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Latest Finance News related to Arbitrage

Bank of England warns it will go after firms looking to mask risks image
Source : Guardian [Read Article] Monday 10th of July 2017 04:03:22 PM
....Banks would always innovate faster than the regulator could update its rules, he said. “However, some innovation is pure regulatory arbitrage – that is, action taken by firms to reduce specific regulatory requirements without any commensurate reduction in their risk,” said Woods. ...
Carillion has paid a heavy price for too many risky contracts | Nils Pratley image
....Ten years on (almost) from the financial crisis, banks are up to some of their old tricks, it seems. Sam Woods, a deputy governor of the Bank of England, didn’t express himself so bluntly, but his warning that financial firms are engaged in games of “pure regulatory arbitrage” is serious. ...
How healthy is the global financial system? | Mohamed El-Erian image
Source : Guardian [Read Article] Monday 10th of July 2017 09:00:47 AM
....It has been encouraging to watch national authorities coordinate their efforts under the auspices of the FSB. Better coordination has reduced the risk of regulatory arbitrage, and address the threat that banks will be, as the former Bank of England governor Mervyn King memorably put it, “international in life but national in death. ...
Advertisers should follow Vodafone's lead after Facebook and Google failures | Nils Pratley image
....One admires the independent directors’ determination to squeeze Pollen Street for every last drop of value. In the end, however, resistance is likely to be futile since acceptances are already 45% and many of the other shares are already in the hands of arbitrage funds who are only there for the final bump in the bid. ...
Labour's water renationalisation plan is a damp squib | Nils Pratley image
Source : Guardian [Read Article] Tuesday 16th of May 2017 07:34:13 PM
.... And the state, if it wanted to act like a supercharged private equity house, would be able to juice up returns by refinancing the companies’ debt at a lower rate. The problem, of course, is Labour’s idea is not to buy the companies in order to play games of financial arbitrage. ...
Deliveroo's verbal gymnastics show commonsense not on the menu image
Source : Guardian [Read Article] Wednesday 5th of April 2017 06:29:05 PM
....The legal challenges to this arrangement will keep coming, as they should. Deliveroo, like Uber, may own some whizzy technology that enables supply and demand to be matched efficiently, but its other competitive advantage seems to be a grubby form of arbitrage between the letter of the law and its spirit. ...
Tick tock image
Source : BBC [Read Article] Sunday 2nd of April 2017 11:07:44 PM
....But there are places where milliseconds do matter. One is the stock market, where fortunes can be won by exploiting an arbitrage opportunity an instant before your competitors. ...
Unilever is safe, but we need better defences against short-term capitalism image
.... But then they would have explained that their own fiduciary duties obliged them not to look gift horses in the mouth. In no time, Unilever’s shareholder register would have been populated by merger arbitrage funds. ...
EU regulators demand greater tax transparency from multinationals image
Source : Guardian [Read Article] Tuesday 12th of April 2016 07:08:04 AM
Why the Shell-BG mega-deal was risky for the City as well as the oil giants image
Source : Telegraph [Read Article] Wednesday 27th of January 2016 07:17:46 PM
....” . Merger arbitrageurs exploit the difference between where a company’s shares are trading and how much they will stand to receive should the deal go through. ...
The four big questions banks must ask themselves in 2016 image
Source : Telegraph [Read Article] Tuesday 19th of January 2016 03:44:18 PM
.... Without doing so the benefits of projects such as CMU will simply not filter through to the real economy. International regulation is often implemented at the national level, creating opportunities for arbitrage and undermining Europe’s ability to compete. ...
Big banks still have a problem with ethics and morality image
Source : Guardian [Read Article] Monday 18th of January 2016 02:33:47 PM
.... When talking of their bank’s use of loopholes in the tax code to help big corporations and rich families evade taxes, bankers used words such as “tax optimisation” or “tax-efficient structures”. Financial lawyers and regulators who went along with whatever banks propose were called business-friendly, cases of proven fraud or abuse became mis-selling and exploiting inconsistencies between two countries’ regulatory systems or playing them off against each other was regulatory arbitrage. ...
