Financial Services Round Up – Good Months and Bad Months
Credit Suisse - A fine of £210,000 has been awarded to Nicholas Kyprios, Head of European Credit Sales at Credit Suisse. Kyprios was given confidential information regarding a takeover part financed by a bond issue and was wall-crossed over the information. When meeting a fund manager at an event Kyprios entered into a “guessing game” to discuss the transaction which included signalling when the fund manager was “getting warmer” with his guesses, in the process disclosing confidential information.
WorldSpreads - After being placed into administration a “black hole” reaching up to £13 million has been reported in WorldSpreads accounts. The firm, which offered telephone and online trading services, has now seen the resignation of many of its senior staff. The Financial Services Compensation Scheme (FSCS) may cover outstanding debts to individuals and small firms up to £50,000. However, this is putting additional pressure on a scheme that has already issued several interim levies to various sub-classes in the past year.
Government back £20bn of SME lending by banks -The Government is launching a bank credit easing scheme that will guarantee up to £20bn of bank lending to small and medium sized businesses at a discounted rate.