Linkfest: Dark pool shenanigans; BoE institutes caps mortgage lending; TBTF bailout regimes

Categories: Linkfest

Today’s most shared:

  • Barclays missed the memo that ‘dark’ is of the essence in a dark pool. Apparently one reason their dark pool came from nowhere to lead the industry was, it wasn’t as dark as people thought and the bank was providing much of the liquidity. Usually, when a trader tries to execute a big trade in a dark pool, it’s because the trader wants to trade with a natural counterparty, and doesn’t want dealers and HFTs to even get wind of it.
  • Bank of England institutes caps on mortgage loans to rein in bubbly housing market.
  • Ikea raises minimum wage, links it to local living wage. Those socialist Swedes with their affordable coffee tables and delicious meatballs…
  • Aereo and the broadcasters who don’t want to be broadcast.
  • How different countries bailed out banks.
  • All the ways the USA can advance in the World Cup, including, if necessary, win a coin flip.

Cracks Open in Dark Pool Defense With Barclays Lawsuit
Bloomberg
Last October, managers told an employee in Barclays Plc’s trading unit to keep from clients a report showing the bank routed most of their dark pool orders to itself, according to the New York attorney general.
shared by @ThemisSal, @volatilitysmile, @JoeSaluzzi, Here Is The City
 
New York Attorney General to Accuse Barclays of Fraud Over Dark Pool
New York Times
Eric T. Schneiderman filed civil fraud charges against the British bank, contending that it favored high frequency traders over other investors.
shared by @markgongloff, @HamzeiAnalytics, @JacobWolinsky, @SconsetCapital
 
Banks Can Still Have Fun Prop Trading in Rates
Bloomberg View
The Volcker Rule is not strong on internal coherence, so it can generate lots of semi-scandals.
shared by @tracyalloway, @FGoria, @EpicureanDeal, @creditplumber, @TimOBrien, @Kiffmeister
 
Bank of England caps some home loans, toughens mortgage affordability tests
Reuters
The Bank of England sought to put the brakes on Britain’s surging housing market on Thursday by announcing a cap on home loans and tougher checks on whether borrowers can repay their loans.
shared by @davidmwessel, @wonkmonk_
 
China Finds $15B of Loans Backed by Falsified Gold Trades
Bloomberg
China’s chief auditor discovered 94.4 billion yuan ($15.2 billion) of loans backed by falsified gold transactions, adding to signs of possible fraud in commodities financing deals.
shared by @izakaminska, @Dvolatility, @niubi, @humenm
 
Ikea To Raise Minimum Wage For U.S. Workers
Huffington Post
The Swedish furniture giant Ikea is raising the minimum wage in all of its U.S. stores, and linking the minimum to a local living wage.
shared by @lucymarcus, @AmyResnick
 
S.E.C. Stops Harvey, Ill., From Selling Municipal Bonds
New York Times
Regulators say the City of Harvey sold $14 million in bonds under false pretenses since 2008 and was planning to bring more to market.
shared by @JacobWolinsky, Here Is The City, @cate_long
 
Bailing out banks is not a lucrative business
Washington Post
It’s impossible to avoid bank bailouts, but the U.S. can learn how to do them better by looking at other countries’ experiences.
shared by @MarkThoma, reddit/Economics, @foxjust
 
Hedge Fund Industry Surpasses $3 Trillion for First Time
Wall Street Journal
The hedge-fund industry exceeded the $3 trillion barrier in May for the first time ever, according to one research firm, as new allocations and performance gains pushed total assets to a new record.
shared by @LaurenLaCapra, @cate_long, @MattGoldstein26
 
R.B.S. Chairman Says High Banker Pay Contributed to Financial Crisis
New York Times
Philip Hampton said at the bank’s annual meeting that compensation in the financial industry “got out of line with the underlying performance of the business.”
shared by @lucymarcus, Here Is The City, @Ian_Fraser
 
Aereo and the Strange Case of Broadcasters Who Don’t Want to Be Broadcast
HBR
A Supreme Court ruling and the complicated business models of contemporary TV.
shared by @howardlindzon, @MParekh, @tomkeene
 
984 Ways the United States Can Advance to the Next Round of the World Cup
New York Times
An interactive matrix of game scenarios based on the outcomes of the U.S. vs. Germany and Portugal vs. Ghana matches at noon eastern time.
shared by @markgongloff, @ritholtz, @nichcarlson, @ObsoleteDogma
 

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