When will banks learn that dodgy tax practices actually cost them dear? | Will Hutton image
....7bn – for its role in rigging the market in interbank interest rates in New York and London. Investment banks, according to Kay, have three other main routes to make profits, all deploying the innocent word “arbitrage”. ...
Rules governing worker protection in the gig economy look set to change in 2016 image
.... Controversially, however, it also argued that – as with the self-employed – the minimum wage should be waived on the basis that the nature of on-demand work often makes it very hard to reliably measure hours undertaken. Whatever your take on the exact proposal, the underlying objective – ensuring that any gains to society arising from gig-type activity reflect genuine innovation and service improvement, rather than regulatory arbitrage at the expense of workers – is surely the right one. ...
Greek crisis, China crash and low rates: hedge funds’ horror year  image
Source : Telegraph [Read Article] Saturday 28th of November 2015 10:00:52 AM
.... Other hedge funds will dart in and out of assets quickly as events change. Merger arbitrage funds will position themselves in companies about to be taken over, either to profit from the bid price or to take the contrary position and bet on the deal collapsing. ...
Autumn Statement: Why George Osborne must not hike capital gains tax image
Source : Telegraph [Read Article] Monday 23rd of November 2015 07:37:28 PM
.... All of these taxes on capital should be wiped away, replaced with a single, flat tax on all distributed income. Ideally the rate would be set at the same level as a similarly flat, single tax on all labour income, which means that there would no longer be any tax arbitrage opportunities. ...
If rules don’t work, governments should be free to act image
Source : Telegraph [Read Article] Thursday 22nd of October 2015 08:42:12 PM
.... . The obvious result is that local or national employment decreases in the developed country, while the developing country’s employment increases … a sort of employment arbitrage. ...
Libor-rigging trial: six accused appear in court image
Source : Guardian [Read Article] Tuesday 6th of October 2015 01:41:54 PM
.... “He’d be told of Mr Hayes’ trading position and his Libor wishes,” the prosecution said, and set his predictions “improperly and dishonestly” to influence the panel of banks which set Libor. Wilkinson, the jury was told, was more guarded when manipulating Libor, describing it as “arbi” – a shortened version of arbitrage. ...
How Alliance Trust's long battle with activists has unfolded image
Source : Telegraph [Read Article] Thursday 1st of October 2015 07:00:15 PM
.... . Among its 350-strong staff are commodities traders, who form an increasingly important part of the business, while it also has a macro team who look for opportunities for interest rate arbitrages. ...
Deflation supercycle is over as world runs out of workers image
Source : Telegraph [Read Article] Wednesday 23rd of September 2015 08:46:43 PM
.... Multinationals seized on the world's reserve army of cheap leader. Those American companies that did not relocate plant to China itself were able play off Chinese wages against US workers at home, exploiting "labour arbitrage". ...
Source : Independent [Read Article] Friday 18th of September 2015 11:49:47 PM
.... Just as the fluctuation in the price of wholesale energy drives sharp rises in gas bills but only gentle price cuts, expect costs to flow faster than the customer benefits, in this case the extra value derived from interest-bearing savings accounts. The same arbitrage from macroeconomic factors has been seen in the supermarket aisles. ...
How to 'invest against the grain' with investment trusts image
Source : Telegraph [Read Article] Friday 18th of September 2015 03:59:17 PM
.... “Francis Brooke runs both the Troy Income and Growth Investment Trust and the Trojan Income Fund, a unit trust,” said Mr Spence. “The investment trust manages its discount tightly which means arbitrage opportunities are rare. ...
Luxury brands need to harness their digital skills to ride out the storm in China image
.... . This kind of shopping arbitrage has led to the rise of third-party selling agents, known as “Daigou”, which is fuelling the practice of savvy shoppers placing orders abroad. ...
For all the sales chatter, TalkTalk still has no buyer image
Source : Telegraph [Read Article] Thursday 3rd of September 2015 07:34:27 PM
.... It raises the risk Uber will have to pay the costs employers face. Now, there are those who say Uber in its current form is basically regulatory arbitrage; a company able to undercut the opposition because it does not have to, or refuses to, pay the costs faced by its rivals. ...
