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Stock Market & Financial Investment News

News For UBS;BCS From The Last 14 Days
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May 20, 2015
16:26 EDTUBS, BCSOn The Fly: Top stock stories for Wednesday
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12:33 EDTUBS, BCSOn The Fly: Top stock stories at midday
Stocks began the session relatively unchanged from yesterday’s close and continue to trade in a holding pattern as investors await the release of the minutes from the Federal Reserve's last FOMC meeting. ECONOMIC EVENTS: In the U.S., EIA inventory data showed a 2.67M barrel fall in crude stocks, versus expectations for a 1.75M barrel decrease. The Federal Reserve is scheduled to release the minutes from its last rate setting meeting at 2 pm EDT. In Asia, Japan's GDP accelerated to a 2.4% growth pace in the first quarter, which was much better than expected. Japanese stock markets rallied on the news, sending the Nikkei 225 average to its best level in 15 years. COMPANY NEWS: Five of the world's largest banks - Citi (C), JPMorgan Chase (JPM), Barclays (BCS), The Royal Bank of Scotland (RBS) and UBS (UBS) - agreed to pay more than $5B and plead guilty to felony charges related to manipulating foreign currencies and interest rates. In conjunction with previously announced settlements with regulatory agencies in the United States and abroad, today’s resolutions bring the total fines and penalties paid by these five banks for their conduct in the foreign exchange spot market to nearly $9B, the Department of Justice stated... Target (TGT) shares advanced 1% after the retailer's first quarter earnings topped expectations and it raised the low-end of its fiscal year profit forecast. Brian Cornell, chairman and CEO of Target, said the company was pleased with its first quarter traffic and sales, particularly in its signature categories, which drove better-than-expected profitability through improved gross margin and continued expense management. MAJOR MOVERS: Among the notable gainers was Sarepta Therapeutics (SRPT), which rallied 53% after the company announced that, following meetings with the FDA, it would submit its eteplirsen drug to the FDA for approval on a rolling basis, with various components of the application being submitted separately. Eteplirsen is a treatment for Duchenne muscular dystrophy, or DMD. Also higher was Pep Boys (PBY), which gained 14% after The Wall Street Journal said private equity firm Golden Gate Capital and other potential suitors have expressed interest recently in buying the company. Among the noteworthy losers was Etsy (ETSY), which operates an online marketplace to buy and sell handmade items and vintage goods. The stock, which priced its IPO at $16 and opened for trading at $31 per share, dropped 22% to trade near $16.50 after the company issued its first financial report since coming public in April. Also lower were shares of several airline stocks, led by Southwest (LUV), which was down 8% near noon. In a regulatory filing last night, Southwest indicated it expects FY15 capacity growth to increase 7%-8% and to grow another 6%-7% in FY16. Buckingham downgraded Southwest to Neutral from Buy this morning, stating it has a more cautious revenue outlook for the company due to a worsening backdrop as competitors vow to compete aggressively. INDEXES: Near midday, the Dow was down 6.10, or 0.03%, to 18,306.29, the Nasdaq was up 1.65, or 0.03%, to 5,071.69, and the S&P 500 was down 0.49, or 0.02%, to 2,127.34.
10:16 EDTBCSBarclays to pay $115M for attempted manipulation of ISDAFIX swap rates
The CFTC issued an Order today filing and settling charges against Barclays PLC, Barclays Bank PLC, and Barclays Capital. The Order finds that, beginning at least as early as January 2007 and continuing through June 2012, Barclays attempted on many occasions to manipulate and made false reports concerning the U.S. Dollar International Swaps and Derivatives Association Fix, a global benchmark for interest rate products. This is the first enforcement action addressing abuses of this benchmark. The CFTC Order requires Barclays to pay a $115M civil monetary penalty, cease and desist from further violations as charged, and take specified remedial steps, including measures to detect and deter trading intended to manipulate swap rates such as USD ISDAFIX, to ensure the integrity and reliability of the Bank’s benchmark submissions, and to improve related internal controls. Barclays, through its traders, bid, offered, and executed interest rate swap spread transactions in a manner deliberately designed – in timing, price, and other respects – to influence the published USD ISDAFIX to benefit the Bank in its derivatives positions, according to the Order. In addition, Barclays, through its employees making the Bank’s USD ISDAFIX submissions, also attempted to manipulate and made false reports concerning USD ISDAFIX by skewing the Bank’s submissions in order to benefit the Bank at the expense of its derivatives counterparties and customers. The Order recognizes Barclays’ significant cooperation with the CFTC during the investigation of this matter. The Order also notes that the civil monetary penalty imposed on Barclays reflects the Bank’s early resolution of this matter.
