Paul Murphy

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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, 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.

Ever wonder where your Bloomberg terminal $$$s are going?

Click and gawp.

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Further reading

Elsewhere on Friday…

- Closer to the rise

- The case against killer robots Read more

So at what point do we see corporate yields going to zero?

Rhetorical question, just to share this chart from Dominik Winnicki and team at Barclays (click to enlarge)…

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Slaughter of the shells

Officials from the SEC have been out with axes and clubs across 24 states and also Canada, effectively putting 128 inactive penny dreadfuls or Pink Sheets out of their corporate misery.

Trading suspensions on Monday brought the number of micro cap companies suspended since the regulator began Operation Shell-Expel in 2012 to 800 — some 8 per cent of the OTC market, where all these previously traded. Read more

A handy Greek payment timeline

Given the pressure on Vani et al, this cash requirement schedule might be useful….

H/T Malcom Barr at JP Morgan. Read more

“If it were a museum, some say that it would probably be the best museum in the world”

This fab alleged art market fraud story is fast developing…. While it does so, here’s the Bouvier brochure. Click to read:

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Bad Bob Morton, censured

Worth noting this, since Arthur Leonard Robert Morton (73), commonly known as “Bob,” has been a fixture at the smaller end of the London stock market for as long as anyone can remember…

This is a public statement of censure by the Panel Executive of Mr Bob Morton for his failure to make an offer under Rule 9 of the Takeover Code (the “Code”) in compliance with the Code in connection with the purchases of shares in Armour by Mr Morton’s four sons in June and August 2011, and certain associated breaches of Rule 5 and Rule 2.

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Camp Alphaville 2015 — URGENT

This is not just a save-the-date. It’s a save-the-date-and-grab-a-bargain.

Camp Alphaville at the Honourable Artillery Company, EC1 — July 1, 11 till 8.


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Here’s why Bwin.Party was in freefall on Friday…

Given some readers will have followed our November report that Amaya Gaming Group of Canada seemed to be preparing a £1.2bn takeover offer for London-listed Bwin.Party Digital Entertainment, it’s only fair that we now share the following — from erstwhile colleagues at Dealreporter:’s [LON:BPTY] potential suitors are rumoured to have lost interest in acquiring the company, two bankers following and an industry source with knowledge of the situation said. Read more


We’re not allowed to do this in the UK, so we’ll let fellow financial bloggers from across the pond take over from here….

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A global, ten year, flow of funds heat map

Click to enlarge…

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Worthington — the wait goes on

We’ll admit that this is disappointing news. We have pixels to fill and this company has done us proud.

Worthington, the wannabe global conglomerate built on a legal claim against Rangers football club, has been told it will have to reapply for its main market listing in London… Read more

Credit beauty, in the eye of the beholder

Last month Fitch Ratings, controlled by the American mass media conglomerate Hearst Corporation, sought to amplify sanctimonious Western sanctions against Vladimir Putin’s Russia by placing a BBB-/Negative barely-investible rating on Gazprom, the large and reliable Siberian gas extractor.

Thankfully, Dagong Global Credit Rating Company of Beijing has now set the record straight..Read more

“Bloomberg Launches Its Flagship Digital Destination”

Click the image for the full out-of-this-Bloomberg experience…

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This is nuts. (But maybe someone’s noticed)

Box Inc, just another cloud storage company out of Silicon Valley, looked to be just another SV mania company hitting Wall St when it priced it’s IPO last week. Against an allegedly cautious pricing at $14 a share (one dollar above the indicative range, natch) the market price surged to a day one high of $24.73. But look at the price chart since then…

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The phoney property portal war

In the UK, Monday saw the launch of, a supposed attempt to break the online property portal duopoly in Britain, currently consisting of Rightmove and Zoopla.

The new challenge has come from Agents’ Mutual, a sizeable consortium of estate agents who want to regain control of the homebuyer audience. About 25 per cent of agents have signed up on the condition they stop advertising properties on the two incumbent sites, opting instead to fix monthly listing fees for five years – and escape the escalating monthly charges levied by Rightmove and Zoopla. Read more

A touch of peer-to-peer mania?

Seven months have ticked by since hedge fund Marshall Wace spun out P2P Global, an investment trust focused on lending through peer-to-peer lending platforms. About £200m was raised at flotation and, by November, with about three quarters of those initial funds deployed, P2P said it was actively considering a fresh stock offer.