Cleaning up the financial markets image
Source : BBC [Read Article] Monday 3rd of August 2015 02:26:07 PM
.... . The industry moves on at a pace that regulators find hard to match and firms are highly skilled at regulatory arbitrage, that is the practice of obeying the letter, if not the spirit, of the law by means of new techniques to exploit gaps in the rule book. ...
Merlin can bounce back from Smiler accident at Alton Towers image
Source : Telegraph [Read Article] Monday 27th of July 2015 06:44:11 PM
.... . When a company or commodity becomes riddled with risk, then mainstream investors head for the hills, allowing speculators and arbitrageurs to come in and either profit from a situation, or lose their shirt. ...
Mark Carney trains his sights on asset managers image
Source : Telegraph [Read Article] Saturday 18th of July 2015 01:12:57 PM
.... But now much of the wave of regulation appears to be calming down, lenders can survey the scene and study the impact on the wider industry. A key complaint is that regulation has resulted in regulatory arbitrage, pushing some activities out of banks and into other sectors, which fails to remove the risks to financial stability. ...
Source : Independent [Read Article] Thursday 18th of June 2015 12:25:48 AM
.... It may also be true that the banking industry is still undercapitalised when it comes to dealing with them. Unfortunately, we are now seven years out of the crisis, and the game of regulatory arbitrage has begun anew with a certain HSBC, that has been grousing about many of the Bank’s reforms, in the driving seat. ...
Aim's 20th birthday: How the junior market helped raise £90bn image
Source : Telegraph [Read Article] Tuesday 16th of June 2015 09:30:30 PM
.... “What we are determined to ensure is that we have got a good market offering from smaller companies right through to the FTSE 100,” he said. “We don’t want Aim to be a venue for tax or any other form of arbitrage. ...
Are Britons unwittingly investing in poorly regulated European investment firms? image
.... However, companies based elsewhere in Europe can sell to UK citizens via “passporting” arrangements. Sometimes known as “regulatory arbitrage”, this can allow companies to be authorised in a country with lower investor protection requirements, but still operate in the UK, and claim to be regulated by the FCA. ...
Diageo, Vodafone and BT jump on bid talk, but Greek woes hit FTSE image
Source : Guardian [Read Article] Monday 8th of June 2015 08:42:02 AM
....But a catalyst for a re-evaluation of Diageo at these levels, bid or no? At 1761p and a PE of 19 times, Diageo remains about as unloved as we can remember, with market sentiment strikingly negative. But where the market continues to obsess around sluggish markets and an inventory overhang that is bound to clear sometime, the likes of 3G might be more inclined to focus on the upsides represented by cost savings, unleveraged cashflows, portfolio rationalisation and tax arbitrage. ...
Strength in diversity should be the future of regulation image
Source : Telegraph [Read Article] Sunday 10th of May 2015 07:45:24 PM
.... This is happening not just within the European Union but also under the guise of other international agreements such as the Basel Accord. It is often thought that such centralisation can promote free trade – as there are fewer trade barriers in the form of regulation – and also prevent so-called regulatory arbitrage whereby financial institutions look for the lightest form of regulation. ...
....Q. The Independent reported the story of a Frenchman with a legal claim against Aviva over a fixed-price arbitrage life contract that could potentially send the insurer to the wall. ...
Treasury defends Lloyds against possible hedge fund attack on 'Tell Sid' share sale image
.... George Osborne announced the Lloyd's retail offering last week . Because the rest of Lloyds’ shares are already trading on the London Stock Exchange, there is an arbitrage trading opportunity for hedge funds between the current trading price at the time, the institutional offering and the retail offering. ...
Charles Ponzi's story: How an Italian immigrant laid the path for a century of scams  image
.... The idea of the postal reply coupons was to cover postal charges for a reply to a letter from abroad. Since IRCs were valued in the country of purchase, yet exchanged for stamps in the country where redeemed, the price difference, if any, provided an opportunity for arbitrage. ...
