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Tag: banks

Banks charged in US over market 'spoofing'

Banks charged in US over market 'spoofing'

Business
US authorities have filed civil and criminal charges against three European banks and eight individuals for alleged manipulation in US futures and commodities markets.The lenders - UBS, Deutsche Bank and HSBC - agreed to pay $ 46.6m to settle the cases brought by the Department of Justice (DoJ) and the Commodity Futures Trading Commission (CFTC).It follows a large-scale investigation into so-called "spoofing" in metals and equities futures.One of the eight named by the DoJ was James Vorley, 37, of the UK. He was said to have been based in London and employed as a precious metals trader at a leading global financial institution.The department stressed that all defendants were "presumed innocent until proven guilty beyond a reasonable doubt in a court of law".The case centres on allegations ...
The World Bank’s “ease of doing business” report faces tricky questions

The World Bank’s “ease of doing business” report faces tricky questions

Finance
HOW many days does it take to correct a misleading newspaper interview? Four, in the case of Paul Romer, the World Bank’s chief economist. On January 12th a surprising article in the Wall Street Journal alleged that one of the bank’s signature reports—on the ease of doing business around the world—may have been tainted by the political motivations of bank staff. The story was based on an interview with Mr Romer, who pointed out that Chile’s ranking in the yearly report had dropped sharply during the presidency of Michelle Bachelet, a left-leaning politician who took office for the second time in 2014. Chile sank so heavily not because doing business had become harder, but because the bank had repeatedly changed its method of assessment.That method mostly entails answering measurable questi
Top banks suspend accounts of major Bitcoin exchanges in India

Top banks suspend accounts of major Bitcoin exchanges in India

Finance
MUMBAI: Top lenders including State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions, three people aware of the development said. The banks have also sought additional collateral from the promoters of these exchanges on their borrowings and have capped cash withdrawals from the few accounts that are still operational. "Since last month, banks have been asking for additional collateral with 1:1ratio," a person with knowledge of the matter said. The banks are scrutinising current accounts held by top Bitcoin exchanges, a second person said. Action has been initiated against the top 10 Bitcoin exchanges including Zebpay, Unocoin, CoinSecure and BtcxIndia, said four people aw...
P2P giant Funding Circle banks on £1bn float

P2P giant Funding Circle banks on £1bn float

Business
Funding Circle, the UK's biggest peer-to-peer lending platform, is preparing to hire advisers to oversee a £1bn-plus London flotation.Sky News has learnt that the company has told investment banks that it will hold a beauty parade towards the end of the first quarter of 2018, with a listing possible as soon as the late autumn.A flotation of Funding Circle, one of Britain's most prominent financial technology companies, has been anticipated for some time, and will stir enormous anticipation among City bankers.Funding Circle, which launched in 2010, has matched lenders to tens of thousands of small business borrowers‎, facilitating loans totalling more than $ 5bn globally during its seven-year existence.Its rapid growth has earned it the status of one of the UK's few fintech "unicorns" - com
Banks hire ex-RBI men to avoid slip-ups

Banks hire ex-RBI men to avoid slip-ups

Finance
MUMBAI: Tighter regulations, closer scrutiny and higher possibility of fines by the Reserve Bank of India (RBI) has increased the importance of compliance for banks in the last few years. As a result, former officials from RBI's banking supervision department have found themselves to be in charge of this key function across banks. Compliance has become more important for banks, especially as RBI has moved to prescribing regulations like deciding how much payment companies can charge on card transactions and forcing banks to be more transparent, for example, by asking them to make public the divergence of NPAs after RBI inspection. Small and big local banks namely Kotak Mahindra Bank, IndusInd Bank, RBL Bank and IDFC Bank, and even the newly-launched Paytm Payments Bank have former ...