10:15 EDTUBS, BCSFive banks agree to parent-level guilty pleas in settlement over forex rigging
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10:15 EDTBCSBarclays to pay $400M penalty to settle CFTC forex charges
The CFTC issued an Order filing and settling charges against Barclays Bank for attempted manipulation, false reporting, and aiding and abetting other banks’ attempts to manipulate, global foreign exchange benchmark rates to benefit the positions of certain traders. This Order requires Barclays to pay a civil monetary penalty of $400M, cease and desist from further violations, and take specified steps to implement and strengthen its internal controls and procedures, including the supervision of its FX traders, to ensure the integrity of its participation in the fixing of foreign exchange benchmark rates and internal and external communications by traders. The Order notes that the $400M civil monetary penalty reflects in part that Barclays did not settle at an earlier stage of the investigation. In addition to the charges related to Barclays’ misconduct in FX benchmark rates, the Commission took enforcement action against Barclays and its affiliates on the same charges relating to abuses of the ISDAFIX benchmark. The Order recognizes the significant cooperation of Barclays during the CFTC’s Division of Enforcement’s investigation of this matter.
10:09 EDTUBS, BCSCiti, JPMorgan, RBS, Barclays, UBS agreed to guilty pleas in forex settlement
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10:04 EDTBCSFCA fines Barclays GBP284M for forex failings
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10:00 EDTUBSOn The Fly: Analyst Upgrade Summary
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07:01 EDTUBSUBS ordered to buy back bond funds from investor, Reuters reports
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05:45 EDTUBSUBS upgraded to Buy from Neutral at BofA/Merrill
05:21 EDTUBSUBS enters resolutions with DOJ, Federal Reserve, CT DOB
UBS announced that it has approved entering into resolutions with the US Department of Justice, or DOJ, the Board of Governors of the Federal Reserve System, and the Connecticut Department of Banking, or CT DOB, in their investigations of the global foreign exchange, or FX, markets. This follows the firm's resolutions last November with the Swiss Financial Market Supervisory Authority, UK Financial Conduct Authority and the U.S. Commodity Futures Trading Commission. The bank continues to cooperate with ongoing investigations by other authorities in this industry-wide matter, which include investigations of individuals. As a result of the resolutions, UBS has not been criminally charged for FX conduct. The DOJ will also not file any charges concerning its investigations into the firm's V10 FX-related structured products and its precious metals business. In resolving the FX matter with the DOJ, UBS received conditional immunity from prosecution for EUR/USD collusion from the Antitrust Division, which will also not prosecute UBS for any other FX conduct. This immunity reflects UBS's role as the firm that first reported potential misconduct to the DOJ, and the full cooperation provided to the DOJ and other authorities throughout the world. The DOJ used its sole discretion to terminate its 2012 Non-Prosecution Agreement with UBS related to LIBOR. As a consequence, UBS AG has agreed to plead guilty to one count of wire fraud for conduct in the LIBOR matter, pay a $203M fine and accept a three-year term of probation. This guilty plea for LIBOR by UBS AG relates to the same conduct that was the basis of the plea by the firm's Japanese subsidiary when the firm resolved its LIBOR issues in 2012. The Fed and the CT DOB jointly issued a cease and desist order finding that UBS engaged in unsafe and unsound business practices relating to its FX business. UBS will pay a penalty of $342M to the Fed and has agreed to undertake a series of remedial measures. The firm is fully provisioned for these resolutions. As a consequence, they will have no financial impact on Q2 results.
May 19, 2015
15:42 EDTBCS, UBSBanks' settlement over forex rigging to be announced tomorrow, CNBC says
Several banks are said to plan to plead guilty and pay "billions" in fines in a settlement over their roles in foreign exchange manipulation that is expected to be announced Wednesday, according to CNBC's Kate Kelly. Prior media reports have listed Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS), JPMorgan (JPM) and Citigroup (C) as having been in talks with U.K. and U.S. authorities for their roles in foreign currency rigging.
May 18, 2015
08:31 EDTUBSUBS, NYSE Bonds announce strategic relationship
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07:12 EDTUBS, BCSBarclays expected to face over GBP250M in fines for rigging, Telegraph says
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06:15 EDTBCSCiti divests 16% stake in Grupo Aeromexico, Reuters reports
Citigroup (C) has sold its 16% stake in Grupo Aeromexico, the Mexican airline says, Reuters reports. According to the airline, Barclays Capital (BCS) acquired about 8% of shares through a financial operation with Delta (DAL). Reference Link
May 15, 2015
07:50 EDTUBS, BCSDOJ tearing up prior UBS rigging settlement after new violations, WSJ reports
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May 14, 2015
07:37 EDTUBSUBS ordered to pay $200,000 to PR bond fund investor, Reuters reports
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06:49 EDTUBS, BCSBanks to pay several billion over alleged currency violations, NY Times says
Barclays (BCS), JPMorgan Chase (JPM), Citigroup (C) and the Royal Bank of Scotland (RBS) are expected to agree to pay a combined "several billion dollars" as part of a settlement with the U.S. over alleged foreign exchange rigging, according to The New York Times, which cited unnamed sources. The banks are also expected to plead guilty to criminal antitrust violations, but it is not anticipated that their operations will be significantly affected as a result of those pleas, the newspaper stated. Meanwhile, UBS (UBS) will pay a fine of up to $500M related to alleged "foreign currency misconduct," the newspaper stated. Reference Link

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