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Financial Times Survey: Banks’ Brexit Relocations By March 2019 Much Lower Than Feared

In the run-up to the recent agreement on phase I of Brexit, there was mixed news on the extent to which jobs in the City of London would be relocated to other European hubs, primarily Frankfurt. On one hand, we discussed the meeting between US Commerce Secretary, Wilbur Ross, and executives of JPM, Goldman, HSBC […]


Frontrunning: December 12

Parties Make Final Push Ahead of Dramatic Alabama Senate Race (WSJ) Oil hits two-and-a-half year high on pipeline shutdown, stocks take breather (Reuters) Alabama drama nears an explosive end (The Hill) Moore, Jones Expose Rural-Urban Divide That Defines Alabama Race (BBG) The Force Behind Bitcoin’s Meteoric Rise: Millions of Asian Investors (WSJ) Austrian Explosion Rattles […]


HSBC Shares Surge As US DoJ Removes “Sword Of Damocles” On Money Laundering

On Monday, HSBC announced its deferred prosecution agreement with the US Department of Justice (DoJ) had expired, removing the threat of criminal prosecution for money laundering which had been hanging over the company for five years. From the Financial Times. The US Department of Justice has given HSBC a major boost by seeking dismissal of […]


Enron 2.0? ECB, Global Banks On The Hook For $21 Billion In Steinhoff Implosion

Earlier this week we reported that as part of the stunning, unexpected collapse of South African retail giant Steinhoff, which also owns France-based Conforama furniture chain, Mattress Firm in the U.S. and Poundland in the U.K., none other than the ECB was unveiled as owning an unknown amount of its recently issued €800 million in […]


US Futures, World Stocks, Bitcoin All Hit Record Highs

US equity futures continued their push higher overnight (ES +0.1%), and the VIX is 1.5% lower and back under 10, after yesterday’s blistering surge in US stocks which jumped 1%, the most since Sept. 11, following Powell’s deregulation promise, ahead of today’s 2nd estimate of U.S. Q3 GDP which is expected to be revised up. […]


Frontrunning: November 24

Online sales surge, shoppers throng stores  (Reuters) A Split From Trump Indicates That Flynn Is Moving to Cooperate With Mueller (NYT) At least 85 people killed in attack on mosque in Egypt’s north Sinai (Reuters) Germany’s SPD Softens Stance on Merkel Talks Amid Deadlock (WSJ) Irish government set to fall weeks before Brexit summit (Reuters) […]


Frontrunning: November 15

GOP Seeks to Derail Moore, Salvage Senate Seat (WSJ) Army takes control in Zimbabwe (Reuters) Senate Tax Plan Guts Obamacare, Sunsets Many Middle-Class Cuts (BBG) Senate Republicans tie tax plan to repeal of key Obamacare mandate (Reuters) Trump’s Campaign Foreign Policy Team Under Mueller’s Microscope (BBG) Ryan Says Future Congresses Will Preserve Tax Bill’s Temporary […]


Banks Warn London Facing Brexit “Point Of No Return”

During his trip to London this week, US Commerce Secretary, Wilbur Ross, wasn’t only defending revelations in the Paradise Papers that he’d invested in a shipping company with ties to the Putin family. He also attended a “closed-door meeting” with executives from JPMorgan, Goldman, HSBC and other banks. The meeting took place over lunch in […]


Ex-HSBC Trader Involved In Front-Running Scandal To Be Extradited To U.S.

It’s not shaping up to be a great week for a group of former HSBC FX traders who decided to front-run a massive $3.5 billion currency trade placed by one of their clients and net their bank some $8 million in illicit profits in the process.  Earlier this week, Ex-HSBC currency trader Mark Johnson, who […]


Ex-HSBC Currency Trader Convicted Of Fraud In Massive Front-Running Scandal

Ex-HSBC currency trader Mark Johnson, who was unwittingly captured on an audio recording saying “I think we got away with it,” has just been convicted by a jury in New York of fraud for front-running a $3.5 billion transaction that netted his firm some $8 million in illicit profits.  Per Bloomberg: Former HSBC Holdings Plc […]


“I Think We Got Away With It”: HSBC Trader’s Fate Left To Jurors After Damning Phone Recordings Revealed

After weeks of testimony, the fate of former HSBC trader Mark Johnson, who stands accused of orchestrating a massive international front-running scheme that netted his firm over $8 million in illicit profits, has been left in the hands jurors. Over the past couple of weeks, tidbits of the prosecution’s case has made it’s way into […]


Here’s How Much Each HSBC Trader Made In Their FX Front-Running Scheme

Last week we wrote about how some former HSBC FX traders, led by Mark Johnson, orchestrated a carefully crafted plan to front-run a massive buy order for British Pounds using the code phrase “my watch is off.”  Now, courtesy of court filings in a British case to extradite one of the participants, Stuart Scott, we […]


“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.” The bank’s former global head of foreign exchange alerted the traders around the globe via a phone call in […]


A Massive Surge In GLD “Inventory”

  A Massive Surge In GLD “Inventory” Posted with permission and written by Craig Hemke, TF Metals Report    Yesterday saw the 2nd-largest one day surge in GLD “inventory” in the past five years. What does this signal, if anything at all?   I think most everyone here knows how I feel about the GLD. […]