Tag: Society Generale

Society Generale

Former SocGen Bankers Indicted in US Over Libor

Two former senior managers at Société Générale have been indicted by the US Department of Justice for their role in allegedly manipulating London Interbank Offered Rate (Libor) rates.
Danielle Sindzingre and Muriel Bescond, 49 were charged in the Eastern District of New York with one count of conspiring to transmit false reports concerning market information that tends to affect a commodity, and four counts of transmitting such false reports. Sindzingre was the global head of treasury and Bescond was the head of treasury, Paris, at the bank.

Five More Banks Settle Benchmark Claims

Five banks have filed to settle a class action lawsuit brought against them over FX benchmark manipulation claims.
According to papers filed in New York, the settlement agreements resulted from “arm’s-length negotiations between highly experienced counsel and fall within the range of possible approval”.
Morgan Stanley has agreed to pay $50 million; Societe Generale $18 million; Standard Chartered Bank $17.2 million; Royal Bank of Canada $15.5 million; and Bank of Tokyo-Mitsubishi UFJ $10.2 million. All five banks continue to deny wrongdoing.

Uncertainty Rules as Markets Await UK Results

FX markets have settled with sterling some 1.5% lower after the shock exit poll indicated a hung parliament and analysts are saying that further losses could be possible.
“It’s not looking good for Theresa May, who appears to have lost the Conservative’s majority in Parliament,” writes Kathleen Brooks, director at City Index. She adds, however, that in 2015 the exit poll also suggested that the Tories wouldn’t win an overall majority, but they won with a slim majority, “so there is a chance that Theresa May could still hang onto Number 10”.

And Another Thing…

The penultimate Accolade is upon us and again, when seeking to select the Analysis of the Year, there were plenty of contenders. Before we go through them I need to stress that all should be viewed through the prism of my trade of the year in the Crystal Ball feature in the January 2015 issue of Profit & Loss which managed to lose just the 10%!
If that sounds bad, at one stage it was actually almost 20% up – reason enough to reiterate the old adage of foreign exchange traders everywhere, “NEVER trade the Scandies”!

And Another Thing…

It’s time for the third award of this year’s Irrationals but first I need to highlight there are too many contenders for Headline of the Year to mention here so I will merely highlight one or two. I have deliberately chosen to ignore headlines around the two major events of the year, the UK referendum (I still don’t like the ‘B’ word) and the US presidential election.
There were some absolute crackers this year, some in financial markets, some not.