Author: Lily Harper

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The new chair of the US securities watchdog is signalling an about-face in the agency’s approach to regulation, throwing out more than a dozen rules proposed by his predecessor in his first major policy move. The decision comes as the Trump administration has embraced a laissez-faire stance on securities and investing, reversing the aggressive style of Gary Gensler, the Biden administration’s top cop on Wall Street.  Paul Atkins, chair of the Securities and Exchange Commission, withdrew 14 rules last week that had…

One scoop to start: Latham & Watkins is set to poach a star dealmaker from Wachtell Lipton as the Los Angeles-founded law firm, one of the world’s largest by revenue, seeks to build a corporate practice that can compete with its New York-based rivals.A new Musk venture: X chief executive Linda Yaccarino has said that users will “soon” be able to make investments or trades on the social media platform, as she outlined a push into financial services in owner Elon Musk’s quest to build an “everything app”. And another thing: Risk advisory groups have seen a “sharp increase” in inquiries…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.A former Janus Henderson analyst who used working from home as a cover for insider trading, making profits of nearly £1mn, has been found guilty in one of the most high-profile UK insider dealing cases in recent years.Redinel Korfuzi, 38, was convicted of insider trading and money laundering alongside his sister, Oerta Korfuzi, 36, by a jury at London’s Southwark Crown Court on Thursday after a four-month trial. Personal trainer Rogerio de Aquino and his girlfriend Dema Almeziad were acquitted of the…

Stay informed with free updatesSimply sign up to the Property sector myFT Digest — delivered directly to your inbox.The world’s financial stability watchdog has called for regulators to tackle “vulnerabilities” in the $12tn commercial property market stemming from high levels of debt, liquidity mismatches and a lack of data on banks’ exposure to the sector.The Financial Stability Board said the commercial property market was more volatile than other assets and could be hit by further declines in demand for offices and retail space, as well as by extreme weather and energy efficiency regulations.The warning by the FSB on Thursday comes…

Stay informed with free updatesSimply sign up to the Exchange traded funds myFT Digest — delivered directly to your inbox.JPMorgan’s annual ETF handbook landed last week, and as usual it contains some interesting nuggets. The one that jumped out to Alphaville was the relative liquidity of ETFs and futures at times of financial tumult.The bank’s analysts examined the health of the respective markets in the wild swings of March and April, and spotted something very unusual. During the bout of market volatility earlier this year, we saw a rare divergence between ETF and futures liquidity, with ETF liquidity steadily improving…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Trafigura’s head of strategic projects Julien Rolland is set to leave the commodities trader, in the latest high-profile departure from the global firm as new boss Richard Holtum begins to make his mark.Rolland, a 19-year veteran of Trafigura, has been in charge of leading the trader’s investment in renewable energy, including hydrogen, ammonia and other low-carbon technologies. He will retire on October 1, according to people familiar with his plans.His departure comes as Holtum has been on a mission to simplify and…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Betting against Australia’s Big Four banks has long been a source of painful losses in Asian investing circles. Now Commonwealth Bank of Australia, the largest of those outperformers, is rubbing salt in the wound. A seemingly inexplicable rally has pushed it to an eye-popping four times book value — almost twice as much as JPMorgan or its local rivals. ’Strewth, indeed. CBA’s 19 per cent gains this year have opened up a significant lead over its three local peers which, along with…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Goldman Sachs is back in the Spac game. According to Bloomberg, the Wall Street leader is returning to the business of blank-cheque deals three years after beating a hasty retreat from the market. The bank will reportedly be taking a de-Spac-ito approach, vetting deals on a case-by-case basis and limiting the sponsors it partners with. But this news sends a clear signal, and where Goldman leads, rivals are likely to follow.Not long ago, major investment banks had sworn off Spacs, spooked by…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Ministers are being urged to “get on” with plans to force developers to join a customer redress scheme, with a consumer group warning that people are left with more rights when buying a toaster than a house.The appeal comes from the HomeOwners Alliance, the voice of the consumer, as the number of complaints about new homes made to a voluntary ombudsman service has more than doubled to 100 a month compared with a year ago.The New Homes Ombudsman Scheme (NHOS), which launched…

Stay informed with free updatesSimply sign up to the Pensions industry myFT Digest — delivered directly to your inbox.Scottish Widows, one of Britain’s largest pension providers, is preparing to significantly reduce its allocation to UK equities just as the government is pushing retirement funds to invest more in British companies. The group, which manages £72bn of workplace pension assets in its default funds, is planning to cut the allocation to UK equities in its highest growth portfolio from 12 per cent to 3 per cent, according to a document seen by the Financial Times. Scottish Widows said in a separate document explaining…