, wherever you go, whatever you do, whatever transaction you make, I just wanna be a part of it. And you can say ‘no’ whenever you wish, and I can pour salt in your gas tank whenever I wish. So whaddaya say we all get outta here? The movie’s about to start!
Boo: You ok with this, darlin’?
Gurl: Boo, he’s got a knife! Let’s just get this evening over with, and don’t do anything to hack this guy off!
3rd Wheel: Oh! And by the way, your gurl sits in the back… I call shotgun! Now let’s have some serious fun!
Sound ridiculous?
Well, that’s because… it is!
The whole arrangement is a crudely absurd and dangerous situation. Wouldn’t you just get through it as best you can for the next few hours….and immediately call the authorities right after Mr. Wheel left for home?
Without a doubt, brother!
Here’s a question for you though: what if Mr. Wheel… WAS the authority?!
Then what would you do?
This is exactly what planet Earth is facing right now.
Because, you see, for several decades now, the rest of the world has been told that no matter what economic relationships they want to establish with one another in the energy world, no matter what trading or logistical agreements in oil they might have, they must allow clunky, Mr. 3rd Wheel(the U. S. Dollar) to come along for the ride in their shiny car, or face the consequences.
Every time, say, Azerbaijan starts to cozy up with their newest main squeeze, and buy oil from, or sell oil to(and other energy needs) Saudi Arabia, or Russia, or whoever using just its own currency…..just when the lights are down low, the saxophone is playing, and everybody’s feeling alright…
Along comes Mr. 3rd-Wheel ‘U. S. Dollar’, to whisper in their ears:
Mmmmm, looks like someone’s havin’ a mighty fine time! Yes sir. Just don’t forget to include me here, and give me a piece of this action, child, or I’ll have to sanction ya! Bomb ya! Or Invade ya!
If you think that sounds like a backward, and hopelessly toxic existence, you’re dead-on right!
This arrangement is called the ‘Petrodollar’, which this Watchman has previously written about, and serves as the basis for the U. S. Dollar, and the world’s debt-currency system as we know it.
Geez, Watchman, why does the world put up with it? Why don’t they just refuse to use that 3rd wheel Dollar, and just do their own thing?
Oh, friend, believe me, that’s been tried!
The world would’ve beat off Mr. 3rd Wheel Dollar with a stick if they could’ve, but the problem has been that up until now, Mr. Wheel was just too strong and domineering to be stopped. In fact the few who tried to tell Mr. Wheel to get lost, have faced some very unfortunate consequences.
These nations haven’t been able to ‘call the cops’, because unfortunately, Washington D. C. has stepped onto the world scene, with the money-power that the Dollar gives them, and inserted themselves as the world’s cop!
This post was published at The Wealth Watchman on NOVEMBER 12, 2014.
Real-Life “Armageddon” Lander Touches Down On Comet – Live Feed
It’s me… landing on a comet & feeling good! MT @ESA_Rosetta: I see you too! #CometLanding pic.twitter.com/DjU0J1Ey4H
— Philae Lander (@Philae2014) November 12, 2014
As European scientists continue to watch the nail-biting descent of the Philae Lander to the surface of comet 67P/Churyumov-Gerasimenko to collect samples, the images (and tweet stream from the ‘lander’) are stunning. Conjuring thoughts of roughnecks and Aerosmith, the material that the lander analyses in the first contact of its kind will give insight into how Earth and other planets formed.
CLICK HERE TO WATCH
This post was published at Zero Hedge on 11/12/2014.
Ep 16: With Abenomics Failing & Yen Falling, is Gold Bottoming?
The following video was published by Peter Schiff on Nov 12, 2014
The Economics of Tipping
My dinner companion sounded indignant. ‘It’s a shame we have to tip the waitress,’ she said. ‘The restaurant owner ought to pay the staff enough to live on.’
I imagine that is a common attitude among those steeped in our current cultural climate of envy and dislike of economic success – the anti-capitalist mentality, as Mises put it. It’s easy to fall into the trap of thinking that we tip waiters out of sympathy, due to their misfortune of having to work in an industry full of greedy restaurant owners who won’t pay a ‘living wage.’ In fact, tipping is an elegant market solution to a particular set of circumstances, often present in service jobs, that makes determining an appropriate wage extremely problematic. The practice of tipping used to be more common, applying to many more service positions than at present, when it is largely restricted to waitstaff and skycaps. Part of the reason for its partial demise is just the wandering course of economic change, but many jobs that used to be paid primarily by tips came to be covered by minimum wage legislation and simply disappeared.
So why do we tip? At first glance it seems rather odd that a waiter should be paid by two different people – employer and customer – for the same job. But in fact we, as tipping customers, are paying for a very different aspect of the waiter’s job than is the employer. The restaurant owner needs a way to get the customer’s order to the kitchen and the food out to the customer. Most anyone who can walk a straight line and operate a pencil can perform that task. But the restaurant owner also wants happy customers, and customers are happy when they have a waiter who can solve problems, handle special requests, and generally make their meal a pleasant experience, and that is a special skill set indeed. Coordinating these two different, and not closely connected, aspects of the job is what tipping is all about.
This post was published at Ludwig von Mises Institute on Wednesday, November 12, 2014.
Caught Rigging FX and Gold? Your Punishment Will Be A Bonus Capped At Just 200% Of Your Base Salary
Here are some more details on today’s headline news: the banks’ wholesale settlement to put FX-rigging in the rearview mirror. First example: if you ever saw your stops taken out from beneath your feet, thank your broker, JPM, which acted against its own clients to crush their stops.
From the FCA’s JPM notice:
JPMorgan’s failings in this regard allowed the following behaviours to occur in its G10 spot FX trading business:
Attempts to manipulate the WMR and the ECB fix rates, alone or in collusion with traders at other firms, for JPMorgan’s own benefit and to the potential detriment of certain of its clients and/or other market participants; Attempts to trigger clients’ stop loss orders for JPMorgan’s own benefit and to the potential detriment of those clients and/or other market participants; and Inappropriate sharing of confidential information with traders at other firms, including specific client identities and, as part of (1) and (2) above, information about clients’ orders.
This post was published at Zero Hedge on 11/12/2014.
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