Paul Murphy

paul.murphy@ft.com

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Paul Murphy is the founding editor of FT Alphaville and an associate editor of the Financial Times. He joined the FT in London in 2006 as development editor of FT.com, concentrating on the expansion of the online business. Prior to that, he served as the Guardian’s financial editor for seven years. He has also held senior positions in business journalism at the Sunday Business newspaper and the Daily Telegraph. Murphy is a graduate of the London School of Economics.

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A “forward looking regulator,” in reverse gear… (Updated)

SEE UPDATE BELOW — OUCH!

Are we about to see Mr Martin Wheatley do the perp walk? Read more

Pointless FCA communications Nos.6 & 7

On Thursday…

The Financial Conduct Authority (FCA) has today issued two Warning Notice Statements. This is the sixth and seventh time the FCA have issued a Warning Notice Statement since it was given the power to do so by the Financial Services Act 2012. The Government’s principal rationale for giving the FCA this power was to promote early transparency of enforcement proceedings. Read more

An overhang, reduced

Rude not to, we guess, with London’s FTSE 100 up 1.3 per cent at the formal close on Tuesday….

UKFI announces that it intends to sell part of HM Treasury’s shareholding in Lloyds Banking Group plc (the “Company”). The disposal of these shares (the “Placing Shares”) will be by way of a placing to institutional investors (the “Placing”).

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A message from Mr Yip Mow Lum…

He’s the chairman of just-and-so Hong Kong listed Magnum Entertainment and here’s the news:

PROFIT WARNING Read more

When does an FX spot become a forward?

Don’t ask a European regulator. Or, if you do, don’t expect an answer any time soon.

We’ve written about the feud between the European Commission and the new-ish fangled ESMA before. Last time it was about the fact that no one seemed to be able to agree what constituted an “alternative investment.” This time it’s over a failure to agree a common definition of what constitutes a “derivative.” Read more

If this tit-for-tatting escalates…

That’s banks’ exposure to Russia by major economy, put together using BIS data by Gilles Moec and team at Deutsche. Click the image to enlarge. Read more

Carney’s gone all MLK on us

Click to read One Mission. One Bank. Promoting the good of the people of the United Kingdom.

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No pressure or anything

In her role as Deputy Governor for Markets and Banking, Dr Shafik will be responsible for reshaping the Bank’s operations and balance sheet, including ensuring robust risk management practices and helping to lead the design and execution of an eventual exit from quantitative easing by the MPC. She will also oversee the implementation of reforms to the Bank’s Sterling Monetary Framework, lead the Bank’s work to build fair, efficient and effective financial markets, and review and strengthen the Bank’s Markets and Banking areas, including a comprehensive review of the Bank’s essential market intelligence function.

 Read more

The eejit market in AIB, take two

Just for St Patrick’s Day — further evidence that certain Irish (and American) market participants can’t add up…

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The 6am London Cut

Vodafone has reached an agreement to purchase Spanish cable company Ono. The deal, which is expected to be announced on Monday, values Spain’s second-largest provider of broadband internet, pay television and fixed telephony services at €7.2bn, including debt. (Financial Times)

Shares in the largest stakeholder of Alibaba jumped 6 per cent on Monday after the ecommerce giant confirmed plans over the weekend to go public in New York. (Fast FTRead more

The non-horror Help to Buy show

When Morgan Stanley’s Huw Van Steenis and his colleague Charles Goodhart ventured into these pink pixels last September, arguing that Britain needed a housebuilding and house-buying support scheme if the economy was going to achieve ‘escape velocity,’ the analytical duo probably didn’t count on getting dragged through the august columns of the FT editorial page.

But that’s what happened… Read more

The Relentless Josh Brown

We’re fans of The Reformed Broker. Reluctantly, sometimes. But fans nevertheless.

So we should just note that a Josh Brown post from Wednesday, looking at the relentless growth of passive asset management and its effect on equity markets has, quite simply, gone viral.

In fact, if you are a market professional and it’s not in your inbox already this morning, you are a failure.

To save your blushes, here’s the link to the original, here’s Josh’s follow up, and here are some choice quotes to memorise quickly… Read more

This is nuts. When’s the crash?

That uber-growth business, washing machines…

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An announcement from Blurred Group

blur Group today announced an expansion of its global finance and payments teams as it scales processes and systems to support the next phase of blur’s growth. There are extended remits for existing team members and new senior appointments in the Projects & Payments function and in blur’s Southern California strategy team.

Good news, eh? There’s more… Read more

UK drunkenness, tabulated

Click for the figures…

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Yellen’s pre-testimony

New era, and all that. Click the image to read Janet Yellen’s full prepared testimony for her appearance on Tuesday before the Committee on Financial Services, U.S. House of Representatives.

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BARC, pre-announced (Updated +1)

Weird this, so we’ll just share it for now….

Barclays to Announce Full Year Results on 11 February 2014 Read more

This is nuts. When’s the crash?

A case of a market requiring medication, perhaps, rather than the other way round?

