trading news stories on Newser

JPMorgan Ignored Scads of Red Flags

Kevin Spak — Tue, 15 May 2012 07:53:58 CDT

There is likely some hell yet to be paid at JPMorgan after the bank lost $2 billion on bets that were supposed to be hedges. The firm's shareholders are meeting today, and many want to knock CEO Jamie Dimon out of the chairman post, Reuters reports—including the California Public...

Heads Roll at JPMorgan Over $2B Trade Loss

Neal Colgrass — Mon, 14 May 2012 08:34:40 CDT

JPMorgan's disastrous $2 billion trading loss has officially claimed its first casualty. Chief Investment Officer Ina R. Drew, a 30-year veteran of JPMorgan and one of Wall Street's most prominent women, retired today, the AP reports. Drew was responsible for overseeing the disastrous trades. Executives say she ordered them to...

Hong Kong Fines Merrill Lynch for Concealed Losses

Mon, 31 May 2010 08:38:31 CDT

Hong Kong regulators have fined two units of Merrill Lynch $450,000 after an executive's concealment of losses in a trading account went undetected by the investment bank for nearly a year, Hong Kong financial authorities announced today. A Merrill Lynch managing director falsely marked a trading book in exotic...

SEC Probing Possible Stock Chaos Shenanigans

Rob Quinn — Fri, 07 May 2010 03:40:00 CDT

The SEC is on the trail of securities traders who might have "accidentally or maliciously" triggered yesterday's stock market see-sawing, insiders tell Bloomberg , or exploited it to profit illegally. The SEC and the Commodities Futures Trading Commission said after markets closed yesterday that they plan a joint probe into "unusual...

Nasdaq Cancels Trades From Crazy 20 Minutes

Rob Quinn — Fri, 07 May 2010 03:09:00 CDT

Nasdaq plans to wipe some of yesterday's wildest stock market activity from the books. The stock exchange operator is canceling trades of 286 stocks that went up or down by over 60% in the 20 minutes beginning at 2:40 pm, Reuters reports. The shares affected include Accenture, which fell...

Bartering Turns Into $10B Recession-Buster

Harry Kimball — Tue, 27 Oct 2009 13:19:25 CDT

The global recession has made bartering hot, but don’t go thinking it’s all a backrub for a plumbing fix. Big money—though no cash—is changing hands through the world’s largest barter service, Bartercard. The worldwide service’s transactions are valued at $2 billion this year, up 20% over last year....

Ultra-Fast Computers Corner Stock Market

Rob Quinn — Fri, 24 Jul 2009 02:52:09 CDT

Traders using high-speed computers are making billions of dollars and leaving the rest of the stock market in the dust, the New York Times reports. "High-frequency" traders, who use algorithms to make millions of trades in microseconds, have helped big banks and hedge funds bounce back quickly, but critics say...

Once-Frenzied NYSE Traders Twiddle Thumbs

Clay Dillow — Mon, 04 May 2009 08:23:00 CDT

Though financial markets are as unpredictable as ever, the once-frenzied floor traders at the New York Stock Exchange are finding themselves with less to do. The introduction of a hybrid electronic system in 2006 has trimmed the workload of the iconic floor traders, who instead play cards, watch movies, or...

Bartering Makes a Comeback

Harry Kimball — Sat, 14 Mar 2009 12:28:08 CDT

Around the world, websites that enable users to trade goods and services for the same are thriving in the down economy, the Washington Post reports. Craigslist, for instance, says bartering on the site has doubled in the past year. One Washington man got a plumber in exchange for a ride...