With the deluge of national events and political news in this beginning of 2021, this piece of legislation is going under the radar, but it deserves attention. Hidden in the defense bill initially vetoed by President Trump and overridden by Congress, is the Corporate...
One of the main perpetrators for the Cum/Ex fraud, the biggest white collar crime in history, has been charged by the Danish tax authorities. He had defrauded Danish tax authorities by an estimated $1.6 bn and is currently living in self-exile in Dubai. The Cum/Ex...
"It ain't over till it's over", said the baseball legend Yogi Berra. And Brexit is surely not over with this Christmas deal. The 27 European governments have just validated the 11th hour Brexit agreement, and the British Parliament is expected to quickly ratify the...
Corruption has a new enforcement agency. The CFTC announced in March 2019 that it would start enforcing the FCPA, and it effectively delivered with a $95m enforcement against Vitol, the Swiss energy firm, for bribes paid in Brazil, Ecuador and Mexico. "The misuse of...
While economists and journalists pour into the 2,000+ pages of the Brexit treaty and its long-term impact, the financial services are already seen as the big missing part. The UK has one of the largest financial sectors in Europe, representing 2 million jobs, 12% of...
That will not be to everybody's taste... A study from the London School of Economics of 18 OECD countries over the last 50 years confirms that reducing taxes only impacts those directly touched by the tax, and has no benefit to anyone else. Tax cuts increase...
More about Robinhood and its history of regulatory problems... Massachusetts' Enforcement Division filed a complaint about the firm's aggressive growth tactics, its repeated outages and disruptions, which were well known and ignored while pushing growth, its...
Robinhood has just been fined $65m for overcharging its customers, despite trades being free of charge - the company sells its order flow, and the net result is that traders are overcharged $35m/y. The firm also mislead its clients in its advertising. But in the back...
Oh, so faking up an initial spread to start a market isn't allowed? Let me put this one out, it's not rare... CFTC fines TFS-ICAP and its managers $7m for fake FX option markets. Interestingly enough, the action comes from a whistleblower (who will be entitled 10-30%...
Goodhart’s Law: When a measure becomes a target, it ceases to be a good measure. The Sharpe ratio has changed investor behavior. We chase the metric rather than the underlying quality it is trying to assess, and there are plenty of situations where the Sharpe is a...
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