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UPDATE 3-Nomura profit falls for 2nd straight quarter after stock rally cools
07/29/2014  |  12:57
* Q1 profit down 70 pct to Y20 bln vs Y26 bln analyst view* Aims to be less dependent on investment trust "churning"* Daiwa also reports profit decline of 40 pct (Adds comments from analyst and Nomura executive)By Ritsuko AndoTOKYO, July 29 (Reuters) - Nomura Holdings Inc reported a second straight quarter of profit decline as investors turned cautious on Japan's economic recovery prospects and held back on stock trading, knocking brokerage commissions far below last year's.Japan's biggest investment banking and brokerage group enjoyed a spike in fees in 2013 when the pro-growth policies of Prime Minister Shinzo Abe spurred investment and trading activity....

RPT-UPDATE 3-Deutsche Bank pretax profit rises as markets focus pays off
07/29/2014  |  11:54
(Repeats to add link to Breakingviews comment)* Q2 pretax income up 16 percent to 917 million euros* Sees litigation, regulations remaining "very challenging"* Says cooperating in probes into high-frequency trading* Says Ukraine, Middle East may hit markets and clients* Tops up litigation reserves to 2.2 bln (Adds investor comments, background, updates shares)By Thomas Atkins and Arno SchuetzeFRANKFURT, July 29 (Reuters) - Deutsche Bank AG's bid to become "last man standing" in European investment banking is working, the bank said on Tuesday, even as the threat intensifies of costly litigation and regulatory actions....

REFILE-MOVES-Citi hires ex-Deutsche iron ore trader, bets on bulks volatility
07/29/2014  |  15:55
(Adds MOVES tag in headline; also repeats to additional Reuters clients)* Vlad Stoychev to head Citigroup global iron ore and coal sales* Citi sees rivals fade, looks to cash in on bulks volatilityBy Maytaal Angel and Silvia AntonioliLONDON, July 29 (Reuters) - Citigroup Inc has hired a physical iron ore trader from Deutsche Bank to head its global bulk commodity sales team, as the U.S....

Glencore puts grains silos in Ukraine up for sale -sources
07/29/2014  |  11:40
KIEV, July 29 (Reuters) - Commodity trader Glencore is trying to sell some of its inland grain silos in strife-torn Ukraine, due to a change in grains storage and transport trends which is making them redundant, sources close to the situation said on Tuesday.Inland silos are being used less as more farmers in Ukraine are building their own on-farm storage units and transporting directly to ports, by-passing third-party inland storage, the sources said....

COLUMN-LME warehousing; all change or no change? Andy Home
07/29/2014  |  12:45
(The opinions expressed here are those of the author, a columnist for Reuters.)By Andy HomeLONDON, July 29 (Reuters) - On the surface at least, much has changed in the London Metal Exchange (LME) warehousing business over the past year....

BP, Shell, Morgan Stanley seek end of oil price-fixing lawsuit
07/29/2014  |  15:24
By Jonathan StempelNEW YORK, July 29 (Reuters) - BP Plc , Royal Dutch Shell Plc, Morgan Stanley and other companies urged a U.S. judge to dismiss nationwide litigation claiming they conspired for 12 years to fix prices of Brent crude oil, a benchmark for the cost of gasoline and heating oil....

INSIGHT-Jaded Argentines brace for looming debt default
07/29/2014  |  05:00
By Eliana Raszewski and Richard Lough BUENOS AIRES, July 29 (Reuters) - Factory owner Norberto Garcia was poised to launch a series of new toys this year after grafting hard for the past decade to rebuild his business following Argentina's 2001-2002 economic crash and debt default. Instead, he's hunkering down for a possible second default this Thursday, cutting investment plans and scaling back his targets....

U.S. CFTC penalizes JPMorgan unit over inaccurate trader reports
07/29/2014  |  14:10
WASHINGTON, July 29 (Reuters) - A JPMorgan Chase & Co unit will pay $650,000 to resolve charges that it submitted inaccurate reports about the positions held by some of its large trader clients, the U.S....

RPT-Many investors face Scotland exit risk unprotected
07/28/2014  |  05:00
(Repeats story unchanged)* UK break-up seen as outside chance* Many experts do not expect much volatility* Insurance choices prove tricky, costlyBy John Geddie and Jemima KellyLONDON, July 27 (Reuters) - Less than two months before an independence vote that could ultimately tear apart a G7 country, investors in financial markets seem largely unmoved.Last week saw the first glimmer of action in currency markets to protect against the possibility of Scotland voting on Sept....

