Yearning for a job in securities and OTC-derivatives trading? It looks like new regulations will change the job description for finance professionals on both sides of the pond as watchdogs have finally decided that their bite should be worse than their bark.
The Financial Services Authority in Britain set stringent fines for investment professionals for misconduct such as "misselling" of securities and insider trading. The changes would make Britain more like its North American neighbor, which has higher penalties for similar violations.
Meanwhile, in the United States another regulatory authority -- this time, the Commodity Futures Trading Commission -- said that it would consider placing position limits on energy futures to lessen the risks posed by speculators.
Reckless use of derivative contracts were partly responsible for the global financial crisis since their opacity allowed traders to hide risks from the eyes of regulators.
Some professionals may be excluded from the new regulations, including swap dealers, index traders and exchange-traded fund managers.
Japan Takes Over
Nomura is in the news again for all the right reasons. It announced expansion into China and India in the medium-to-long term, and Hong Kong and Singapore immediately. Hires are expected in all those regions as it launches a global prime brokerage business in September. (Reuters)
Lehman re-crowned?
Lehman's European equities trading business, under the ownership of Nomura, is now the third largest broker on the London Stock Exchange behind Merrill Lynch and Credit Suisse. Could anyone have guessed this ten months ago? (FT)
UBP Exec Hires
UBP Asset Management has hired Sara Sprung from Fortress Investment Group as its chief investment officer, and Jonathan Morgan as head of research for its alternative investment unit. (Dealbook)
UBS Rebuids
UBS has begun to rebuild its European equity sales with new hires. UBS Global Asset Management also plans to recruit new blood. (eFinancialNews)
Now Hiring
Barclays is hiring 20 commodities traders in the next year and looks to expand its Asia staff by 5%. (TheDeal) Fidelity is also hiring as it looks to double its assets. (FINS)
No Respect?
A roofer, gas fitter, and banker walk into a bar...you know how that joke will end. A YouTube campaign by British brewer Scottish & Newcastle for Strongbow Cider seeks to sell alcohol as a crowd jeers at a hapless financier. (Dealbook)