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I own a little bit of gold, so I was interested in this weeks iUK nterest rate decision.

I had a bit of spare time so was watching the gold price just before the IR decision was announced last week. Around 5 to 10 minutes BEFORE the IR decision, GBP went up.

I heard a few months ago that some traders got done for having a back door connection into the BOE system which allowed them to tune in and hear the decision announcement a minute max before everyone else, but last week took the absolute pi55.

I did hear something on the news that this had been seen elsewhere and there was now an investigation.

Anyone have any info?

Banksters ?

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Banks are not traders.

Very few banks have any form of trading activity bar internal hedging.

The case is over exaggerated. Someone took a position.

Maybe they had inside info, in whic ase the problem lies with the BoE/Treasury.

Maybe they guessed it correct.

 

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3 hours ago, spyguy said:

Banks are not traders.

Very few banks have any form of trading activity bar internal hedging.

The case is over exaggerated. Someone took a position.

Maybe they had inside info, in whic ase the problem lies with the BoE/Treasury.

Maybe they guessed it correct.

 

No they aren't they are far worse......

https://www.independent.co.uk/news/business/financial-conduct-authority-orders-banks-to-shine-light-on-dark-pool-stock-exchanges-and-improve-a7148206.html

Have you read  Flash boys by Micheal Lewis ?

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36 minutes ago, GregBowman said:

I used to work with the only person who got jailed for HFT related stuff.

And I dont mean the that Dafty from houslow.

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20 minutes ago, spyguy said:

I used to work with the only person who got jailed for HFT related stuff.

And I dont mean the that Dafty from houslow.

LOL - reminds me of the Chinese bank that self reported than the Us authorities screwed them over

https://www.imdb.com/title/tt5952382/

Small enough to jail - shocking whilst Wall st walked away scot free in 2008

Edited by GregBowman
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23 minutes ago, GregBowman said:

Yep - happening everywhere - Prince Andrew ?

Oh god yeah. I can't even express my feelings on that. Privileged and stupid. And they're his nicest qualities.

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Unlikely anyone will get done for this crime.

Goldman Sachs helped Greece fiddle their books. And with this insider knowledge they made killing on FX markets.

No one has yet to be prosecuted.

Such banksters all need gassing

 

 

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4 hours ago, zugzwang said:

LOL 

i would have thought the sandwich knicker was under investigation for something else. 

"It was Mr Shah’s job to match buyers and sellers of risky company debt"

weekend course then to get paid 1 million quid for old rope. 

 

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2 minutes ago, longgone said:

LOL 

i would have thought the sandwich knicker was under investigation for something else. 

"It was Mr Shah’s job to match buyers and sellers of risky company debt"

weekend course then to get paid 1 million quid for old rope. 

 

It does sound somewhat implausible. Admitting that this guy's another Nick Leeson would do a lot more damage to Citi's reputation.

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1 minute ago, zugzwang said:

It does sound somewhat implausible. Admitting that this guy's another Nick Leeson would do a lot more damage to Citi's reputation.

i`m sure if i was in that position i would be keeping my nose very clean keep the money rolling in for as long as you can. 

probably best not to socialize outside work with any of the staff either just in case. 

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22 hours ago, longgone said:

LOL 

i would have thought the sandwich knicker was under investigation for something else. 

"It was Mr Shah’s job to match buyers and sellers of risky company debt"

weekend course then to get paid 1 million quid for old rope. 

 

The skill is in closing the deals. It's basically a salesman role, but like all such sales roles, the question is what is the correct price to pay a very good salesman? If the commissions are high, then so is the compensation. 

High risk debt also attracts high commissions - it tends to be very illiquid and attracts only a small number of buyers who can be pretty choosy before they make their investments. 

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10 hours ago, Ah-so said:

The skill is in closing the deals. It's basically a salesman role, but like all such sales roles, the question is what is the correct price to pay a very good salesman? If the commissions are high, then so is the compensation. 

High risk debt also attracts high commissions - it tends to be very illiquid and attracts only a small number of buyers who can be pretty choosy before they make their investments. 

presumable flogging off debt requires both parties to understand what is being sold and if it is a viable to invest in the term they have earmarked it for.

i`m sure the biggest challenge for the spiv sandwich thief was getting that particular job in the first place although a million quid bonus does motivate the individual to try a bit harder although i`m sure he moves in the right circles for jobs like that. 

 

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On 05/02/2020 at 23:24, longgone said:

presumable flogging off debt requires both parties to understand what is being sold and if it is a viable to invest in the term they have earmarked it for.

i`m sure the biggest challenge for the spiv sandwich thief was getting that particular job in the first place although a million quid bonus does motivate the individual to try a bit harder although i`m sure he moves in the right circles for jobs like that. 

 

Of course the buyers know what they are buying, but for any business, good sales staff are invaluable. This guy was clearly suitable for this role and sometimes it is about being on the right desk at the right time, but you over-simplify the role. He earned that because he was generating the revenue. 

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What about the bottle of water, did they go to jail?......Certain people have never bought a house, all gifted, get gifted clothes, cars to promote brands, never bought a meal, or paid a bill, wouldn't know how much a pint of milk was......never looked at the price of anything and never handle money.....not surprised they get caught with a sandwich, they think everything is free and for the taking.;)

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6 hours ago, Ah-so said:

Of course the buyers know what they are buying, but for any business, good sales staff are invaluable. This guy was clearly suitable for this role and sometimes it is about being on the right desk at the right time, but you over-simplify the role. He earned that because he was generating the revenue. 

Like a car salesman selling a fiesta for 200 commission while his counterpart does the same amount of work selling a Bugatti for 10k commission.

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On 05/02/2020 at 12:30, Ah-so said:

The skill is in closing the deals. It's basically a salesman role, but like all such sales roles, the question is what is the correct price to pay a very good salesman? If the commissions are high, then so is the compensation. 

High risk debt also attracts high commissions - it tends to be very illiquid and attracts only a small number of buyers who can be pretty choosy before they make their investments. 

A relation used to work in a similar role the commissions paid were enormous, 10% of the loaned amount was not unusual.    

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57 minutes ago, longgone said:

Like a car salesman selling a fiesta for 200 commission while his counterpart does the same amount of work selling a Bugatti for 10k commission.

The real hard work in those ultra high paying roles is not doing the job, it is keeping it.

Behind the scenes is a mass of politics and back stabbing from the dozens of others who want it.   

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8 hours ago, longgone said:

Like a car salesman selling a fiesta for 200 commission while his counterpart does the same amount of work selling a Bugatti for 10k commission.

Not for long I don't think. 

Been interested in the current equal pay cases going to court at the moment. Arguing that a forklift/banksman certified warehouseman is the same as someone working on the tills in a supermarket. Asda, tesco, sainsbury's, morrisons, co-op, Boots are all facing massive equal pay claims. In a similar case Glasgow City Council is this weekend finally processing 1/2Bn in back equal pay.

Apparently a recent law change changed the definition of equal pay to be  'work of equal Equal pay is your entitlement to the same wage as someone doing work of equal value to you, the same or broadly similar work as you or work rated as “of equivalent value” by a job evaluation study.' 

So if you can argue that two different people in jobs that are largely incomparable do work of ' equivalent value' then I wonder how you would objectively measure the value of two people in the same job selling different products - a Bugatti salesman vs a 2nd hand fiesta salesman. The fiesta salesman will presumably sell a lot more cars. 

If these cases go off its going to be the next decades PPI. 

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  • 419 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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