TRLPC: U.S. loan market makes hay while the sun shines
07/28/2014  |  16:41
By Leela Parker DeoNEW YORK, July 28 (Reuters) - The U.S. leveraged loan market is showing no signs of a seasonal slowdown. A flurry of opportunistic leveraged loans from issuers backed by strong demand from institutional investors suggests that the market may have recovered from a bout of weakness earlier this year just as geopolitical risk is increasing....

Wall Street struggles to comply with new US sanctions on Russia
07/28/2014  |  17:54
By Brett WolfST. LOUIS, July 28 (Reuters) - Major U.S. banks and securities firms are struggling to comply with new U.S. sanctions on key parts of the Russian energy and financial industries, with some on Wall Street complaining that the directives are too vaguely worded and leave room for error....

COLUMN-These hot sectors may stay warm in the second half of 2014
07/28/2014  |  17:26
(The opinions expressed here are those of the author, a columnist for Reuters)By John WasikCHICAGO, July 28 (Reuters) - With a relatively robust first half for the U.S....

U.S. SEC appeals crisis-era case against ex-bank executives
07/25/2014  |  20:16
By Sarah N. LynchWASHINGTON, July 25 (Reuters) - U.S. government lawyers asked federal regulators on Friday to overturn a judge's ruling dismissing their case against two former State Street Corp executives accused of misleading investors in a fund exposed to subprime mortgages....

Speculative net shorts in U.S. 10-year T-note futures fall-CFTC
07/25/2014  |  19:37
July 25 (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell for a second week, according to Commodity Futures Trading Commission data released on Friday....

Seattle man gets 1-1/2 years for Microsoft insider trades
07/25/2014  |  17:01
By Bill RigbySEATTLE, July 25 (Reuters) - An online stock trader who profited from inside information passed to him by a former Microsoft Corp finance employee was sentenced to 1-1/2 years in prison in Seattle on Friday.Sean Stokke had pleaded guilty to charges of insider trading, which federal prosecutors said netted more than $400,000 in illicit profits over an 18-month period for him and his Microsoft accomplice, Brian Jorgenson....

UPDATE 2-Citigroup unit to pay $5 million to settle U.S. SEC charges
07/25/2014  |  17:31
(Adds more background, comments from Citigroup)By Sarah N. Lynch and John McCrankJuly 25 (Reuters) - A private trading venue owned by Citigroup will pay a $5 million penalty to settle charges that it failed to protect customers' data, marking the latest case in a crackdown by U....

Deutsche Banks expands cost cutting programme -paper
07/24/2014  |  21:36
FRANKFURT, July 24 (Reuters) - Germany's Deutsche Bank AG is planning more cost cuts of up to 2.5 billion euros ($3.4 billion) as it tries to boost its competitiveness, German newspaper Handelsblatt reported....

UPDATE 2-Morgan Stanley to pay $275 mln penalty for misleading RMBS investors
07/24/2014  |  17:09
(Adds quote from lawyer, details on administrative proceeding)By Emily Flitter and Sarah N. LynchNEW YORK/WASHINGTON, July 24 (Reuters) - The U.S. Securities and Exchange Commission said on Thursday it had charged Morgan Stanley with misleading investors about two residential mortgage-backed securities it issued before the 2008 financial crisis, and that the bank would pay $275 million to settle the case, according to a press release....

PREVIEW-Mega miners set to reward investors after reining in costs
07/24/2014  |  11:02
* Strong BHP, Rio Tinto production reports bode well* BHP tipped to announce share buyback* Brazil's Vale to benefit from nickel price rise* Focus on Anglo American asset sales planBy Sonali Paul, Silvia Antonioli and Stephen EisenhammerMELBOURNE/LONDON/RIO DE JANEIRO, July 24 (Reuters) - After two years of shunning miners, investors are tiptoeing back into the sector on signs of growth perking up in China, company austerity measures paying off, and prices of nickel, copper and aluminum picking up as supply tightens.They could start to reap early rewards when the top five global miners report results over the next four weeks....

Portuguese bank shares continue surge, BES up 9 pct
07/24/2014  |  08:45
LISBON, July 23 (Reuters) - Shares in Banco Espirito Santo spiked another 9 percent on Thursday, adding to the previous day's gains of 14 percent after two major investors bought into the beleaguered bank, and other Portuguese banks also rallied.BES rally went on even after U....