Two weeks ago it said it was issuing 10m “C” shares at £10 apiece. But demand from investors immediately topped 20m, so the issue has been increased to 25m shares — raising £250m. Read more

BoAML: ‘Dividend stocks could double from here’

“Safe” dividend stocks, to be precise.

It’s a straightforward argument: as yields on high-grade government debt increasingly turn negative, so the search for income amongst investors will channel money into quality equities. Read more

‘Let 100 think tanks bloom’

The Chinese government seems to have noticed that the country has no policy institutes or think tanks with global clout. So it’s going to get some. Up to a hundred, in fact. But this isn’t Xi Jinping reworking Mao’s famous 100 flowers campaign. Wouldbe think takers are not being invited to think freely…

A new type of think tanks with Chinese characteristics would support development and strengthen soft power, according to a guideline issued Tuesday.

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Just in case Grexit were to happen…

Eric Dor of the IESEG School of Management in Lille has a handy table. Click to enlarge…

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FXCM, welcome to the ‘cov-heavy’ reality…

The price of life in retail FX land….

The loan has an initial interest rate of 10% per annum, increasing by 1.5% per annum each quarter for so long as it is outstanding, but in no event exceeding 17% per annum (before giving effect to any applicable default rate). It is also subject to various conditions and terms such as requiring mandatory prepayments, including from proceeds of dispositions, condemnation and insurance proceeds, debt issuances, and equity issuances. The credit agreement includes a variety of restrictive covenants, including, but not limited to, limitations on the ability to merge, dissolve, liquidate, consolidate or sell, lease or otherwise transfer all or substantially all assets; limitations on the incurrence of liens; limitations on the incurrence of debt by subsidiaries of the company; and limitations on transactions with affiliates, without the prior consent of the lender. Read more

Death of an FX punter


Ive came back to my computer and Alpari have closed all my trades, loosing over $1000 off of my current balance, anyone got any idea what may have happened!!! they arent answering the phone!!


Same thing has happened to me… trying to open a trade manually it says that trading is disabled…


Alpari have closed my short Eur/Usd trade and are not answering the phone!!!!

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A Worthington tale

Ok, go down this alphabetical list of corporate tenants at the front door of a shabby office block in south London. You’re looking for the name “Worthington”. Click to enlarge if needed…

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Hope, in reality…

Who’d have thought?

This £203,948 bar bill…

… would eventually led to this… Read more

Santander, the bank that bemuses

This Spanish bank just makes us wonder, repeatedly. Previously we’ve noted Santander’s logic-defying habit of printing out scrip dividend payments at a rate 50 per cent above earnings. Then we were bewildered that no one seemed to mind that as recently as 2012 the bank was secretly using Goldman Sachs to warehouse its stake in its Brazilian subsidiary so as to scrape through EBA capital requirements.

And now we get this. Click to read:

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Introducing the priceless Sandra Rupp


Alternatively, official Davos comedy is available here. Read more

BoE wonks on a limited QE hunt

We know instinctively that the Bank of England doesn’t like to be seen to be inflating stock market bubbles. That money printed for the purposes of quantitative easing might be flowing into the hands of existing equity holders (such as corporate executive management) would reinforce the wholly disagreeable notion that Britain’s central bank was actually fuelling the growth in wealth inequality.

So we should not be surprised when two Bank economists, Michael Joyce and Zhuoshi Liu, together with a colleague from Bath University, Ian Tonks, publish a piece of research stating… Read more

Just another downside indicator…

…and a volatile one at that: the Baltic Dry Index

It was down 1.3 per cent on Thursday at 827. It’s now fallen 20 days in a row. Read more

Comic release

Worthington Group plc (“the Company” or “Worthington”)

12th December 2014


Update Further to the Company’s announcement on 24th November 2014, the Company has, in relation to Listing Rule 5.6.4 (Reverse Takeovers), submitted details of a number of transactions and contemplated transactions to the FCA. The FCA has asked the company to provide further information and comment before reaching any final conclusions as to whether any of the transactions, or contemplated transactions, amount to, or may on completion amount to, a reverse takeover. The Company expects to provide this additional information and comment no later than Tuesday 16th December 2014.

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Reminding readers about the existence of Russell Brand…

The former comic in central London yesterday…

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