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Aug 2, 2013

Lawmakers want perjury probe for Corzine

WASHINGTON (Reuters) – A group of Republican lawmakers called on Friday for a criminal investigation of Jon Corzine, the head of failed futures broker MF Global, saying he may have committed perjury when speaking before Congress in 2011.

Corzine, a Democrat who previously served as New Jersey’s governor and U.S. senator, headed MF Global when it collapsed in October 2011 in one of the 10 biggest U.S. bankruptcies.

Aug 2, 2013

U.S. lawmakers want perjury probe for Corzine

WASHINGTON, Aug 2 (Reuters) – A group of Republican
lawmakers called on Friday for a criminal investigation of Jon
Corzine, the head of failed futures broker MF Global, saying he
may have committed perjury when speaking before Congress in
2011.

Corzine, a Democrat who previously served as New Jersey’s
governor and U.S. senator, headed MF Global when it collapsed in
October 2011 in one of the 10 biggest U.S. bankruptcies.

Jul 31, 2013

FCA considers investigation of metals warehousing – sources

LONDON/WASHINGTON (Reuters) – Britain’s financial watchdog is considering an investigation of the London Metal Exchange warehouse system after U.S. regulators put banks and big traders on notice of a probe due to complaints of inflated prices, two sources said.

The move would mark a change in tack by the Financial Conduct Authority (FCA), which has said it regulates the exchange and the futures derivatives market for commodities but not warehousing or the physical markets.

Jul 31, 2013

UK watchdog considers investigation of metals warehousing -sources

LONDON/WASHINGTON, July 31 (Reuters) – Britain’s financial
watchdog is considering an investigation of the London Metal
Exchange warehouse system after U.S. regulators put banks and
big traders on notice of a probe due to complaints of inflated
prices, two sources said.

The move would mark a change in tack by the Financial
Conduct Authority (FCA), which has said it regulates the
exchange and the futures derivatives market for commodities but
not warehousing or the physical markets.

Jul 30, 2013

U.S. deepens scrutiny of banks’ roles in commodities

WASHINGTON, July 30 (Reuters) – Wall Street banks face the
prospect of increased scrutiny of their commodity businesses as
U.S. regulators and lawmakers on Tuesday pressed for a closer
look at their roles in owning warehouses and in trading
everything from oil to metals

Under pressure from a handful of lawmakers to explain why
banks including JPMorgan Chase & Co. and Goldman Sachs
have been allowed to own warehouses and trade physical
commodities, regulators have scrambled this month to demonstrate
that they are tackling the issue.

Jul 30, 2013

U.S. SEC examines trading rules as commodity crack-down heats up

WASHINGTON, July 30 (Reuters) – The top U.S. securities
regulator said on Tuesday she was examining insider trading
rules for commodities, further stepping up scrutiny of Wall
Street’s role in trading anything from oil to metals.

The move comes after JPMorgan Chase & Co – under
pressure from regulators – said last week it would exit physical
commodities trading, and as Europe is
drastically stepping up its rules for commodity trading.

Jul 23, 2013

At Senate, Wall St. and Fed feel heat over commodity trade

WASHINGTON/NEW YORK (Reuters) – Wall Street’s multibillion-dollar commodity trading operations came under the political spotlight on Tuesday as a powerful Senate committee questioned whether commercial banks should control oil pipelines, power plants and metals warehouses.

The Senate Banking Committee hearing comes as Goldman Sachs, Morgan Stanley and JPMorgan Chase – which generated an estimated $4 billion in commodity revenues last year – face growing pressure from a number of investigations into their operations, and as the Federal Reserve reviews Wall Street’s right to operate in raw material markets.

Jul 21, 2013

Insight: Resigned to reform, Wall St tries a different tack in DC

By Lauren Tara LaCapra and Douwe Miedema

(Reuters) – In March, as U.S. bank regulators were framing a new rule that would affect the $630 trillion derivatives market, JPMorgan Chase & Co sent five bankers from New York and London to Washington to raise some fine points about the impact of the financial reform.

In a jargon-laden, 23-slide presentation, the JPMorgan bankers walked regulators through the complexities of how their decisions would affect the arcane market, according to documents and a person familiar with the meeting.

Jul 21, 2013

Resigned to reform, Wall St tries a different tack in DC

July 21 (Reuters) – In March, as U.S. bank regulators were
framing a new rule that would affect the $630 trillion
derivatives market, JPMorgan Chase & Co sent five
bankers from New York and London to Washington to raise some
fine points about the impact of the financial reform.

In a jargon-laden, 23-slide presentation, the JPMorgan
bankers walked regulators through the complexities of how their
decisions would affect the arcane market, according to documents
and a person familiar with the meeting.

Jul 16, 2013

Include bank rule conflicts in trade talks, EU tells U.S.

WASHINGTON, July 16 (Reuters) – A conflict over a U.S. plan
to force foreign banks to hold more capital should be part of
talks about a free trade agreement between the United States and
the European Union, a top EU official said.

Michel Barnier, the 27-nation bloc’s regulation
commissioner, said a comparison between EU and U.S. rules that
prohibit banks from gambling with their own money should also be
on the agenda of the talks.

    • About Douwe

      "I head up the Financial Services team in London. We're 20 journalists, covering M&A, IPOs, restructuring, banking, real estate, investment management, hedge funds and private equity. I've worked for Reuters in Zurich, Frankfurt and Amsterdam."
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