City Moves for 2 October 2013 | Who’s switching jobs October 1, 2013 Ernst & Young The professional services firm has announced the appointment of Marc Middleton as a partner in its telecoms, media and technology transaction team. Middleton was most recently at Rothschild, where he was a partner and managing director. Investec Specialist Bank The specialist bank has appointed Joanna Turney to its growth and acquisition finance division. She [...]
City Moves for 30 September 2013 | Who’s switching jobs September 29, 2013 Hausfeld & Co The litigation law firm has appointed Boris Bronfentrinker as partner. He joins from Freshfields Bruckhaus Deringer, where he was a senior lawyer in its cartel defence and commercial disputes practice. Macquarie Securities The institutional equities arm of Macquarie Group has appointed Brandon Krieg as managing director and head of electronic execution in [...]
The six points on which Britain launches its challenge to EU bank bonus cap September 25, 2013 Britain has launched a legal challenge against the European Union's cap on bankers' bonuses. The chancellor George Osborne has warned that the new rules could "undermine responsibility in the banking system rather than promote it". The cap on bonuses is planned to take effect from 2014 onwards, limiting bonuses to match salaries, unless shareholders vote [...]
Centrica labels Labour plan as a recipe for ruin September 24, 2013 BRITAIN’S big six energy companies yesterday lambasted Labour leader Ed Miliband’s pledge to freeze energy bills until 2017, saying his planned reforms could financially ruin firms and discourage infrastructure investment. Sir Roger Carr, chairman of British Gas owner Centrica, said Labour’s plan to implement price controls could leave companies in a vulnerable position. “When costs [...]
UK wins its battle with EU over the location of Libor regulators September 18, 2013 THE EUROPEAN Commission yesterday pulled back from plans for a continental regulator to oversee benchmarks like Libor, in a victory for the UK. The EC has still proposed tough reforms which will see banks fined up to 10 per cent of revenues if they fail to guard against rate rigging. And banks will no longer [...]
Banks fined up to ten per cent of sales over benchmark rigging September 18, 2013 European Commissioner, Michel Barnier, gave a press conference today to discuss draft legislation on market benchmarks that will see banks fined as much as 10 per cent of their yearly sales for failure to safeguard against benchmark rigging. The legislation will enable regulators to force banks into participating in benchmark setting panels, following a series [...]
UK win over EU short-selling ban could open door to tackle swathes of legislation September 12, 2013 UK opposition to the European Union's "wide" powers to ban short-selling may be successful, as the rules could be unlawful, according to an EU court aide. Advocate general Niilo Jaaskinen: The emergency powers granted by that article to the European Securities and Markets Authority to intervene in the financial markets of member states so as [...]
Libor fixers and lying traders to face €5m fines September 10, 2013 EUROPEAN MPs yesterday approved plans for huge fines for traders who manipulate energy and financial markets, the latest stage in the crackdown after Libor and energy market rigging scandals. Those found guilty of market abuse could be fined up to €5m (£4.2m) and be banned from working in the sector in future. And the companies [...]
EU power grab with new global transactions tax February 14, 2013 THE CITY was shocked yesterday by a surprise extension of the planned EU financial transactions tax (FTT) as the 11 countries implementing the charge launched plans to levy the tax across the whole world. Under the scheme trades of shares, bonds or derivatives will be taxed regardless of where the transaction takes place as long [...]
City’s brightest named in legal hot 100 line-up January 28, 2013 SOME of the City’s top lawyers have been named on the industry’s annual Hot 100 list, including the silk helping Guardian Care Homes pursue Barclays for Libor-related mis-selling and the partner leading Co-op through its bid for Lloyds bank branches. The Lawyer magazine’s 2013 list, released yesterday, singles out 100 legal names to watch this [...]