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Nuts and Bolts of the LME’s Cancelled Nickel Trades Legal Case
Date: June 30, 2022
By Pratima Desai LONDON (Reuters) – Hedge fund Elliott Associates and Jane Street Global Trading are suing the London Metal Exchange for up to $500 million after the LME cancelled nickel trades on March 8 when prices soared to record highs above $100,000 a tonne in chaotic trade. The nickel trading debacle is the biggest...
Exclusive-Barclays Veteran Trader Nat Tyce to Leave Bank – Memo
Date: June 16, 2022
By Sinead Cruise and Andres Gonzalez LONDON (Reuters) -Barclays Head of Macro Trading for EMEA and Asia Pacific, Nat Tyce, is leaving after more than 25 years, a staff memo seen by Reuters shows, after transforming the trading unit into one of the bank’s highest-flying divisions. The memo, which was signed by the bank’s macro...
Hedge Fund Elliott Sues Lme for $456 Million Over Nickel Trading Halt
Date: June 6, 2022
By Selena Li and Eric Onstad HONG KONG/LONDON (Reuters) -U.S. hedge fund Elliott Associates is suing the London Metal Exchange (LME) for $456 million for cancelling nickel trades after chaotic trading in March that forced the exchange to suspend its nickel market, the LME said on Monday. The legal action piles more pressure on the...
One-Off Trading Gains Boost Piraeus Bank’s Q1 Earnings
Date: May 12, 2022
By George Georgiopoulos ATHENS (Reuters) -Greek lender Piraeus Bank on Thursday reported a sixfold jump in first quarter net earnings from last year’s fourth quarter, boosted by strong trading income. Greece’s fourth-largest lender by market value reported net profit from continued operations of 521 million euros ($547 million) after a profit of 78 million euros...
SocGen Boosts First-Quarter Income but Costs of Ukraine War Rise
Date: May 5, 2022
PARIS (Reuters) -French lender Societe Generale beat first-quarter earnings expectations on Thursday but booked higher provisions for loans turning bad as the economic impact of the war in Ukraine hits its customers. France’s third-biggest listed bank said net income rose 3.4% to 842 million euros ($892 million) with revenue up 16.6% as its domestic retail...
France’s BNP Paribas Beats Earnings Forecasts on Bumper Trading Revenue
Date: May 3, 2022
By Matthieu Protard PARIS (Reuters) – French bank BNP Paribas posted a better than expected 19% rise in net income in the first quarter as trading boomed and reaffirmed its medium-term profitability targets, sending its shares higher. France’s biggest listed lender said on Tuesday that net profit reached 2.11 billion euros ($2.22 billion) as trading...