BP left stranded by US vilification as rejuvinated Shell storms ahead image
Source : Telegraph [Read Article] Saturday 11th of April 2015 01:04:40 PM
.... There may, of course, be some perfectly benign explanations for this gap. For starters, this is an exceptionally big deal, and it therefore takes big money to arbitrage away the discount. ...
Banks vulnerable to liquidity squeeze as digital shift hastens capital flight image
.... . He said the rapid growth of unregulated payday lenders, which were able to lend to people that banks were not able to, had showed the risk of “regulatory arbitrage”. ...
Aviva France fights back against
....4 million fortune would now be worth €93 million. George can “arbitrage time” by picking investments that have improved on last week’s prices. ...
Aviva France's golden ticket contract is turning one French investor into a billionaire image
....4 million fortune would now be worth €93 million. George can “arbitrage time” by picking investments that have improved on last week’s prices. ...
The fall of Barings: a collapse that made nothing improbable image
Source : Telegraph [Read Article] Monday 23rd of February 2015 06:00:27 AM
.... Over the next two days details emerged on how unauthorised trading by Leeson, its head derivatives trader, brought the bank to oblivion. He had sought to profit on arbitrage differences between the prices of Nikkei 225 futures contracts and Singapore. ...
Barings: the collapse that erased 232 years of history image
Source : Telegraph [Read Article] Monday 23rd of February 2015 06:00:08 AM
.... A year later, BFS began to trade using its own account, attempting to take advantage of the difference between futures on the Japanese and Singaporean exchanges to make a profit. Such arbitrage, referred to inside Barings as “switching”, was seen as “essentially risk-free and very profitable” by management in London, including its chairman Peter Baring, according to the Bank of England’s report into the bank’s collapse. ...
Sir Howard Davies: 'We've let bankers duck and weave' image
Source : Independent [Read Article] Wednesday 18th of February 2015 12:37:32 AM
.... “Are you trying to control the banks because you can’t trust them, or are you trying to create more market discipline?”. The lack of international co-ordination on regulation has also created a mess, ripe for arbitrage by crafty bankers. ...
Were the Guinness four victims of anti-Semitism? image
Source : Independent [Read Article] Wednesday 4th of February 2015 12:55:27 AM
....And there was an awful lot of money going into Guinness shares. Saunders apparently raised $100m for the task, which was entrusted to the American arbitrageur Ivan Boesky. ...
Super Mario's immaculate timing will help markets rally image
Source : Telegraph [Read Article] Saturday 24th of January 2015 05:45:44 PM
.... That makes it a no-brainer for companies to issue bonds to buy back their own shares – they save money and earnings per share increase. Why would they not continue to do this until the opportunity is arbitraged away? . ...
Janet Yellen gives FTSE investors an early Christmas present image
Source : Telegraph [Read Article] Thursday 18th of December 2014 09:07:41 PM
.... . Needless to say, when everybody knows – or believes that they know – about a market regularity, it soon gets traded away, or at least eroded so much that the transaction costs of any further trading cancel out any remaining arbitrage opportunities. ...
AbbVie Shire: Hedge funds threaten legal battle in 'Arbageddon' image
Source : Telegraph [Read Article] Wednesday 15th of October 2014 12:40:14 PM
.... . The biggest hedge funds, focused on merger arbitrage, had piled into Shire's stock during intense deal negotiations over the Summer, convinced that the deal was a relatively safe bet given AbbVie's persistent pursuit of the ADHD drugmaker and Shire's readiness to do a deal at the right price. ...
British duo in running for Nobel prize for economics image
Source : Guardian [Read Article] Saturday 11th of October 2014 11:05:23 PM
.... Nevertheless, MIT professor Ross is well-regarded and was awarded the $200,000 Onassis prize for finance in 2012. The citation said professor Ross is best known for having invented “arbitrage pricing theory” commonly used by traders. ...
IMF: Shadow banking poses threat to financial stability image
Source : Telegraph [Read Article] Wednesday 1st of October 2014 01:00:53 PM
.... . In June, Mr Carney said that authorities were "aware of the need for regulation to keep pace with the constant innovation and arbitrage that has been a hallmark of shadow banking". ...