UPDATE 1-U.S. gold ETF delivers first physical bullion coins; holdings grow
07/23/2014  |  20:49
(Adds processing fee details)By Frank TangNEW YORK, July 23 (Reuters) - Merk Gold Trust, a bullion-backed exchange-traded fund which allows its shares to be redeemed for physical gold, said on Wednesday it has made its first delivery in dozens of U.S....

UPDATE 3-SEC's long path to money market fund reform ends in compromise
07/23/2014  |  21:05
(Adds details, reactions to the SEC's rule)By Sarah N. LynchWASHINGTON, July 23 (Reuters) - U.S. regulators adopted moderate reforms for money market mutual funds on Wednesday, in what amounted to a compromise that aims to balance the need to reduce the risk of runs on the funds while still protecting the product's utility for investors....

Money fund rule changes offer new reality to U.S. retail investors
07/23/2014  |  22:16
By Tim McLaughlin and Ross KerberBOSTON, July 23 (Reuters) - New rules announced on Wednesday will likely drive safety-oriented retail investors away from some money market funds because they highlight risks and make it harder to pull cash out when market turmoil strikes.The U....

UPDATE 2-Miner Cliffs reports loss on weaker commodity prices, volumes
07/23/2014  |  23:30
(Adds forecasts, analyst comment, stock price move)July 23 (Reuters) - Cliffs Natural Resources Inc, facing off against an activist fund that wants to replace its chief executive, reported a bigger-than-expected quarterly loss on Wednesday because of weak commodity prices and a decline in sales volumes.The Cleveland-based iron ore and metallurgical coal producer slightly lowered its forecast for full-year sales and production volume for U....

UPDATE 4-NY Fed found serious problems at Deutsche Bank's U.S. arms -sources
07/23/2014  |  19:23
* NY Fed sees shoddy reporting, inadequate auditing* Says Deutsche Bank made no progress fixing problems* Bank to come under closer Fed scrutiny from 2016* Shares down 0.5 percent, underperforming peers (Adds Dudley speech, details on examiners)By Kathrin Jones and Arno SchuetzeFRANKFURT, July 23 (Reuters) - The Federal Reserve Bank of New York has found serious problems in Deutsche Bank AG's U....

UPDATE 1-U.S. SEC backs ban on investor settlements erasing complaints from broker records
07/23/2014  |  19:41
(Updates with comment from FINRA spokeswoman in final paragraph)By Suzanne BarlynJuly 23 (Reuters) - The U.S. Securities and Exchange Commission has approved a new brokerage industry rule to ban dispute settlements between securities firms and investors that require investors to agree to erase complaints from brokers' public records....

U.S. gold ETF delivers first physical bullion coins; holdings grow
07/23/2014  |  19:46
By Frank TangNEW YORK, July 23 (Reuters) - Merk Gold Trust, a bullion-backed exchange-traded fund which allows its shares to be redeemed for physical gold, said on Wednesday it has made its first delivery in dozens of U.S....

SAFT ON WEALTH-New money fund rules keep illusions alive
07/23/2014  |  19:59
(James Saft is a Reuters columnist. The opinions expressed are his own)By James SaftJuly 23 (Reuters) - New money market fund reforms are half measures which will fail to end investors' illusion that there is such a thing as a safe asset....

UPDATE 1-Portuguese bank shares surge on news of BES investors
07/23/2014  |  12:32
(Adds detail, comment, share price reaction)By Laura Noonan and Filipa Cunha-LimaLISBON, July 23 (Reuters) - Shares in Banco Espirito Santo rose as much as 10.5 percent on Wednesday as investors took heart from a late Tuesday announcement that two major U....

RPT-LME approves BTG Pactual to operate warehouses in Singapore
07/23/2014  |  04:15
(Repeats to additional subscribers, with no change to text)SYDNEY, July 23 (Reuters) - Brazil's BTG Pactual has received a green light from the London Metal Exchange (LME)to set up warehousing operations in Singapore, marking the investment bank's first foray into Asia as builds out its physical metals business.In a notice to members on Tuesday, the LME said it has approved BTG Pactual Commodities Warehousing to store aluminum, aluminum alloy, copper, nickel, lead, tin and zinc in the city state....

UPDATE 3-Credit Suisse posts big loss after U.S. tax settlement
07/22/2014  |  13:08
* Q2 net loss 700 mln Sfr vs 581 mln Sfr in poll* Private bank wins 10.1 bln Sfr in net new money* Investment bank pretax profit steady at 752 mln Sfr* Credit Suisse to exit commodities trading* Commodities trading exit will save $75 mln* Says stowed funds for cash dividend in 2014* Shares down 1....

