Qilty as charged

Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:

You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.

AtW replied

23 March 2014, 18:57
Originally posted by BrilloPad View Post

How was he stupid enough to get caught?

"In a telephone conversation, he told a broker friend he had been "been loading up with QE trades for months”"

AFAIK for some years banks required to monitor their employees emails, chats, phone calls and also posts on CUK...
Leave a comment:
BrilloPad replied

23 March 2014, 18:55
How was he stupid enough to get caught?
Leave a comment:
AtW replied

23 March 2014, 18:45
Originally posted by edison View Post

Why isn't he going to prison? How did he get away with just a fine??

Because if Govt puts all such traders in jail then nobody will be left to buy gilts
Leave a comment:
edison replied

23 March 2014, 18:41
Why isn't he going to prison? How did he get away with just a fine??
Leave a comment:
AtW replied

21 March 2014, 00:28
Originally posted by tractor View Post

Does the gummint and regulator not know that financial investments are a risk and you may get back less than you invested?

Govt knows it all about getting back a lot less than they "invested"...
Leave a comment:
tractor replied

20 March 2014, 23:44
...

Originally posted by AtW View Post

Trader banned and fined for rigging gilt in QE operations

"A former Credit Suisse bond trader has been banned from the industry and fined £662,700 for deliberately manipulating a UK government bond.

Mark Stevenson, who had nearly 30 years' experience, intended to sell his £1.2bn holding to the Bank of England for an artificially high price during quantitative easing (QE) operations, the Financial Conduct Authority said.

The regulator said his unusual trading was reported within 40 minutes on October 10, 2011 and the Bank took the "unprecedented" decision not to buy that gilt as part of its bond-buying programme to stimulate the economy.

During QE the Bank bought government bonds from key firms in an auction between 14:15 and 14:45 on a specified day. It ranked the offers against the mid-market price and bought gilts, starting with the cheapest, until the target purchase size was met for that day. "

Trader banned and fined for rigging gilt in QE operations - Telegraph

Does the gummint and regulator not know that financial investments are a risk and you may get back less than you invested?
Leave a comment:
AtW started a topic Qilty as charged

20 March 2014, 21:29
Qilty as charged

Trader banned and fined for rigging gilt in QE operations

"A former Credit Suisse bond trader has been banned from the industry and fined £662,700 for deliberately manipulating a UK government bond.

Mark Stevenson, who had nearly 30 years' experience, intended to sell his £1.2bn holding to the Bank of England for an artificially high price during quantitative easing (QE) operations, the Financial Conduct Authority said.

The regulator said his unusual trading was reported within 40 minutes on October 10, 2011 and the Bank took the "unprecedented" decision not to buy that gilt as part of its bond-buying programme to stimulate the economy.

During QE the Bank bought government bonds from key firms in an auction between 14:15 and 14:45 on a specified day. It ranked the offers against the mid-market price and bought gilts, starting with the cheapest, until the target purchase size was met for that day. "

Trader banned and fined for rigging gilt in QE operations - Telegraph
Tags: None