Scotland's poll 'hurt UK plc' image
Source : Telegraph [Read Article] Saturday 20th of September 2014 06:50:48 PM
.... . However, with moves to hand more powers to the Scottish Parliament, and to explore the question of greater powers for England, both EY and the CBI warned about the problems of tax arbitrage between the regions of the United Kingdom, and the impact that could have on further growth. ...
US is waking up to the potential of Africa, after years of leaving it to the Europeans and Chinese image
....Some Time Warner contracts lost the vast majority of their value after 21st Century Fox withdrew its takeover offer, and some options on Sprint tumbled after it terminated its plans to acquire T-Mobile US. Options traders and arbitrageurs who made huge bets that the mergers would go through took a big hit. ...
UK homeowners start to panic sell in the face of house price uncertainty image
Source : Telegraph [Read Article] Wednesday 6th of August 2014 07:42:59 AM
.... "In London [in particular], the trend of selling up from more central zones to get better value and more space in suburban or commuterbelt locations will also continue. Many recognise the significant arbitrage opportunity that now exists and want to maximise this opportunity to cash in," said Adam Challis, head of residential research at the property group JLL. ...
Hedge funds bet against a quick AstraZeneca takeover image
Source : Telegraph [Read Article] Saturday 2nd of August 2014 06:53:28 PM
.... . Along with other typical merger arbitrage hedge funds such as Pentwater Capital, Elliott has now sliced its stake and is selling out of AstraZeneca as a trading opportunity. ...
Wall Street's revenge of the nerds means fooling all the people all the time image
.... If you don’t understand that, you don’t understand Wall Street. In my twenty years on Wall Street I helped exploit (sorry, the word we used was "arbitrage") many bad rules, for the profit of my bank and our customers. ...
Takeover rumours finally ring true for Shire image
Source : Telegraph [Read Article] Friday 20th of June 2014 12:16:34 PM
.... On the one hand, the announcement makes Shire shareholders aware there is a real bidder on the scene, offering real cash and an exit opportunity. With Shire’s shareholder register constituting of a lot of short-term shareholders due to the numerous arbitrage scenarios, this could play into AbbVie's hands as short-termists look willing to make a quick buck. ...
Europe is jealous as Britain resurrects the Laffer Curve image
Source : Telegraph [Read Article] Monday 9th of June 2014 07:40:25 PM
.... Scores of so-called “inversion” takeovers are planned, by which US companies escape the US’s punitive rates of corporation tax by making themselves partially foreign owned, which in turn allows them to redomicile. Is this in the round economically beneficial, or just tax arbitrage? . ...
Interest rates are entering the twilight zone image
Source : Telegraph [Read Article] Friday 6th of June 2014 05:20:32 AM
.... . Volatility has been at historically low levels for a long time now, bringing back memories of the calm before the credit-crunch storm, when a not dissimilar mix of search for yield, arbitrage and asset price bubbles reached explosive proportions. ...
Bullying AstraZeneca to rush into a replay is perverse image
Source : Guardian [Read Article] Friday 23rd of May 2014 06:11:10 PM
....And Schroders could usefully "engage" with its clients, the real shareholders. Many of its UK retail punters, one suspects, would say they want nothing to do with a bid that rests on tax arbitrage on a grand scale. ...
American companies target the UK for tax image
Source : Telegraph [Read Article] Saturday 3rd of May 2014 08:00:07 PM
.... . Such moves are expected to generate millions of dollars in tax savings a year and many more American companies are now looking at these templates and are rushing to accelerate their plans before the window for tax arbitrage closes. ...
Source : Telegraph [Read Article] Friday 2nd of May 2014 11:01:40 PM
.... “They are not legally binding. If the tax arbitrage that it is seeking to exploit were to disappear thanks to changes in America, it’s highly likely that Pfizer would repatriate its tax domicile to the US and then Britain would become a remote outpost. ...
European companies need to prepare for a wave of activist campaigning image
Source : Telegraph [Read Article] Tuesday 22nd of April 2014 05:00:40 AM
.... . As part of their campaigns, activists adopt numerous tactics including the mobilisation of other fund types, such as arbitrageurs, which often helps to alter the shareholder roster in favour of their own agenda. ...

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