After the financial crash of 2008, the Governor of New York realized that the banking industry needed better regulation. So, he hired Benjamin Lawsky as the new sheriff in town. Since being appointed as the Superintendent of New York State’s Department of Financial Services, Lawsky has already begun gathering clues into the corruption on Wall Street.
Lawsky’s leads have led him to accuse Barclays and Deutsche Bank of rigging their trading platforms. The accusation includes the use of illegal algorithms so as to manipulate prices. Insider sources are saying that this corruption may very well be prevalent in other major banking institutions, but concrete evidence is still lacking.
In reaction to the accusations, representatives from Deutsche Bank have stated to the press: “Deutsche Bank has received requests for information from regulatory authorities that are investigating trading in the foreign exchange market. The Bank is cooperating with those investigations.”
Watch the video below to hear more about the need for greater regulation amongst the big banks, and Lawsky’s mission statement:
A Good Year for Apple
As we wrap up 2014, it is helpful to have a look at how Apple did relative to the main American indices this year. In 2014, the S&P 500 has climbed 12%, the NASDAQ 100 has climbed 20%, while Apple has climbed 45%. Apple stock is currently trading at 109, after peaking at 119 late November. Analysts are optimistic about Apple for 2015, as well, citing that “Apple Pay,” a new digital payment feature, has fantastic potential.
USD/JPY News
The Japanese Yen has yet to see much improvement after Shinzo Abe’s re-election on Sunday. Abe’s political rhetoric has been that his economic policy will eventually boost the economy, and only time will tell whether the Japanese nation’s faith in Abenomics will pay off.
Barclays’ chief Japan economist, Kyohei Morita, commented: “With the election out of the way, Abe must shift his policies from those simply aimed at boosting sentiment to those that can actually change the way companies act. Otherwise, the benefits of Abenomics won’t trickle down.”
