Archive June 2018

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Week InReview: June 29, 2018

The SEC's got your number

"Federal regulators are investigating the case of the missing '4,' exploring the numeral's conspicuous absence in quarterly reports that could mean companies have improperly rounded up their earnings per share to the next highest cent, according to people familiar with the matter.

"Enforcement officials at the Securities and Exchange Commission have sent queries to at least 10 companies, asking the firms to provide information about accounting adjustments that could push their reported earnings per share higher, one person familiar with the matter said."

- The Wall Street Journal

Week InAdvance: June 25, 2018

Mon Jun 25 FSB Plenary meets in Basel. CFTC chair in Salzburg. | Tue Jun 26 New global tax enforcement group in Montreal. LEI Plenary in Paris. | Wed Jun 27 Boston Fed prez in DC to speak on ethics and economics. | Thu Jun 28 SEC meets on asset managers & ETFs. | Fri Jun 29 1st U.S.-China AI tech summit in Half Moon Bay.

June 22, 2018

Ruh roh.

"A trainee day trader in France is suing a British brokerage for an amount comparable to almost its entire annual revenue after it seized the €10m profit he made using what he initially thought was a demonstration version of its platform....

"He was practicing trading at home on what he believed to be the demo version - placing €1bn of orders for European and U.S. equity futures - before realizing that it was the live platform and he had run up a loss of more than €1m. He continued trading, eventually building up a $5bn position in U.S. equity futures and turning the loss into a profit of more than €10m."

Day trader sues broker over 'demo' trading platform mix-up

Week InAdvance: June 18, 2018

Mon Jun 18 Fed culture conference. | Tue Jun 19 G20 working group in Kyoto. | Wed Jun 20 OECD global forum in Paris. | Thu Jun 21 Dodd-Frank Act stress test results. First day of summer. | Fri Jun 22 MSRB Rule G-17 workshop. |

Week InAdvance: June 11, 2018

Mon Jun 11 WTO meets with IMF, World Bank, OECD in Berlin. | Tue Jun 12 IOSCO investment management meeting in London. | Wed Jun 13 FOMC rate decision. | Thu Jun 14 Annual INVESTORS Day. LRC Dinner. | Fri Jun 15 FSOC meets on nonbank SIFIs in closed session.

Week InReview: June 8, 2018

Volatility may hit Wall Street as Alphabet, Facebook leave tech sector group The culprit would be the largest-ever shakeup of the stock market's broad business sectors, which will mean some of the hottest stocks, like Facebook and Google parent Alphabet, will shift from their traditional homes in the top-performing technology sector and into a deepened pool of telecommunications and media stocks. (Reuters | Jun 6)... and more!

Week InAdvance: June 4, 2018

Mon Jun 4 CFTC meets. UN blockchain summit. | Tue Jun 5 SEC meets. Basel III in Mexico City. | Wed Jun 6 CPMI-IOSCO in Basel. | Thu Jun 7 Risk meeting in Paris. | Fri Jun 8 G7 leaders in Quebec. Bilderbergs in Venice. | Sat Jun 9 The Belmont Stakes.

Week InReview: June 1, 2018

Volcker 1.1 -

On Wednesday, the Fed proposed some rather small revisions to the Volcker Rule. If you want to read all about it, there's the Fed memo explaining the proposal (developed along with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission), the Fed's official notice which provides a massive amount of details, and "Why Wall Street Traders Aren't Rejoicing (Yet) Over Volcker Rule" from Bloomberg Markets.