Hundreds of crypto firms fail FCA money laundering test

Just 13% of crypto firms that applied for authorization under the Financial Conduct Authority’s money laundering rules over the past two years have been successful. The regulator has received a flood of applications under the Fifth Anti-Money Laundering Directive — Read more

Investors look to bank earnings season for signs of a recession

The US economy might be headed for a recession — or it might not be. Investors will be looking to bank earnings to clear up the question. The big banks start reporting second-quarter earnings this week, and what executives say Read more

Crypto market’very ripe’ for deals amid blowout

In the rubble-strewn land of virtual currencies, cash is king. A blowout in the cryptocurrency market sparked a wave of layoffs, punished valuations and drove some companies to bankruptcy. Now firms that still have capital are gearing up for a Read more

XTX’s Zar Amrolia: Why’Terminator’ robots will never replace human traders

Zar Amrolia started off as a quant at JPMorgan in 1988 when he was in his mid-20s. He drifted into trading and sales, with stints at Credit Suisse and Goldman Sachs, rose to the head of currency trading at Deutsche Read more

Ex-JPMorgan traders accused of spoofing as $ 1bn case heads to court

Two former precious metals traders at JPMorgan Chase and a co-worker who handled hedge fund clients face trial starting 8 July in the climax of a seven-year Justice Department campaign to punish alleged market manipulation. The criminal trial in Chicago Read more

Asset management execs back four-day week

Senior executives from some of the UK’s largest fund houses are keen to move to a four-day work week, as financial services firms continue tearing up the rulebook following the Covid pandemic. A survey of 200 senior asset management executives Read more

FCA’s failings on P2P lending raise concerns about crypto approach

The revelation that a cryptocurrency lobbyist donated £ 500,000 to the Conservative Party two months before the government pledged to turn the UK into a global crypto hub has raised concerns about whether party funding is influencing financial policy. Tulip Read more

Leon Black rebuffed in Apollo conspiracy claim

A federal judge dismissed a case brought by former Apollo Global Management chief executive Leon Black alleging that his former partner and others conspired to destroy his reputation and push him out of the firm. Black last October filed a Read more

Zar Amrolia, LSE’s Julia Hoggett, JP Morgan and Swiss Exchange pick up top prizes at FN awards

Six Swiss Exchange was named Exchange Group of the Year for the second year running in Financial News‘s 20th annual awards for the trading industry. The Swiss bourse was again recognized for its acquisition of the Spanish stock exchange, which Read more

Investment bank fees fall by $ 24bn as deal boom loses steam

Dealmaking fees at top investment banks slumped by as much as 56% during the first half of 2022, as recessionary fears and rising interest rates have halted a boom that broke records last year. A sharp downturn in equity capital Read more