It is the 15th of September 2019

News

"My Watch Is Off": HSBC Traders Used Code Words To Trigger Front-Running Trades

According to prosecutor Carol Sipperly, former HSBC currency trader Mark Johnson used just four words to trigger a massive, international front-running operation that netted his firm some $8 million in illicit profits: "my watch is off."

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Gary Cohn "Unlikely To Get Trump's Nomination" For Fed Chair, WSJ Reports

Just hours after Fed Vice Chair Fischer resigned, and Goldman CEO Lloyd Blankfein threw his support behind Gary Cohn...

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Goldman Issues Two Different Price Targets On Gold In The Same Day

In a day when gold is surging to the highest level since the Trump election, what better way to hedge what happens next than to issue two separate price targets. We bring this up, because that's precisely what Goldman Sachs did today.

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HSBC Forced To Ban Bankers From Trading Stocks In Their Personal Accounts

HSBC has a shaky relationship with regulators. 

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Italy Bails Out Two Failed Banks; Cost To Taxpayers: $17 Billion

Two weeks after the first, and biggest, European bank bail-in took place under the relatively new European bank resolution mechanism, the EBRD, when Spain's Banco Popular wiped out the holders of its most risky securities, including equity and AT bonds, and then selling what was left of the bank to Santander for €1 - a process that took place without a glitch -  Italy may have just killed any hope of a European banking union, when the bailout of two small banks made a "mockery" of Europe's new regulation.

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Fed "Stress Test" Results Are Out: Everyone Passes Even As VIX Hits 70

Moments ago the Fed released the first phase of its annual stress test which, once again, found that all thirty-four of the US largest banks "passed", exceeding minimum projected capital and leverage ratios under severely adverse scenarios, based on their projected ability to withstand economic shocks, which  as Bloomberg notes, shows that "firms are getting the hang of the once-dreaded reviews." The result marks the third straight year all firms cleared the minimum requirements in the exams’ first phase, begging the question just how "stressful" this test truly is.

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