On a breezy day in September, an ominous text message appeared on Fredrik Ekstrom’s phone: Go immediately to the war room. Mr. Ekstrom is chairman of Nasdaq Clearing, an outpost of the American stock exchange company in Stockholm, which processes futures trading and acts, in part, as a shield against contagious losses in the global financial system.
One of the world’s most widely traded virtual currencies faces renewed doubts about its stability, after New York’s top cop accused the coin’s issuer of participating in a cover-up to hide the loss of about $850 million in client and corporate funds.
Last year, during a crackdown on spoofing — a form of high-speed computer trading fraud — federal prosecutors charged a Chicago software developer with creating a program that helped a rogue trader net millions in illegal gains.
BCause LLC, a cryptocurrency mining operation that expanded to a server farm in Virginia Beach over a year ago with help from a city grant of up to $500,000, has filed for bankruptcy protection along with its subsidiary BCause Mining LLC.
Acuiti published its first quarterly derivatives report about a week ago and it is filled with fascinating insights about developments over the last year and especially the last three months in the world derivatives business. The focus of the report is squarely on how the individual buy- and sell-side businesses see themselves doing rather than providing an industry overview.