From the FT’s Arash Massoudi in New York and Andrew Ward in London… Read more

You TRY, you fail…

For what it’s worth, people are blaming paltry action from the South Africans… Read more

The 6am London Cut

Disappointing iPhone sales triggered a sharp sell-off in Apple stock in after-hours trading, despite the company beating earnings and revenue estimates in its December quarter. Despite setting a new record for the company, Apple’s 51m iPhone sales compared with forecasts of more than 55m, sending its shares down more than 8 per cent after its earnings were published on Monday. (Financial Times)

Apple earnings announcements are best described as a Rorschach test, says Lex. There is so many data from so many gadgets pointing up, down and sideways that no particular conclusion is incorrect – or correct. Read more

F&C confirms…

It’s been a while since we used the RAW* tag on Markets Live. But hey! Monday’s session managed to drag the following pre-packed statement out of F&C Asset management…

London, 27 January, 2014: The Board of F&C Asset Management plc (“F&C” or the “Company”) notes the recent press speculation and confirms that it has received an indicative offer from BMO Financial Group (“BMO”) of 120 pence in cash per ordinary share (the “Offer Price”) for the entire issued and to be issued ordinary share capital of F&C (the “Possible Offer”). In addition, F&C shareholders will be entitled to receive and retain an ordinary course dividend of 2 pence per F&C share for the financial year ended 31 December 2013. Read more

A Monday (fantasy) merger tonic

Rattled by the equity sell-off?

Here’s an antidote…five pages of potential bid targets, courtesy of Andrew Garthwaite and team at Credit Suisse… Read more

This is nuts. When’s the crash?

Google is spending maybe $400m on a was kid. From recode on Monday…

Google is shelling out $400 million to buy a secretive artificial intelligence company called DeepMind. Google confirmed the deal after Re/code inquired about it, but declined to specify a price. Based in London, DeepMind was founded by games prodigy and neuroscientist Demis Hassabis, along with Shane Legg and Mustafa Suleyman. This is in large part an artificial intelligence talent acquisition, and Google CEO Larry Page led the deal himself, sources said. According to online bios, Hassabis in particular is quite a talent, a child prodigy in chess who was later called “probably the best games player in history” by the Mind Sports Olympiad. DeepMind has only a landing page for a website where it describes its business as building learning algorithms for simulations, e-commerce and games. Profiles on LinkedIn indicate the company is about three years old. Read more

This is nuts. When’s the crash?

The Journal’s got themselves a billion-dollar start-up graphic… Read more

The 6am London Cut

Microsoft will allow foreign customers to have their personal data stored on servers outside the US, breaking ranks with other big technology groups that until now have shown a united front in response to the American surveillance scandal. (Financial Times)

The surprisingly rapid fall in unemployment has embarrassed the Bank of England, whose expert forecasters predicted only last summer that jobless figures would not improve this much for another two years. (Financial TimesRead more

UBS at Davos: “Technology will save the day’

That’s a compressed summary of a white paper released by UBS on Wednesday, How trade, technology and finance can help keep the recovery going

The gist is that recent advances in information and communications technology, new innovations in methods of manufacturing, and fresh ways of harnessing and exploiting energy could unleash significant growth benefits for the world economy over the next few decades. Read more

Further reading

Elsewhere on Wednesday,

- China’s princelings, Tortola branch Read more

An Irish finance sanity check

Much was being made on Tuesday of the fact that Irish government borrowing costs are now at a record low. Here’s the 10 year…

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Analysts said ‘no change’, market in TRY said otherwise…

That’s after the Turkish central bank ignored all the noise around it and choose instead to leave interest rates on hold at 4.5 per cent. Read more

“Mr John Upcraft is a Certified Professional Geologist”

Try banging that header above into Google. Prior to this post hitting pixel, you would have just got….

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FCA calling in an external law firm to review all this.

Heads are going to roll.

Comment on: A "forward looking regulator," in reverse gear... (Updated)

Note developments over here http://ftalphaville.ft.com/2014/03/20/1805632/timchenko-gennady-geneva-switzerland/

This story is suddenly moving with fresh pace.

Comment on: If this tit-for-tatting escalates...

Adding an update to this. Stand by

Comment on: "TIMCHENKO, Gennady... Geneva, Switzerland" (UPDATED)

Be interesting if the Americans start publishing some of their evidence...

Comment on: "TIMCHENKO, Gennady... Geneva, Switzerland" (UPDATED)

Fair point Djehooti

Comment on: If this tit-for-tatting escalates...

But he's a pro ..

Comment on: US Markets Live, Yellen first presser

I am honoured to be restricted to this side if the page, obv. Just worried that CG might be lonely

Comment on: US Markets Live, Yellen first presser

Been demoted

Comment on: US Markets Live, Yellen first presser

Hi - I can't get on the left for some reason CG.

Comment on: US Markets Live, Yellen first presser

The market price of the ADRs is assuming there are 10 ordinaries still backing each ADR or, alternatively, that stock was sold by BNY in the past at today's price. Which is nuts.

Here's the relevant paragraph from AIB's annual report....

"In April 2012, the Depositary commenced the sale of the ordinary shares underlying the ADSs on the ESM. Because of the limited liquidity in the ordinary shares on the ESM this disposal process has extended over a significant period and is continuing. While at 31 December 2013, 26,513,561 ADSs were still utstanding, as a result of the ongoing sale process each ADS is now backed by approximately 3.5 ordinary shares and a cash amount which has been accumulated following sales to date completed by theDepositary. On completion of the sale of the remaining ordinary shares underlying the ADSs (approximately 93 million) by the Depositary, the outstanding ADSs will be cancelled, cash will be remitted to the ADS holders and AIB will terminate the registration of its securities.”

Comment on: The eejit market in AIB, take two