US Chamber makes final push against US SEC money fund reforms
07/22/2014  |  18:39
By Sarah N. LynchWASHINGTON, July 22 (Reuters) - The U.S. Chamber of Commerce made a last-ditch plea on Tuesday to federal securities regulators, urging them not to adopt rules that will change how some money market funds are valued and could cause companies to park their cash elsewhere....

CORRECTED-UPDATE 2-Espirito Santo family woes mount as Rioforte seeks creditor protection
07/22/2014  |  20:17
(Corrects date of DE Shaw stake acquisition in 13th par to July 14 from June 14)* Espirito Santo family company Rioforte seeks creditor protection* Rioforte owes Banco Espirito Santo 220 million euros* Goldman Sachs, DE Shaw take stakes in BES* BES appoints Deutsche Bank to advise on balance sheet* ESFG sells stake in Swiss private bankBy Laura Noonan and Axel BuggeLISBON, July 22 (Reuters) - The woes of Portugal's only banking dynasty, the Espirito Santo family, mounted on Tuesday as another of their holding companies asked a court for protection from creditors.The announcement from Rioforte came less than an hour after Banco Espirito Santo, which the family founded, said that two heavyweight U....

UPDATE 2-Investor relations partner settles U.S. SEC insider-trading charges
07/22/2014  |  17:02
(Updates to say an attorney for McGrath declined comment)By Sarah N. LynchWASHINGTON, July 22 (Reuters) - A New York-based investor relations executive on Tuesday agreed to settle civil charges that he illegally traded with inside information obtained while preparing press releases for company clients, U....

UPDATE 1-Credit Suisse to wind down commodities trading
07/22/2014  |  06:08
* Says plans to focus resources on more profitable areas* Sees roughly $75 million in savings from the move* Joins other major banks in retreat from commodities (Adds bullets comment from CEO, CFO, detail)ZURICH, July 22 (Reuters) - Credit Suisse said on Tuesday it was winding down its commodities trading to focus its resources on more profitable areas of its business.In presentation slides accompanying the bank's second-quarter earnings, Credit Suisse said it expected to achieve roughly $75 million in savings from the move and reduce risk-weighted assets by $2 billion....

UPDATE 1-UK watchdog upholds $770,000 fine on "king of mining" banker
07/22/2014  |  10:57
* Original fine on Hannam confirmed after court battle* Hannam has until August 7 to pay* Regulator urges financial professionals to heed judgment (Adds Hannam and lawyer comment, details, background)By Kirstin RidleyLONDON, July 22 (Reuters) - Britain's financial watchdog has upheld a 450,000 pound ($768,000) fine on former JPMorgan banker Ian Hannam - a prominent dealmaker once dubbed the "king of mining" - for market abuse after a protracted court battle.In an effort to clear his name, Hannam had fought to overturn the Financial Conduct Authority's (FCA) initial findings and fine of 2012....

UPDATE 1-Former Qualcomm executive pleads guilty to insider trading
07/21/2014  |  23:17
(Adds comment from Justice Department and lawyer for defendant, sentencing date; in paragraphs 6, 9-11)By Jonathan StempelJuly 21 (Reuters) - A former president of Qualcomm Inc's global business operations pleaded guilty on Monday to insider trading in shares of the mobile phone chipmaker and a company it bought in 2011, as well as to a related money laundering charge.Jing Wang, 51, entered his plea before U....

U.S. SEC taps new chief economist from University of Florida
07/21/2014  |  18:15
By Sarah N. LynchWASHINGTON, July 21 (Reuters) - The U.S. Securities and Exchange Commission on Monday announced it has tapped a University of Florida professor to serve as the agency's new chief economist....

UPDATE 1-Denmark accuses Danske Bank unit of insider information leak
07/21/2014  |  16:23
(Adds background on previous charges, how the case was uncovered)COPENHAGEN, July 21 (Reuters) - Denmark's public prosecutor for serious economic and international crime has brought an additional accusation against Danske Bank's mortgage unit Realkredit Danmark and one of its employees, the bank said on Monday.It said the new allegation concerns insider information on a type of Danish adjustable mortgage loan called Flexlaan....

BNP case spurs calls for whistleblower incentives in banking
07/21/2014  |  14:41
By Henry EnglerNEW YORK, July 21 (Reuters) - BNP Paribas SA's $9 billion settlement with U.S. authorities, aided by internal whistleblowers, has spurred calls for federal banking regulators to protect and reward individuals who report wrongdoing by banks....

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