Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Insurance

New York regulator asks Lloyd’s about Iran

Posted on August 29, 2013

New York’s leading financial services regulator has called on Lloyd’s of London to provide it with fresh information about the insurance market’s supposed links with companies that do business in Iran.

Lloyd’s had acknowledged to the state’s Department of Financial Services that some of its members had contracts with two companies that had done business in the Islamic republic, said people with knowledge of the matter.

    The regulator, led by Benjamin Lawsky, has asked Lloyd’s to provide it with details of enquiries the market has made about its members’ compliance with Washington’s intensified sanctions against the country.

    The department has been probing alleged links of non-US insurers with Iran after President Barack Obama signed new rules into law this year that restrict companies’ dealings.

    The rules target Iran’s energy and shipping industries but such companies rely on insurers to manage their risks. Failure to comply could result in tough punishments of non-US companies’ American operations.

    Mr Lawsky’s investigation takes place as he aggressively scrutinises the financial services sector.

    In June, Bank of Tokyo-Mitsubishi UFJ agreed to pay $250m for violating New York state’s banking laws over transactions involving Iran, Sudan and Myanmar.

    Last year, the regulator alleged Standard Chartered hid $250m in transactions with Iran’s government, moving ahead of federal regulators. The bank eventually agreed to pay a $340m fine to the New York regulator, as well as another $327m to other US authorities.

    In a statement, Lloyd’s said: “The New York regulator is engaged in an industry-wide review. Lloyd’s takes sanctions compliance very seriously and there is no evidence of any breach.”